Precision Farming Market, By Product (Hardware, Software, And Services), by Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, And Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2034

Precision Farming Market was valued at US$ 10.7 billion in 2024 and is projected to grow at a CAGR of 11.80% to reach US$ 32.8 billion by 2034.

Precision farming or precision agriculture (PA) is a farming management strategy that relies on monitoring, quantifying, and controlling crop variability both within and between fields. In addition, PA is occasionally called as-needed farming, satellite agriculture, precision farming, and site-specific crop management (SSCM). Information Technology (IT) is used in precision agriculture to make sure that soil and crops receive precisely what they require for maximum health and yield. In addition, this guarantees environmental preservation, sustainability, and profitability. When handling crops, it considers variables including plant development, soil composition, topography, weather, and yield information.

Agriculture is being revolutionized by precision farming. Another name for precision farming is "site-specific crop management." It combines monitoring and data collecting with Geographic Information Systems (GIS) and Global Positioning Systems (GPS) to enable farmers to adjust their crop cultivation to in-field variability. Farmers are already able to make the best decisions possible due to the introduction of new data collection techniques, the Internet of Things (IoT), GPS, geographic information systems (GIS), remote sensing, and satellite images. According to a 2021 study released by the Association of Equipment Manufacturers (AEM), farmers have already benefited from precision farming technologies by experiencing a 4% increase in production, a 7% decrease in fertilizer use, a 9% decrease in herbicide applications, a 6% decrease in the use of fossil fuels, and a 4% reduction in water use.

The increasing spread of the Internet of Things (IoT) and farmers' use of advanced analytics are credited with the expansion of precision farming. As a subfield of data science, advanced analytics makes use of a wide range of instruments and techniques to forecast data and guarantee that the soil and crop are given the proper care. This aids farmers in making appropriate plans of action. However, the substantial upfront expense of putting precision farming techniques into reality prevents the business from expanding. Furthermore, impeding the growth of the precision agriculture market is limited awareness surrounding them and a lack of standards.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Precision Farming Market Drivers:

Increased capability to make better decisions to expand farm yield

• With the use of precision management technology, farmers can make better decisions by having access to more accurate information through which they may act it instantly. Farmers now are capable of more carefully regulating their inputs and fertilizers by making more accurate selections. As a result, there is less discharge of nutrients and fertilizer waste. Farmers can apply chemicals, when necessary, rather than throughout the whole field by employing remote sensing to pinpoint the precise areas of high infection and pest pressure. This allows them to use less herbicides and fungicides overall. Farm supervisors can locate and minimize fuel consumption, leading to lower emissions, by keeping an eye on drivers and equipment. In the long run, more sustainable practices are made possible by greater resource utilization, which also saves time and money without compromising productivity.

The capacity to gather data in real-time on different factors that affect the farms  

• Information concerning motion, sound, temperature, and humidity can be continuously collected by utilizing sensor technology. To analyze this data and offer insightful information about the environment being watched, machine learning algorithms have been developed. Any deviations from the observed behavior set off alarms in the event of a problem, allowing for prompt intervention and averting needless system instability. A comprehensive and exact set of procedures can be implemented once the data has been calibrated to produce findings.

Precision Farming Market Restrains:

Enormous costs associated with the setup of such techniques and facilities on farmlands

• Purchasing new connected equipment or signing up for digital platforms are two drawbacks of precision farming, which can be intimidating extra costs on a tight farm budget. In smaller farms, precision farming methods could be more difficult to apply because of the associated expenses and complications involved in it. This could cause a technical divide between large- and small-scale farmers. Consequently, rural areas or areas with inadequate connectivity may see a restriction on the adoption of precision farming methods.

Precision Farming Market Opportunities:

• Due to constant technical advancements in automation, artificial intelligence (AI), and machine learning (ML), precision farming will continue to evolve in the future.  It is expected that as technology advances, precision farming will be crucial in helping to address the challenges of sustaining the world's expanding population while promoting sustainability and safeguarding resources in agriculture.

Precision Farming Market is segmented based on product, application, and region.

Product Insights

·         Hardware: Hardware as a product is a dominating segment of this sector for the target market. For managing agricultural operations, tracking crop development, and gathering data from fields, hardware components are essential. There are two subcategories in the hardware segment: automation and control systems, and monitoring and sensing devices. Due to their widespread use in precision farming, the automation and control systems category—which includes GPS receivers, steering and guiding components, and variable-rate technology devices—is expected to hold a dominant market share in the hardware marketplace during the projection period.

