Precision Farming Market Report 2024 (Global Edition)

Global Precision Farming Market Report 2024 Market Size Split by Component (Hardware, Software, Service), by Application (Yield Monitoring , Crop Scouting , Field Mapping), by Application (Weather ...

Precision Farming Market Report Description

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Competitive Landscape of the Precision Farming Market

The competitive landscape of the precision farming market is characterized by intense competition among key players striving to enhance their market presence and expand their product offerings. Major players in the market are focusing on strategic initiatives such as mergers and acquisitions, partnerships, and product innovations to gain a competitive edge.

Precision Farming Industry News

In July 2023, The acquisition of Smart Apply Inc., a provider of agricultural technology solutions, has been announced by Deere & Company, In order to assist farmers in dealing with the challenges of regulatory requirements, input costs, labour etc., Deere & Company is focusing on using Smart ApplyTM precision spraying solutions.

(Source: https://www.deere.com/en/news/all-news/john-deere-acquires-smart-apply/)

In May 2023, AgEagle Aerial Systems Inc., one of global agriculture technology solution provider announced its establishment of a new supply agreement with Wingtra AG. The 2-year supply agreement is expected to securely supply RedEdge-P sensor kits for incorporation with WingtraOne VTOL drones.

(Source: https://ageagle.com/ageagle-signs-2m-agreement-with-wingtra-guaranteeing-delivery-of-rededge-p-sensor-kits/)

Top Companies Market Share in Precision Farming Industry: (In no particular order of Rank)

• Ag Leader Technology
• AgJunction Inc.
• CropMetrics LLC
• Trimble Inc.
• AGCO Corporation
• Raven Industries Inc.
• Deere and Company
• Topcon Corporation
• AgEagle Aerial Systems Inc. (Agribotix LLC)
• DICKEY-john Corporation
• Farmers Edge Inc
• Confidential Data
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Precision Farming

Which Region Dominates the Precision Farming Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America's dominance in the Precision Farming Market is attributed to several factors. Firstly, the region has a high adoption rate of advanced agricultural technologies due to its large-scale farming operations and focus on efficiency and productivity. Secondly, North America has a well-developed infrastructure for precision farming, including advanced machinery, GPS systems, and data analytics tools, which has further boosted the adoption of precision farming practices. Overall, North America's favorable agricultural landscape, technological advancements, and supportive policies have made it the dominant region in the Precision Farming Market.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific is experiencing rapid growth in the Precision Farming Market due to several key factors. The region has a large population and shrinking arable land, which is driving the need for increased agricultural productivity and efficiency. Precision farming technologies help farmers achieve higher yields and reduce input costs, making them increasingly attractive in this region. Moreover, the increasing availability of affordable precision farming technologies and the rising demand for food security are also contributing to the region's fast-paced growth in this market.

The current report Scope analyzes Precision Farming Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Precision Farming Market

According to Cognitive Market Research, the global Precision Farming market size was estimated at USD 9851.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 3940.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.In North America, the precision farming market is poised for significant growth, driven by the region's large-scale agricultural operations and the adoption of advanced farming technologies. The North American market is segmented based on components, applications, and technologies. Hardware components, such as GPS systems and sensors, are widely used in precision farming practices, followed by software for data analysis and management. In conclusion, North America presents a lucrative landscape for precision farming, characterized by a strong focus on technological advancements, increasing farm sizes, and the need for sustainable agricultural practices. 

Country Analysis

• According to Cognitive Market Research, the US had a major share in the Precision Farming market with a market size of USD 3109.04 million in 2024 and is projected to grow at a CAGR of 9.0% during the forecast period. The demand is amplified by the nation's large-scale agricultural operations and the adoption of advanced farming technologies propels consistent growth. 
• The Canada Precision Farming market had a market share of USD 472.86 million in 2024 and is projected to grow at a CAGR of 10.0% during the forecast period. Canada's rising adoption of advanced farming technologies to increased usage of Precision Farming.
• The Mexico Precision Farming market is projected to witness growth at a CAGR of 9.7% during the forecast period with a market size of USD 358.58 million in 2024.

Europe Precision Farming Market

According to Cognitive Market Research, the global Precision Farming market size was estimated at USD 9851.2 Million out of which Europe market of more than 30% of the global revenue with a market size of USD 2955.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031. In Europe, the precision farming market is experiencing steady growth, driven by the region's focus on sustainable agriculture and the adoption of advanced technologies.  The European market is segmented based on components, applications, and technologies, with hardware components like GPS receivers and displays being widely used. In conclusion, Europe presents a promising market for precision farming, characterized by a strong emphasis on environmental sustainability and technological innovation. The region's supportive regulatory framework and government initiatives further contribute to market growth.

• The United Kingdom Precision Farming market had a market share of USD 
• 496.50 million in 2024 and is projected to grow at a CAGR of 10.3% during the forecast period. In the UK, Precision Farming sales witness an upswing due to the nation's focus on sustainable agriculture and the adoption of advanced technologies.
• The France Precision Farming market is projected to witness growth at a CAGR of 8.7% during the forecast period with a market size of USD 271.89 million in 2024.
• According to Cognitive Market Research, the Germany Precision Farming market size was valued at USD 585.16 million in 2024 and is projected to grow at a CAGR of 9.7% during the forecast period. In Germany, Precision Farming sales surge due to the nation’s adoption of advanced technologies. 
• The Italy Precision Farming market is projected to witness growth at a CAGR of 8.9% during the forecast period with a market size of USD 254.16 million in 2024.
• The Russia Precision Farming market is projected to witness growth at a CAGR of 8.5% during the forecast period with a market size of USD 458.08 million in 2024.
• The Spain Precision Farming market is projected to witness growth at a CAGR of 8.6% during the forecast period with a market size of USD 242.34 million in 2024.
• The Luxembourg Precision Farming market is projected to witness growth at a CAGR of 9.6% during the forecast period with a market size of USD 91.62 million in 2024.
• The Portugal Precision Farming market is projected to witness growth at a CAGR of 9.3% during the forecast period with a market size of USD 62.06 million in 2024.
• The Greece Precision Farming market is projected to witness growth at a CAGR of 9.8% during the forecast period with a market size of USD 35.46 million in 2024.
• Rest of Europe Precision Farming market is projected to witness growth at a CAGR of 8.2% during the forecast period with a market size of USD 458.08 million in 2024.

Asia Pacific Precision Farming Market

According to Cognitive Market Research, the global Precision Farming market size was estimated at USD 9851.2 Million out of which Asia Pacific is the fastest grwing market of more than 23% of the global revenue with a market size of USD 2265.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.0% from 2024 to 2031.In Asia Pacific, the precision farming market is witnessing rapid growth, driven by the increasing adoption of advanced agricultural technologies and the growing demand for food security. One of the key segments in the Asia Pacific precision farming market is the application of precision farming techniques in crop monitoring and management. In conclusion, Asia Pacific offers significant growth opportunities for the precision farming market, driven by the region's vast agricultural sector and the increasing adoption of advanced technologies.

• According to Cognitive Market Research, the China Precision Farming market size was valued at USD 1019.60 million in 2024 and is projected to grow at a CAGR of 12.5% during the forecast period. Precision Farming sales surge in China due to the nation's increasing adoption of advanced agricultural technologies.
• The Japan Precision Farming market is projected to witness growth at a CAGR of 11.5% during the forecast period with a market size of USD 312.68 million in 2024.
• The India Precision Farming market had a market share of USD 271.89 million in 2024 and is projected to grow at a CAGR of 14.8% during the forecast period. The demand is augmented by India's increasing the growing demand for food security.
• The South Korea Precision Farming market is projected to witness growth at a CAGR of 12.1% during the forecast period with a market size of USD 226.58 million in 2024.
• The Australia Precision Farming market is projected to witness growth at a CAGR of 12.7% during the forecast period with a market size of USD 117.82 million in 2024.
• The South East Asia Precision Farming market is projected to witness growth at a CAGR of 14.0% during the forecast period with a market size of USD 156.34 million in 2024.
• The Rest of Asia Pacific Precision Farming market is projected to witness growth at a CAGR of 12.8% during the forecast period with a market size of USD 160.87 million in 2024.

South America Precision Farming Market

According to Cognitive Market Research, the global Precision Farming market size was estimated at USD 9851.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 492.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.4% from 2024 to 2031. Latin America is experiencing significant growth in the precision farming market, driven by factors such as the increasing adoption of modern agricultural practices, government initiatives to promote sustainable farming, and the need to improve agricultural productivity. One of the key segments in the Latin America precision farming market is the application of precision farming techniques in crop monitoring and management. In conclusion, Latin America presents lucrative opportunities for the precision farming market, driven by the region's vast agricultural potential and the increasing adoption of advanced agricultural technologies.

• According to Cognitive Market Research, the Brazil Precision Farming market size was valued at USD 210.82 million in 2024 and is projected to grow at a CAGR of 11.0% during the forecast period. Precision Farming sales flourish in Brazil due to the nation's increasing adoption of modern agricultural practices, government initiatives to promote sustainable farming.
• The Argentina Precision Farming market had a market share of USD 82.75 million in 2024 and is projected to grow at a CAGR of 11.3% during the forecast period. The demand is augmented by Argentina's government initiatives to promote sustainable farming.
• The Colombia Precision Farming market is projected to witness growth at a CAGR of 10.2% during the forecast period with a market size of USD 43.84 million in 2024.
• The Peru Precision Farming market is projected to witness growth at a CAGR of 10.6% during the forecast period with a market size of USD 40.39 million in 2024.
• The Chile Precision Farming market is projected to witness growth at a CAGR of 10.7% during the forecast period with a market size of USD 35.46 million in 2024.
• The Rest of Latin America Precision Farming market is projected to witness growth at a CAGR of 9.5% during the forecast period with a market size of USD 79.30 million in 2024.

