Global Precision Farming
Market Report
2024
Precision Farming market size is USD 9851.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 11.00% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
PDF Access: Password protected PDF file, Excel File Access: Quantitative data, PPT Report Access: For the presentation purpose, Cloud Access: Secure Company Account Access.
Share your contact details to receive free updated sample copy/pages of the recently published edition of Precision Farming Market Report 2024.
According to Cognitive Market Research, the global Precision Farming market size is USD 9851.2 million in 2024 andwill expand at a compound annual growth rate (CAGR) of 11.00% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Precision Farming Market Sales Revenue 2024 | $ 9851.2 Million |
Global Precision Farming Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11% |
North America Precision Farming Market Sales Revenue 2024 | $ 3940.48 Million |
North America Precision Farming Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.2% |
Europe Precision Farming Market Sales Revenue 2024 | $ 2955.36 Million |
Europe Precision Farming Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.5% |
South America Precision Farming Market Sales Revenue 2024 | $ 492.56 Million |
South America Precision Farming Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.4% |
Middle East and Africa Precision Farming Market Sales Revenue 2024 | $ 197.02 Million |
Middle East and Africa Precision Farming Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.7% |
Market Split by Component |
|
Market Split by Application |
|
Market Split by Application |
|
Market Split by Technology |
|
List of Competitors |
|
Regional Analysis |
|
Country Analysis |
|
Key Qualitative Information Covered |
|
Report scope is customizable as we have a huge database of Precision Farming industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Precision Farming Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Precision farming, also known as precision agriculture or smart farming, is an approach to farming that uses information technology, satellite imagery, and other tools to optimize field-level management with regard to crop farming, livestock, and fisheries. It involves the use of data and technology to precisely manage variables such as soil health, crop yield, and environmental impact.
The continuous advancements in technologies such as GPS, drones, sensors, and machine learning have significantly enhanced the precision farming sector. These technologies enable farmers to monitor and manage their fields more effectively, leading to increased productivity and reduced costs.
Growing concerns about environmental sustainability and the need to minimize agriculture's impact on the environment are driving the adoption of precision farming practices. Precision farming allows for more efficient use of resources such as water, fertilizers, and pesticides, reducing waste and environmental pollution.
In October 2023, Deere & Co teams with 2 Sweden-based Delaval on the Milk Sustainability Center and Norway-based Yara on digital precision agriculture tools for sustainability, where the partnerships aim to help farmers track livestock and fertilizer data so they can make smarter business decisions that are better for the environment.
Precision farming has witnessed significant advancements in technology, particularly in the areas of automation, data analytics, and sensor technology. These advancements have enabled farmers to optimize their operations by utilizing real-time data for decision-making. For example, the use of drones and satellite imagery allows farmers to monitor crop health, identify areas needing attention, and apply inputs such as fertilizers and pesticides more precisely. This level of precision leads to increased efficiency, reduced waste, and improved yields, driving the adoption of precision farming practices.
Another key driver in the precision farming market is the growing focus on sustainable agriculture practices. With increasing concerns about food security and environmental sustainability, farmers are looking for ways to minimize the environmental impact of their operations. Precision farming techniques, such as variable rate fertilization and precision irrigation, allow farmers to optimize resource use and minimize waste. By adopting these practices, farmers can reduce the use of fertilizers and pesticides, conserve water, and improve soil health. This focus on sustainability is not only driving the adoption of precision farming technologies but also shaping government policies and regulations related to agriculture.
One of the key restraints in the precision farming market is the high initial investment costs associated with adopting precision farming technologies. The cost of purchasing and installing precision farming equipment, such as GPS-guided tractors, drones, and sensors, can be substantial for farmers, especially for small-scale and medium-scale farmers with limited financial resources. Additionally, there are ongoing costs related to maintenance, software updates, and training, which can further add to the financial burden. These high costs can act as a barrier to entry for some farmers, limiting the adoption of precision farming technologies and slowing down market growth.