·         Software: The software segment is divided according to cloud- and web-based precision farming. Because cloud computing relies on common servers, networks, and storage, it eliminates the high maintenance expenses associated with software and hardware facilities.

·         Services: To assist farmers in making the best use of gear and software, this sector offers data analysis, integration services, and farm management consulting. As farmers adjust to new technologies, the growth will probably be consistent.

Application Insights

• Yield Monitoring: Yield monitoring as an application type is a dominating segment of this sector for the target market. Yield monitoring as an application type helps farmers receive timely and valuable feedback, which further helps them make more effective management choices. A single GIS database created by longer-term yield monitoring helps farmers organize variable rates, evaluate yield changes within a region, and compile a history of spatial field information.
• Field Mapping: Agricultural field mapping is becoming another crucial method for managing future endeavors and keeping track on your land. It facilitates the understanding and mapping of various sorts of data, such as those about slopes, water and irrigation systems, soil health and nutrition, and water. When executed correctly, it allows the user to implement various land-use techniques that optimize land utilization, boost output, optimize resource utilization, and minimize potentially harmful activities. Users can also use it to adjust or change their present behavior. By field mapping agricultural fields, producers can increase harvests by using resources more sparingly.
• Crop Scouting: In crop scouting, prospective issues such as pests, diseases, weeds, and nutrient deficits are detected using active field monitoring. Scouting gives the user the ability to spot issues before they become widespread, allowing the user to act quickly to reduce yield losses and safeguard their investment. Precise interventions derived from scouting data also reduce the need for needless chemical applications and resource loss.
• Weather Tracking & Forecasting: Farmers rely on weather data and forecasting to provide them with up-to-date, precise information on temperature, humidity, rainfall, and other weather-related factors. To make wise selections about fertilization, irrigation, and pest control, the user needs to know the following details. Farmers may optimize yields, cut expenses, and lessen the impact of weather-related risks including droughts, floods, and pests by utilizing weather data and predicting to modify their crop operations.
• Irrigation Management: With precise irrigation management, an approach that uses irrigation sensors to deliver water and nutrients (if used for fertigation) to crops at the appropriate times, locations, and proportions to support their growth and development is used. The most affordable and effective method of irrigating crops is precise irrigation. These devices eliminate the needless wastage of water and land irrigation. The traditional idea of "uniform irrigation treatment" has changed with the introduction of information technology and reasonably priced devices to precise irrigation scheduling, which establishes the specific application time, place, and crop necessity.
• Inventory Management: This category allows farmers to be able to obtain agricultural production patterns with an effective farm inventory management system. As a result, it becomes feasible to plan production capacity, minimize resource waste, improve stock organization, and monitor agricultural activities on a seasonal basis. Examining how resources are used throughout the facilities in greater detail is necessary to reduce unnecessary resource use. Agriculture companies and farming organizations can enhance their application control for fuel, fertilizers, and herbicides with the use of precision agriculture software for inventory management. This can stop possible resource losses and help them make wiser choices about how to use their resources.
• Others: Precision farming includes a range of newer uses such as greenhouse monitoring, animal management, and farm machinery predictive maintenance. With the development of technology, this market is predicted to rise significantly.

Regional Insights:

Precision Farming Market Regional Insights

• North America market is estimated to witness a significantly high revenue share over the forecast period because of the area's robust technology infrastructure, well-developed agriculture sector, and supportive government policies. Numerous suppliers of precision farming technologies are based in North America. To satisfy the rising demand for precision agricultural methods, these businesses consistently innovate and create cutting-edge technologies.
• Asia Pacific market is estimated to witness the fastest revenue share because of emerging nations like Nigeria, Sri Lanka, and India which are implementing several government programs to promote the use of contemporary precision farming technologies and increase output. It is anticipated that the Asia Pacific precision farming industry will be dominated by the Indian precision farming market in terms of revenue share. India's farmers are adopting precision farming techniques to maximize crop yields, minimize environmental effects, and meet the growing demand for food security due to the country's sizable agricultural sector.
• Europe market is expanding steadily and may be impacted by stricter laws and an emphasis on sustainable agriculture. As a result, solutions for precision farming that solve these issues will be more widely used.
• Latin America market is an emerging region that is observing the development of local knowledge, infrastructural improvement, and the cost-effectiveness of precision agricultural technologies and therefore will all be key growth factors.
• Middle East & Africa market is in its developmental stages which is facilitated with investments made by the government in AI along with irrigation technology which have enormous growth potential.

