Global Precision Farming Market Size, Share, Trends, COVID-19 Impact and Growth Forecast Report - Segmented By Offering ( Hardware, Automation, Control), Software (Web-based, Cloud-based Software, and Services), Technology (Guidance System, Variable –rate Technology), Application and Region (North America, Europe, Asia Pacific, Latin America, and Middle East - Africa) – Industry Analysis From (2024 to 2029)

Updated On: January, 2024
ID: 6231
Pages: 175

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

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

13.7%

Segments Covered

By Offering, Software, Technology, Applications and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Raven Industries, Deere & Company, AGCO Corporation, Trimble Navigation Ltd, Monsanto Company, Dupont, Agjunction, Inc, Precision Planting, Inc, SST Development Group, and Dickey-john Corporation and Others.

 

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 MARKET PLAYERS

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

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