USD 8.85 billion
Precision Farming Market Size, Share, Growth Analysis, By Component(Hardware, Software and Service), By Technology(Guidance Technology, Remote Sensing Technology and Variable-Rate Technology), By Application(Yield Monitoring, Field Mapping Telematics, Crop Scouting, Weather Tracking & Forecasting), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45F2042 |
Region:
Global |
Published Date: October, 2024
Pages:
241
|Tables:
98
|Figures:
76
Precision Farming Market Insights
Precision Farming Market size was valued at USD 8.85 Billion in 2022 poised to grow from USD 9.80 Billion in 2023 to USD 22.09 Billion by 2031, growing at a CAGR of 10.7% in the forecast period (2024-2031).
At this moment, there is a specific methodology for the management of farms and agriculture that relies on the utilization of Information Technology to guarantee an optimization of productivity and health through what soil and crops really need. The three main aims of precision agriculture are: ensuring sustainability; environmental protection; and profit maximization. This area is sometimes referred to as site-specific crop management (SSCM), just in time farming, satellite agriculture among other names. IT services, software, and specialized equipment are necessary for precision agriculture. The model also includes real-time information on crops, soil and air conditions and other relevant parameters such as labor costs, machinery availability and hyper-local weather forecasts.
With the use of predictive analytics software, farmers can receive recommendations regarding crop rotation, the best times to plant and harvest, and how to maintain their land. In fields, sensors take readings on the temperature, moisture content, and air quality. Real-time photos of individual plants are made available to farmers by robotic drones and satellites. Images can provide information that can be processed and combined with sensor and other data to provide direction for both immediate and long-term decisions. Examples of these decisions include knowing exactly which fields to irrigate and when or where to grow a specific crop.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Software
Growth Rate
10.7% CAGR
Global Precision Farming Market ($ Bn)
Country Share by Asia Pacific (%)
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Precision Farming Market Segmental Analysis
The global precision farming market is segmented based on Component, Application and Technology. In terms of Component, the market is trifurcated into Hardware, Software and Service. Based on the Application, the market is grouped into Yield Monitoring, Field Mapping Telematics, Crop Scouting, Weather Tracking & Forecasting, Inventory Management, Farm Labor Management and Others. Based on the Technology, the market is grouped into Guidance Technology, Remote Sensing Technology and Variable-Rate Technology. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Precision Farming Market Analysis by Component
As per categorization by component, the market is classified as hardware, software and service. Among these, hardware earned the largest share and continues to dominate the market. New hardware tools are changing worldwide accuracy farming and enhancing operational productivity and data precision, including drones and GPS systems. In agricultural automated control systems, therefore, these components have become highly wanted due to their roles in real-time data gathering and improved productivity with greater precision.
Analyzed up until October 2023, global precision farming services are expected to reach their peak as demand for advisory, support, and data analysis services increases. These services play a vital role in enhancing farm management, facilitating the integration of technology, and offering useful information which makes agriculture more productive.
Precision Farming Market Analysis by Application
Data analytics in real-time and sophisticated sensor combination are some ways that yield monitoring applications in the global precision farming market adopted to provide correct crop performance insights. This has caused a remarkable growth of agriculture production and profitability due to their advantage of improving decision making, maximizing yield efficiency, and optimizing resource usage which have made them dominant players in the industry.
Globally speaking, field mapping telematics is anticipated to experience the highest growth in the global precision farming market as it can give precise, up to the minute, mapping and field information. Accuracy in planting, fertilizer application and harvesting have been enhanced by this technology thus making modern agriculture more effective and productive.
Global Precision Farming Market By Component (%)
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Precision Farming Market Regional Insights
Global precision farming market has been made possible by a large and diverse agricultural base, quick agricultural improvements, and increasing investments in modern farming methods that have turned the Asia Pacific region into a global leader of global precision farming market. Due to its increasing population and need for better food security, the area is experiencing a shift in farming practices to improve crop yields and efficient resource use. With rising awareness of sustainability boosting market growth, governments would not be left behind as they provide funding and initiate various programs to encourage eventual use of technologies. In addition, major agritech investments and inventive entrepreneurs have solidified Asia Pacific’s global competitive edge while enhancing greater acceptance of precision agriculture techniques in this part of the world.
In terms of growth rate, North America is the most rapidly expanding region in global precision farming market due to embrace for advanced agricultural technologies early on along with high prioritization placed on innovation. Due to this, there are huge investments into devices such as GPS devices drones and data analytic tools which aid farmers in managing crops more efficiently as well as improving operational costs. The presence of well-established agritech companies coupled with research organizations allow for continuous exploration into innovative solutions that still remain untested. Government policies that favour precision farming together with incentives contribute to the quickening pace of market growth in North America making it an agricultural technology front-runner.
Global Precision Farming Market By Geography
- Largest
- Fastest
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Precision Farming Market Dynamics
Precision Farming Market Drivers
Combining Current Farm Equipment with Precise Farming Technologies:
- Precision agriculture is becoming widely used, and one of the main factors accelerating its adoption is integration with farm machinery. The speed with which technologies such as sensors, GPS, and data analytics are advancing has made it possible for farmers to seamlessly adopt precision agriculture advancements into existing farm machinery like tractors, drones and harvesters.
Growing Demand for Sustainable Agriculture:
- Precision agriculture is progressing thanks largely to digital agriculture platforms and farm management software. Using these advanced technologies, farmers may now combine and analyze data easily from diverse sources; such as sensors, drones, and satellite images. These platforms serve as a centralized data repository which allows for easier precision farming technology to be embraced by farmers since they can make decisions based on current facts drawn out of an intuitive interface.
Precision Farming Market Restraints
Lack of Data Privacy and Growing Worries about Security:
- Most precision agricultural production programmers know that data security and privacy are issues to be taken seriously. In this growing field, it has become apparent that more attention should be given to teh way data is handled because the industry depends on data collection from diverse sources like ground sensors, airborne monitoring devices, earth-orbiting satellites etc.
Reduced Dependability of Internet Access and Precision Farming:
- The rural connectivity and infrastructure are what considerably restricts wide use of precision farming technologies. There may be poor or slow internet access in most agricultural areas, especially in rural and remote areas where farming is commonly done.
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Precision Farming Market Competitive Landscape
Around the world, the global precision farming market that drives tech advancements and increases in market size is fiercely contended by leading transnational firms. Some of the key players in this industry include Deere & Company which excels in innovativeness related to machinery and software; Trimble Inc., known for its GPS and sensor technologies; as well as AG Leader Technology which specializes on a holistic data management approach. Such businesses are engaging in cutting-edge technology by collaborating with firms such as AGCO Corporation and CNH Industrial in order to boost agricultural efficiency and production processes.
Precision Farming Market Top Player's Company Profiles
- Deere & Company (USA)
- Trimble Inc. (USA)
- AG Leader Technology (USA)
- CNH Industrial (UK/Italy)
- AGCO Corporation (USA)
- PrecisionHawk (USA)
- Raven Industries (USA)
- Topcon Positioning Systems (Japan)
- Bayer Crop Science (Germany)
- BASF SE (Germany)
- Monsanto (USA)
- Hexagon AB (Sweden)
- Yara International (Norway)
- Lindsay Corporation (USA)
- CropX (Israel)
Precision Farming Market Recent Developments
- In July 2024, the newest line of precision farming machinery from Deere & Company has improved GPS and data analytics features. Farmers around the world will benefit from this latest technological development that includes the automation of planting techniques and mapping in real time to increase cereal output and cultivation productivity.
- In August 2024, Trimble Inc. revealed a revolutionary platform for precision agriculture. The system offers advanced drone and sensor technology for mapping field variability and detailed crop health analyses. This innovation should enable farmers to more effectively streamline their operations through improved decision-making and resource management.
- In June 2024, AG Leader Technology introduced a new data management program that is supposed to complement various precision ag tools. With comprehensive information on soil conditions and crop performance, this software enables farmers to make informed decisions thereby improving farm productivity.
Precision Farming Key Market Trends
- Rise of Drone Technology in Precision Farming: Notable advancements in the precision farming business are slowly changing the agricultural environment. Precision agriculture is using drone technology more and more. Drones equipped with sophisticated sensors and photography capabilities allow farmers to have an aerial perspective of their land. From the above, farmers can monitor crop health, identify illnesses, and evaluate field conditions overall.
- AI and Data Analytics to Optimize Precision Farming: Despite these advances in precision farming using artificial intelligence (AI) and data analytics, sensor data and other surveillance tools can generate a huge amount of information that is overwhelming to handle. In this regard, AI algorithms and sophisticated analytical methods assist researchers to comprehend this chaotic mass of data. In addition, it helps farmers in identifying trends, patterns and anomalies pertaining to agricultural fields thus providing them with a better basis for enhancing their own operations.
Precision Farming Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, using cutting-edge information technology, precision agriculture is transforming farm management with the goals of maximizing profitability, sustainability, and production. By utilizing site-specific data, including current crop and soil conditions, this technique enhances farm operations. Current trends show that emphasis in the industry is placed on hardware innovations and on the increasing importance of service sectors such as data analysis and consultancy.
The global market is currently experiencing dynamic changes primarily influenced by the growth in yield monitoring and field mapping telematics applications, with North America and Asia-Pacific at the helm. Such developments showcase the commitment of the industry towards enhancing agricultural sustainability and efficiency.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.85 Billion |
| Market size value in 2031 | USD 22.09 Billion |
| Growth Rate | 10.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Precision Farming Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Precision Farming Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Precision Farming Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Precision Farming Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Precision Farming Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Precision Farming Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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