The COVID-19 pandemic has had a significant impact on the precision farming market. While the initial phase of the pandemic led to disruptions in the supply chain, labor shortages, and restrictions on movement, it also highlighted the importance of technology in agriculture. As a result, there has been an increased interest in precision farming technologies as a way to improve efficiency, minimize the need for physical labor, and ensure food security. The pandemic has accelerated the adoption of technologies such as drones, sensors, and data analytics in agriculture, as farmers seek to improve productivity and resilience in the face of future challenges. This increased adoption of precision farming technologies is expected to continue in the post-pandemic period, driving growth in the market.
We have various report editions of Precision Farming Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.
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.
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.
Top Companies Market Share in Precision Farming Industry: (In no particular order of Rank)
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.
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.
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
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
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 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.
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 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 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.
Global Precision Farming Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Precision Farming Industry growth. Precision Farming market has been segmented with the help of its Component, Application Application , and others. Precision Farming market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
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.
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!
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.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Precision Farming market report 2024 Edition by contacting our team.
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.
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.
Research associate at Cognitive Market Research
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.
As a research analyst, Swasti brings a unique blend of analytical prowess and strategic thinking to the table. With an expertise in market research analysis, She is adept at dissecting complex problems, extracting meaningful insights, and translating them into actionable recommendations. Her passion lies in leveraging data-driven approaches to guide decision-making and drive organizational success.
I played a central role in market research endeavors and competitive analysis. I have a demonstrated ability to leverage diverse data sources, employing advanced analytics tools to discern patterns and trends. My collaborative approach facilitated effective communication of insights, fostering a culture of data-driven decision-making within the organization. I am committed to continuous professional development, actively seeking opportunities for skill enhancement through workshops, industry conferences, and staying abreast of emerging trends in research methodologies.
Disclaimer:
Component | Hardware, Software, Service |
Application | Yield Monitoring , Crop Scouting , Field Mapping |
Application | Weather Tracking and Forecasting , Inventory Management , Farm Labor Management , Financial Management , Others (demand forecasting, customer management, payables, and receivables) |
Technology | Guidance Technology , Remote Sensing Technology , Variable-Rate Technology |
List of Competitors | 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 |
This chapter will help you gain GLOBAL Market Analysis of Precision Farming. Further deep in this chapter, you will be able to review Global Precision Farming Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Precision Farming Market Trends North America Precision Farming Technological Road Map North America Precision Farming Market Drivers North America Precision Farming Market Restraints North America Precision Farming Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
You can purchase only the Executive Summary North America Market (2019 vs 2024 vs 2031)
Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
You can purchase only the Executive Summary Asia Pacific Market (2019 vs 2024 vs 2031)
Chapter 5 South America Market Analysis
You can purchase only the Executive Summary South America Market (2019 vs 2024 vs 2031)
Chapter 6 Middle East and Africa Market Analysis
You can purchase only the Executive Summary Middle East and Africa Market (2019 vs 2024 vs 2031)
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Component Analysis 2019 -2031, will provide market size split by Component. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Component Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 12 Market Split by Application Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 13 Market Split by Technology Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Precision Farming market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Hardware have a significant impact on Precision Farming market? |
What are the key factors affecting the Hardware and Software of Precision Farming Market? |
What is the CAGR/Growth Rate of Yield Monitoring during the forecast period? |
By type, which segment accounted for largest share of the global Precision Farming Market? |
Which region is expected to dominate the global Precision Farming Market within the forecast period? |
Segmentation Level Customization |
|
Global level Data Customization |
|
Region level Data Customization |
|
Country level Data Customization |
|
Company Level |
|
Additional Data Analysis |
|
Additional Qualitative Data |
|
Additional Quantitative Data |
|
Service Level Customization |
|
Report Format Alteration |
|
Published Report Editions
are Just a Tip of an Iceberg
Access the Complete Database of
Precision Farming Market
Request Sample