What is the global market size of Precision Farming Market?

Global Precision Farming Market size was valued at USD 8.85 billion in 2022 and is poised to grow from USD 9.8 billion in 2023 to USD 22.09 billion by 2031, growing at a CAGR of 10.7% during the forecast period (2024-2031).

Who are the key vendors in the Global Precision Farming Market?

The precision agriculture market is characterized by a dynamic and competitive landscape, with several key players vying for market share and innovation supremacy. Companies maintain significant market presence, leveraging their extensive experience and robust product portfolios. Moreover, emerging startups and technology firms like Farmers Edge, AgJunction, and PrecisionHawk are rapidly gaining traction with their innovative solutions in areas such as precision planting, crop monitoring, and data analytics. Furthermore, the two big data and software companies IBM and Microsoft are starting to take place in this sector by providing the advanced platform for analytics and cloud solutions that are customized for agriculture. With this competitive environment, technology keeps developing and gives a push for precision agriculture adoption among farmers worldwide as companies daily come up with solutions to meet the changing farmer needs and address sustainability challenges. 'Deere & Company', 'Trimble Inc.', 'AGCO Corporation', 'Raven Industries, Inc.', 'AgJunction Inc.', 'Topcon Corporation', 'The Climate Corporation', 'AG Leader Technology', 'Hexagon AB', 'Precision Planting LLC', 'CropMetrics LLC', 'Farmers Edge Inc.', 'SST Software', 'AgriSight, Inc.', 'Agribotix LLC', 'Granular, Inc.', 'Iteris, Inc.', 'Gamaya SA', 'Taranis-Visual Ltd.', 'TeeJet Technologies'.

What is the key driver of Global Precision Farming Market?

Integration of precision farming technologies with existing farm machinery: Integration with farm machinery with a pivotal driver powering wide-spread usage of precision agriculture is a milestone driver in the sector. The incredible development of precision farming technologies has made by the implementation of existing equipment, including tractors, drones, and balers, possible. It facilitates thorough data gathering, improves operational efficiency, and enhances transforming collected data into valuable information for informed decision-making.

What is the key market trend for Global Precision Farming Market?

Adoption of IoT and Remote Monitoring: Another notable trend in the precision agriculture market is the widespread adoption of Internet of Things (IoT) devices and remote monitoring systems. IoT sensor devices are being mounted on agricultural fields and they supply information in real-time about soil moisture, temperature, humidity, and crop growth status. Such sensors are transmitting data to centralized platforms that are accessible to farmers from their mobile phones or through web interfaces. Remote monitoring systems help farmers to check field conditions, follow the development of crops, and receive alerts when problems may occur such as water stress, lack of nutrients, or pest outbreaks. Such shift in the farming systems is enabling farmers to manage their farm more efficiently, optimize inputs, and gain high yields with low input costs and limited ecological footprint.

Which region accounted for the largest share in Global Precision Farming Market?

North America stands tall as the dominating region in this landscape, driven by advanced agricultural practices, robust technological infrastructure, and substantial investments in precision farming solutions. The market share belonging to North America exceeds 40% predominantly due to the rapid development of an advanced precision agriculture infrastructure that provides GPS-based equipment, drones and sensors used for the realization of agricultural objectives and monitoring purposes. However, the case of the North American region has become an example of how the government support schemes and subsidies along with economic incentives works in favor of the advances of precision farming and, hence, the innovations and progress of the whole industry.

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 News

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.

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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).

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. '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 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.

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.

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.

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What is the global market size of Precision Farming Market?

Who are the key vendors in the Precision Farming Market?

What is the key driver of Precision Farming Market?

What is the key market trend for Precision Farming Market?

Which region accounted for the largest share in Precision Farming Market?

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