Middle East and Africa Precision Farming Market

According to Cognitive Market Research, the global Precision Farming market size was estimated at USD 9851.2 Million out of which Middle East and Africa market of more than 2.00% of the global revenue with a market size of USD 197.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.7% from 2024 to 2031. In the Middle East and Africa (MEA) region, the precision farming market is witnessing steady growth, driven by factors such as the increasing adoption of advanced agricultural technologies, government support for sustainable farming practices, and the need to enhance food security. One of the key segments in the MEA precision farming market is the adoption of precision agriculture techniques in water management. In conclusion, the MEA region offers promising opportunities for the precision farming market, driven by the region's unique agricultural landscape and the increasing need for sustainable farming practices.

• According to Cognitive Market Research, the GCC Countries Precision Farming market size was valued at USD 84.33 million in 2024 and is projected to grow at a CAGR of 11.5% during the forecast period. Precision Farming sales flourish in the GCC Countries due to the region's increasing adoption of advanced agricultural technologies, government support for sustainable farming practices.
• The Egypt Precision Farming market is projected to witness growth at a CAGR of 11.0% during the forecast period with a market size of USD 20.69 million in 2024.
• The South Africa Precision Farming market is projected to witness growth at a CAGR of 11.7% during the forecast period with a market size of USD 31.13 million in 2024.Precision Farming sales flourish in the South Africa due to the region's government support for sustainable farming practices.
• The Turkey Precision Farming market is projected to witness growth at a CAGR of 10.2% during the forecast period with a market size of USD 16.94 million in 2024.
• The Nigeria Precision Farming market is projected to witness growth at a CAGR of 9.8% during the forecast period with a market size of USD 20.69 million in 2024.
• The Rest of MEA Precision Farming market is projected to witness growth at a CAGR of 9.7% during the forecast period with a market size of USD 23.25 million in 2024.

Precision Farming Market Analysis

Precision Farming Component Segment Analysis

According to Cognitive Market Research, hardware is the dominant category, accounting for the largest market share. The dominance of hardware can be attributed to the increasing adoption of precision farming technologies among farmers worldwide, driving the demand for advanced hardware solutions. These hardware components play a crucial role in collecting data and monitoring various parameters in the field, enabling farmers to make informed decisions to optimize crop yield and reduce input costs.

The service segment is the fastest-growing category in the precision farming market. Services such as consulting, training, maintenance, and support are becoming increasingly important as farmers seek guidance in implementing and managing precision farming technologies. Service providers offer expertise and assistance to farmers in utilizing precision farming tools effectively, thereby driving the growth of the service segment.

• Hardware
• Software
• Service

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Precision Farming Industry. Request a Free Sample PDF!

Precision Farming Application Segment Analysis

According to Cognitive Market Research, the dominant application is yield monitoring. Yield monitoring systems enable farmers to track and analyze crop yields in real time, providing valuable insights into field performance and helping farmers make informed decisions to optimize productivity. The dominance of yield monitoring can be attributed to its crucial role in precision farming, as it allows farmers to identify variability in yield across their fields, leading to more efficient use of resources and higher crop yields

The fastest-growing application in the precision farming market is crop scouting. Crop scouting involves the systematic inspection of crops to identify pests, diseases, nutrient deficiencies, and other issues that may affect crop health and yield. The growing demand for crop scouting services is driven by the increasing need for sustainable farming practices and the rising focus on reducing the use of chemical inputs.

• Yield Monitoring 
• Crop Scouting 
• Field Mapping

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Precision Farming Application Segment Analysis

According to Cognitive Market Research, weather tracking and forecasting stand out as the dominant application. The dominance of weather tracking and forecasting in precision farming is driven by the increasing need to mitigate the risks posed by climate change and extreme weather events, as well as the growing awareness of the importance of weather information in optimizing farm management practices.

Inventory management emerges as the fastest-growing application in the precision farming market. The growth of inventory management can be attributed to the increasing adoption of precision farming technologies, which require accurate and efficient management of agricultural inputs. Additionally, the growing trend towards sustainable agriculture and the need to minimize waste are driving the demand for inventory management solutions in precision farming.

• Weather Tracking and Forecasting 
• Inventory Management 
• Farm Labor Management 
• Financial Management 
• Others (demand forecasting
• customer management
• payables
• and receivables)

Precision Farming Technology Segment Analysis

According to Cognitive Market Research, guidance technology emerges as the dominant technology. The dominance of guidance technology is driven by its ability to improve overall farm productivity, reduce input costs, and minimize environmental impact. Farmers are increasingly adopting guidance technology to streamline farm operations and optimize field performance, leading to its dominance in the precision farming market.

Remote sensing technology stands out as the fastest-growing category in the precision farming market. The growth of remote sensing technology is fueled by the increasing demand for real-time and accurate information to make data-driven decisions in agriculture. Farmers are leveraging remote sensing technology to monitor crop growth, detect pests and diseases, and assess the effectiveness of their management practices.

• Guidance Technology 
• Remote Sensing Technology 
• Variable-Rate Technology  

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion