Precision Farming Market

Global Precision Farming Market Size (2024 to 2029)

The global precision farming market size is expected to reach USD 8.32 billion in 2024 and reach USD 15.82 billion by 2029, growing at a CAGR of 13.7% from 2024 to 2029.

Precision farming is one of the advanced farming techniques. It involves measuring, observing, and responding to the variability in crops, farming fields, and weather. The objective of precision farming is to aid the farmers to make precise decisions and to increase output to input ratio through optimal use of resources.

It reduces human efforts on the field through the use of automated and semi-automated agricultural devices which can be controlled from a distance with the help of remote sensing and satellite guiding technology. With the use of installed sensors in the field, temperature, soil humidity, and soil nutrition levels can be analyzed and take appropriate actions.

Market Drivers

The increasing use of cloud-based technology, the growing adoption rate of modern farming techniques to enhance productivity, and growing food demand are the major factors driving the precision agriculture market. The increasing need to increase food production in the available agricultural land and government initiatives to increase the usage of modern technologies in agriculture are propelling the market growth. However, the requirement of high initial investment and lack of proper awareness among the farmers are hindering market growth.

REPORT COVERAGE

REGIONAL ANALYSIS

North America dominated the market due to the increasing adoption of the latest technology, high market penetration, and high awareness among the farmers in this region. Asia-Pacific is the fastest-growing market segment as this region has the largest agricultural land and huge growth potential for manufacturers.

KEY PLAYERS IN THE GLOBAL PRECISION FARMING MARKET

Some of the major players in the Precision Farming market are Raven Industries, Deere & Company, AGCO Corporation, Trimble Navigation Ltd, Monsanto Company, Dupont, Agjunction, Inc, Precision Planting, Inc, SST Development Group, and Dickey-john Corporation.

DETAILED SEGMENTATION OF THE GLOBAL PRECISION FARMING MARKET INCLUDED IN THIS REPORT

This research report on the global precision farming market is segmented and sub-segmented into the following categories.

By Offering

• Hardware
• Automation
• Control

By Software

• Web-Based
• Cloud-based software
• Services

By Technology

• Guidance system
• Variable-rate technology
• Remote Sensing

By Application

• Yield Monitoring
• Field Mapping
• Crop Scouting,
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Farm Labor Management
• Financial Management

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa