Precision Farming Market Size, and Trends Insights to 2030

Precision Farming Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Offering (Hardware, Software, and Services), Application (Yield Monitoring, Crop Scouting, Field Mapping, Inventory Management, Weather Tracking and Forecasting, and Others) and Geography

Publication Month : Jan 2024

  • Report Code : TIPRE00010125
  • Category : Electronics and Semiconductor
  • Status : Data Released
  • No. of Pages : 150
Inquire Before Buy

PRICING

$5190

$4671

[Research Report] The precision farming market was valued at US$ 9.87 billion in 2022 and is expected to reach US$ 26.44 billion by 2030; it is estimated to register a CAGR of 13.1% from 2022 to 2030.

Analyst Perspective:

Precision farming is a method where inputs are applied in precise amounts to grow increased yields compared to traditional cultivation procedures. Hence, it is an all-inclusive system designed to improve production by utilizing critical elements of technology, information, and management to improve production efficiency, enhance product quality, expand the efficiency of crop chemical usage, and protect the environment and conserve energy. Thus, precision farming is an attractive concept, and its ideologies naturally lead to the expectation that agricultural inputs can be used more efficiently, with improved profits and ecologically less burdensome production.

Market Overview:

Precision farming is an information and technology-based farm management system used to analyze, identify, and manage temporal and spatial variability within fields for optimal profitability and productivity, sustainability, and protection of land resources by minimalizing

production costs. The growth of the precision farming market is attributed to the rising penetration of the Internet of Things (IoT) and farmers' usage of progressive analytics. Advanced analytics is a section of data science that utilizes numerous methods and tools to forecast data and confirm that the soil and crop receive sufficient nurturing. This helps farmers plan their actions accordingly. Thus, technological advancements in the precision farming market are expected to boost its growth during the forecast period.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Precision Farming Market: Strategic Insights

precision-farming-market
Market Size Value inUS$ 9.87 billion in 2022
Market Size Value byUS$ 26.44 billion by 2030
Growth rateCAGR of 13.1% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
Analyst Image

Naveen

Have a question?

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst Image  Speak to Analyst

Market Driver:

Rapid Adoption of Advanced Technologies Driving Market Growth

Precision farming is gaining traction owing to the growing adoption of the Internet of Things (IoT) and advanced analytics. Advanced analytics is a section of information science that utilizes numerous methods and instruments to get information and analyze whether the soil and yield are in proper condition. Farmers can more readily plan their activities based on this data. Precision farming practices are expected to see a drive-in acceptance since they allow farmers to boost productivity, regulate field fluctuations, and lower production prices. These methods help gather related data by analyzing real-time information regarding crop, soil, and local weather forecasts and provide farmers with practical insights. The market is gaining acceptance in agriculture because it can increase crop productivity by employing groundbreaking IT-based agriculture methods.

The major factors propelling the precision farming market growth are the rapid adoption of progressive technologies in precision agriculture to reduce labor costs and the growing adoption of IoT devices. IoT in agriculture helps substantially reduce the costs associated with precision farming to meet the increasing demand for food. Further, there is a growing push for techniques by governments to gain a profound understanding of numerous aspects of agriculture, such as tillage and irrigation, and various technologies such as GPS, IoT, and remote sensing application control are used. IoT assists farmers in resolving numerous challenges associated with crop monitoring. It delivers real-time data on soil water content and ambient temperature through sensors positioned at the farm, helping farmers make improved decisions about harvest periods, land management, and crop market rates. This is one of the critical factors contributing to the precision farming market growth.

Report Segmentation and Scope:

The precision farming market is segmented based on offering, application, and geography. Based on offering, the precision farming market is divided into hardware, software, and services. By application, the precision farming market is categorized into yield monitoring, field mapping, crop scouting, inventory management, weather tracking and forecasting, and others. Geographically, the precision farming market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

Segmental Analysis:

The hardware segment accounted for the largest precision farming market share in 2022 and is expected to dominate the market during the forecast period. Hardware components such as control systems and automation, sensing devices, and drones play a significant role in helping farmers. For instance, the GIS guidance system benefits growers as it can envision agricultural workflows. Furthermore, VRT technology helps farmers analyze areas that need more pesticides and seeds, distributing them equally across the field.

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

Regional Analysis:

North America accounted for the largest precision farming market share in 2022. The region is an early adopter of progressive technologies. Factors such as the rise in government initiatives that support the adoption of advanced agriculture technologies and developed infrastructure have contributed to the high revenue of the regional market. For instance, in May 2022, the Government of Canada announced an investment of US$ 441,917.5 to develop a unified precision fruit tree farming system. The investment also intended to attain sustainable solutions to tackle the increasing challenges in Canada's apple industry.

Precision Farming Market Key Player Analysis:

AgJunction LLC, Ag Leader Technology, CropX Inc., AGCO Corporation, Trimble Inc., Deere and Company, CNH Industrial N.V., Topcon, DICKEY-john, and TeeJet Technologies are the key precision farming market players profiled in the report.

Precision Farming Market Recent Developments:

The precision farming market players highly adopt inorganic and organic strategies. A few recent key market developments are listed below:

  • In October 2023, Zuari FarmHub, a leading agritech company in India, announced its partnership with CropX Technologies, a global agritech company specializing in digital agronomic solutions. The collaboration aims to revolutionize farming practices by introducing real-time monitoring technology that empowers farmers with data-driven insights for enhanced productivity and sustainability. Under this partnership, CropX offers a state-of-the-art hardware-enabled system that monitors critical agronomic parameters in real-time. These smart devices collect predictive soil data, combining it with additional data sources in and around the farm and agronomic knowledge to generate irrigation and nutrient management recommendations. This can help farmers optimize resources and improve crop growth.
  • In November 2022, Elders and Precision Agriculture Pty Ltd. partnered to help farmers improve their nutrient utilization and increase the sustainability of their crops. The new arrangement made Precision Agriculture's specialized services, such as establishing soil management zones, individualized soil testing, and identifying significant soil restrictions, more easily accessible to Elders clients.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Offering, Application, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What are the driving factors impacting the precision farming market?

Proliferation of Internet of Things (IoT) and growing environmental concerns are the major factors that propel the precision farming market.

What is the incremental growth of the precision farming market during the forecast period?

The incremental growth expected to be recorded for the precision farming market during the forecast period is US$ 16.58 billion.

What will be the market size for the precision farming market by 2030?

The precision farming market is expected to reach US$ 26.44 billion by 2030.

What are the future trends of the precision farming market?

Growing technological developments in precision farming is anticipated to play a significant role in the precision farming market in the coming years.

What is the estimated market size for the precision farming market in 2022?

The precision farming market was estimated to be US$ 9.87 billion in 2022 and is expected to grow at a CAGR of 13.1% during the forecast period 2023 - 2030.

Which are the key players holding the major market share of the precision farming market?

The key players holding majority shares in the precision farming market are Deere and Company, AGCO Corporation, Trimble Inc, CNH Industrial N.V., and TeeJet Technologies.

Which is the fastest growing regional market?

Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.

Which country is holding the major market share of global precision farming market?

The US held the largest precision farming market share in 2022.

The List of Companies - Precision Farming Market 

  • AgJunction LLC
  • Ag Leader Technology
  • CropX Inc.
  • AGCO Corporation
  • Trimble Inc.
  • Deere and Company
  • CNH Industrial N.V.
  • Topcon, DICKEY-john
  • TeeJet Technologies

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Precision Farming Market