Precision Farming Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

Precision Farming Market Size and Forecast (2021 - 2031), 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

  • Report Code : TIPRE00010125
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 156
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The precision farming market size is projected to reach US$ 26.44 billion by 2031 from US$ 9.87 billion in 2023. The market is expected to register a CAGR of 13.1% during 2023–2031. Advanced precision farming techniques are likely to remain key trends in the market.

Precision Farming Market Analysis

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 efficiency, enhance product quality, expand the efficiency of crop chemical usage, protect the environment, and conserve energy by utilizing critical elements of technology, information, and management. Thus, precision farming is an attractive concept, and its ideologies support that agricultural inputs can be used more efficiently, with improved profits and ecologically less burdensome production.

Precision Farming 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 increased usage of progressive analytics by farmers. 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.

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Precision Farming Market: Strategic Insights

Precision Farming Market

  • CAGR (2023 - 2031)
    13.1%
  • Market Size 2023
    US$ 9.87 Billion
  • Market Size 2031
    US$ 26.44 Billion

Market Dynamics

GROWTH DRIVERS
  • Increasing Reliance on Smartphones
  • Surging Global Population and Food Demand
  • Rising Government Support for Modernizing Agricultural Practices
FUTURE TRENDS
  • Advanced Precision Farming Techniques
OPPORTUNITIES
  • Growing Demand for Agricultural Robots
  • Rapid Adoption of Advanced Analytics and IoT

Key Players

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

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Offering
  • Hardware
  • Software
  • Services
Application
  • Yield Monitoring
  • Crop Scouting
  • Field Mapping
  • Inventory Management
  • Weather Tracking and Forecasting
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Precision Farming Market Drivers and Opportunities

Increasing Reliance on Smartphones

Farmers depend on broadband and wireless networks to obtain information about specific industry-directed knowledge-sharing initiatives, including farming-related progressive solutions. Agriculture mobile apps can be used for collecting data, recording crop scouting activities, tracking machine performance, and controlling drones. As a result, there is an increasing reliance on smartphones to access agriculture mobile apps, such as Digi-Star’s Grain Tracker, My New Holland app, Just In Time Plant Nutrient Calculator, AgDNA, and Cropalyser. These apps are widely used in precision farming.

Growing Demand for Agricultural Robots

An agricultural robot is a robotic device that can advance agricultural processes by taking over farmer’s labor-intensive duties. Agriculture robots make many applications faster, simpler, more precise, and effective. Driverless tractors, drones for data collection and crop monitoring, automated irrigation and harvesting, and autonomous precision seedings are a few of the frequently used agricultural robots for crop farming, soil management, and livestock production. Furthermore, various companies offer agricultural robots for farming, harvesting, picking, and weeding purposes.

Precision Farming Market Report Segmentation Analysis

Key segments that contributed to the derivation of the precision farming market analysis are offering and application.

  • Based on offering, the market is segmented into hardware, software, and services. The hardware segment held the largest market share in 2023. 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 predict agricultural workflows. Also, variable-rate technology (VRT) helps farmers analyze areas that need more pesticides and seeds, distributing them equally across the field.
  • By application, the precision farming market is categorized into yield monitoring, field mapping, crop scouting, inventory management, weather tracking and forecasting, and others. The yield monitoring segment held the largest share of the market in 2023. In precision farming, yield monitoring is used because it helps measure, identify, and define the intra-field variability in a cropping system, which forms the foundation of the concept of precision agriculture. In a single field, yield monitoring offers variable data that is produced by the intricate interaction of climatic, environmental, and farm management practices.

Precision Farming Market Share Analysis by Geography

The geographic scope of the precision farming market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America held the largest share of the precision farming market in 2023. Factors such as rising labor expenses; a shortage of skilled workers; high demand for agricultural products; and the integration of advanced technologies such as VRT, remote sensing, GPS, GIS, and guidance systems are contributing to the expansion of the precision farming market in North America. Furthermore, the escalating utilization of cloud-based technology, the increasing uptake of contemporary farming methods, and government programs aimed at promoting the use of modern agricultural technologies are driving the market. Moreover, many companies are collaborating to develop innovative products in the market. For instance, in December 2023, Deep Sand Technology (DST), a company specializing in autosteering and precision agriculture, joined forces with the GEODNET Foundation to launch real-time kinematic (RTK) services for precision agriculture in rural North America.

The Europe precision farming market exhibits significant partnerships, with major industry participants such as Deere & Company, Bayer Crop Science, Trimble Inc., Agco Corporation, and Granular Inc. actively engaged in research and development, product introductions, advancements, and collaborative ventures. Notably, Agco Corporation introduced the WR Series Windrower in February 2022, delivering a 10% enhancement in overall efficiency compared to prior models, thereby optimizing hay production and quality. Precision farming methodologies, encompassing digital agriculture, are recognized as pivotal in advancing the EU's strategic objectives of sustainability, intelligence, and safety. With the integration of precision farming into the National Recovery and Resilience Plans of all member states, the EU's sustainability targets will be achieved in the near future.

Precision Farming Market Report Scope

Report Attribute Details
Market size in 2023 US$ 9.87 Billion
Market Size by 2031 US$ 26.44 Billion
Global CAGR (2023 - 2031) 13.1%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Offering
  • Hardware
  • Software
  • Services
By Application
  • Yield Monitoring
  • Crop Scouting
  • Field Mapping
  • Inventory Management
  • Weather Tracking and Forecasting
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • AgJunction LLC
  • Ag Leader Technology
  • CropX inc
  • AGCO Corporation
  • Trimble Inc.
  • Deere and Company
  • CNH Industrial N.V.
  • Topcon
  • DICKEY-john
  • TeeJet Technologies
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    Precision Farming Market News and Recent Developments

    The precision farming market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the precision farming market are listed below:

    • Deere & Company announced its agreement with SpaceX to provide cutting-edge satellite communications (SATCOM) service to farmers. Utilizing the industry leading Starlink network, this solution will allow farmers facing rural connectivity challenges to fully leverage precision agriculture technologies. This partnership, an industry first, will enable John Deere customers to be more productive, profitable, and sustainable in their operations as they continue to provide food, fuel, and fiber for their communities and the rest of the global population.

    (Source: Deere & Company, Press Release, January 2024)

    • Trimble (NASDAQ: TRMB) announced a definitive agreement to form a joint venture (the "JV") with AGCO (NYSE: AGCO) to better serve farmers with factory fit and aftermarket applications in the mixed fleet precision agriculture market. Trimble and AGCO's shared vision is to create a global leader in mixed fleet smart farming and autonomy solutions.

    (Source: Trimble Inc., Company Website, September 2023)

    Precision Farming Market Report Coverage and Deliverables

    The “Precision Farming Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • Precision farming market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • Precision farming market trends as well as market dynamics such as drivers, restraints, and key opportunities
    • Detailed PEST and SWOT analysis
    • Precision farming market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the precision farming market
    • Detailed company profiles
    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 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 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.

    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.

    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.

    The List of Companies - Precision Farming Market

    1. AgJunction LLC 
    2. Ag Leader Technology 
    3. CropX inc
    4. AGCO Corp
    5. Trimble Inc 
    6. Deere & Co 
    7. CNH Industrial NV
    8. Topcon Corp
    9. DICKEY-john
    10. 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.

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