Precision Farming Market Report Scope:

Attribute	Details
Market Size 2024	US$ 10.7 billion
Projected Market Size 2034	US$ 32.8 billion
CAGR Growth Rate	11.80%
Base year for estimation	2023
Forecast period	2024 – 2034
Market representation	Revenue in USD Billion & CAGR from 2024 to 2034
Market Segmentation	By Product - Hardware, Software, And Services By Application - Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, And Others
Regional scope	North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the Precision Farming Market report based on product, application, and region:

Precision Farming Market, By Product:

• Hardware
• Software
• Services

Precision Farming Market, By Application:

• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Others

Precision Farming Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Precision Farming Market includes Deere & Company, Trimble Inc., AGCO International GmbH, Agjunction LLC, Raven Industries Inc., AG Leader Technology, Inc., Teejet Technologies Illinois, LLC, Topcon Positioning Systems, Inc., Dickey-John Corporation, and Cropmetrics LLC.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

• In July 2023, Deere & Company, an international manufacturer of agricultural and construction equipment announced that it had acquired Smart Apply Inc., a developer of agricultural technology solutions. Deere & Company is concentrated on helping growers overcome the obstacles associated with labor, input costs, regulations, and other factors by utilizing Smart Apply's precision spraying solution. It is anticipated that the acquisition will assist the business in bringing in new clients.
• In October 2023, Deere & Co collaborates with Norway-based Yara on digital precision agriculture tools for sustainability and two Sweden-based Delaval on the Milk Sustainability Centre. The partnerships' goal is to assist farmers in tracking livestock and fertilizer details so they can make more environmentally conscious corporate choices.
• In May 2021, AGCO, a producer of farm equipment, collaborated with Raven and other companies to evaluate the effectiveness of spraying technology in increasing the productivity and efficiency of crop protection product applications.

• Deere & Company*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Trimble Inc.
• AGCO International GmbH
• Agjunction LLC
• Raven Industries Inc.
• AG Leader Technology, Inc.
• Teejet Technologies Illinois, LLC
• Topcon Positioning Systems, Inc.
• Dickey-John Corporation
• Cropmetrics LLC

"*" marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Preface
• Research Objectives
• Study Scope
• Years Considered for the study
• Assumptions
• Abbreviations

Research Methodology

• Research data
• Primary Data
  • Primary Interviews
  • Primary Breakdown
  • Key data from Primary Sources
  • Key Thickness Insights
• Secondary Data
  • Major Secondary Sources
  • Secondary Sources
• Market Estimation
• Top-Down Approach
  • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
• Bottom-Up Approach
  • Approach for estimating market share by Bottom-up Analysis (Demand Side)
• Market Breakdown and Data Triangulation
• Research Assumptions

Market Preview

• Executive Summary
• Key Findings—Global Outlook for medical carts Strategies
  • Key Questions this Study will Answer
  • Market Snippet, By Product
  • Market Snippet, By Application
  • Market Snippet, By Region
• Opportunity Map Analysis
• Executive Summary—3 Big Predictions

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restrains
  • Market Opportunities
  • Market Trends
• DR Impact Analysis
• PEST Analysis
• Porter’s Five Forces Analysis
• Opportunity Orbit
• Market Investment Feasibility Index
• Macroeconomic Factor Analysis

Market Segmentation, By Product, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Hardware
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Software
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Services
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Application, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Yeild Monitoring
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Field Mapping
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Crop Scouting
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Weather Tracking & Forecasting
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Irrigation Management
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Others
  • Overview
  • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)

• Overview
  • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (US$ Bn), By Product, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • U.S.
    • Canada
• Europe
  • Market Size and Forecast (US$ Bn), By Product, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • UK
    • France
    • Germany
    • Russia
    • Italy
    • Rest of Europe
• Asia Pacific
  • Market Size and Forecast (US$ Bn), By Product, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific

• Latin America
  • Market Size and Forecast (US$ Bn), By Product, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years

• Brazil
• Mexico
• Rest of Latin America

 

• Middle East & Africa
  • Market Size and Forecast (US$ Bn), By Product, Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
  • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East

Competitive Landscape

• Heat Map Analysis
• Market Presence and Specificity Analysis

Company Profiles

• Deere & Company
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Trimble Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• AGCO International GmbH
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Agjunction LLC
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Raven Industries Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• AG Leader Technology, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Teejet Technologies Illinois, LLC
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Topcon Positioning Systems, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Dickey-John Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Cropmetrics LLC
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Hexagon
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• ABEscorts Ltd.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

The Last Word

• Future Impact
• About Us
• Contact