Precision Farming Global Market Report 2024

Precision farming is a farm management model that revolves around observing, quantifying, and responding to various intra- and inter-field variable inputs in contemporary agriculture. The goal is to increase food production while optimizing resource use and reducing labor costs.

The main offerings in precision farming include hardware, software, and services. Hardware encompasses physical components or delivery systems that store and execute the instructions provided by software. In digital farming, hardware tools are employed to enhance resource utilization and showcase products in various forms. Examples of hardware tools extensively used in precision farming include automation and control systems, drones, application control devices, guidance systems, GPS (Global Positioning System), GIS (Geographic Information System), remote sensors, satellite sensors, driverless tractors, and mobile devices. Different technologies, such as guidance technology, remote sensing technology, and variable rate application, are applied in various precision farming activities, including yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, and others.

The precision farming market research report is one of a series of new reports that provides precision farming market statistics, including precision farming industry global market size, regional shares, competitors with a precision farming market share, detailed precision farming market segments, market trends and opportunities, and any further data you may need to thrive in the precision farming industry. This precision farming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The precision farming market size has grown rapidly in recent years. It will grow from $7.72 billion in 2023 to $8.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth observed in the historical period can be attributed to various factors, including the increasing global population, growing environmental concerns related to agriculture, government support initiatives, and the consolidation of farms for more efficient and large-scale operations.

The precision farming market size is expected to see rapid growth in the next few years. It will grow to $15.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The anticipated growth in the forecast period can be attributed to factors such as climate change adaptation and a heightened focus on sustainability in agriculture. Key trends expected during this period include the utilization of big data and analytics, the development of digital farming platforms, the adoption of drone technology, increased integration of robotics and automation, the use of smart sensors and IoT devices, the implementation of precision livestock farming techniques, and a growing emphasis on collaboration and partnerships within the agricultural industry.

The precision farming market is poised for growth due to the increasing demand for food. Precision farming involves an advanced agricultural approach that utilizes technology to observe, measure, and analyze the specific needs of individual fields and crops, ultimately leading to higher yields. The demand for food is on the rise, as evidenced by the projected increase in world wheat production from 760.7 million tonnes in 2019/20 to an estimated 778 million tonnes in 2022/23, as reported by the Committee for the Common Organisation of Agricultural, a European agricultural committee. This escalating demand for food production is expected to drive the growth of the precision farming market.

The precision farming market is anticipated to experience a boost from the increasing prevalence of IoT-linked devices. These devices, such as sensors and drones, connect wirelessly to networks and gather real-time data on various farming variables, allowing farmers to make informed decisions promptly. The number of broadband IoT connections, reaching 1.3 billion in 2022, is expected to grow further, with nearly 60% of cellular IoT connections predicted to be broadband IoT connections by the end of 2028, according to a report by Ericsson, a Sweden-based telecommunication company. The widespread adoption of IoT-linked devices is a key driver for the growth of the precision farming market.

A significant trend in the precision farming market is technological advancements, particularly in precision technology innovation for sustainable agriculture. Major companies in the precision farming market are actively developing advanced technologies to enhance various aspects of agriculture, including profitability, increased production, economic efficiency, and reduced environmental impact. For instance, JCB, a UK-based equipment manufacturer, launched the Fastrac iCON tractor with integrated precision technology designed for precision farming applications. This tractor features unique capabilities such as Universal Terminal, AUX-N capabilities, and simple task control, integrating GPS and NOVATEL Smart-7 receiver for high performance.

Innovative products, such as advanced blockage and flow monitoring systems, are being developed by major companies in the precision farming market to expand their customer base and increase revenue. Precision Planting, a US-based agricultural service company, introduced Clarity, an advanced system designed to enhance the real-time performance of agricultural equipment. This system provides a detailed display of critical information, allowing farmers to monitor the flow and distribution of products in real time, ensuring consistent peak performance.

In May 2022, IDEX Corporation, a US-based manufacturer, acquired KZValve, a US-based precision farming components manufacturer, to strengthen its capability to deliver essential solutions for industrial and agricultural applications.

Major companies operating in the in the precision farming market report are Deere and Company, Trimble Inc, AGCO Corporation, AgJunction Inc, Raven Industries Inc, AG Leader Technology, Teejet Technologies Private Limited, Topcon Positioning Systems, DICKEY-john Corporation, CropMetrics LLC, CropX Technologies Ltd, Agribotix LLC, AgEagle Aerial Systems Inc, Granular Inc, Hexagon Agriculture, Iteris Inc., AgSmarts Inc, Intelligent Agricultural Solutions LLC, Grownetics Inc, Cargill Incorporated, Precision Planting LLC, Farmers Edge Inc., The Climate Corporation, Taranis-Visual Ltd., Descartes Labs, Mavrx Inc., TerrAvion Inc., Gamaya Inc., Aerobotics, Teralytic, Arable Labs, Fieldin Inc., Agworld Pty Ltd., CropIn Technology Solutions Pvt. Ltd., AgriTask, Conservis Corporation, Farmobile LLC

North America was the largest region in the precision farming market in 2023. The regions covered in the precision farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the precision farming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The precision farming market consists of revenues earned by entities by providing precision farming services such as hyperspectral imaging, detection and diagnostics of disease, controlling weeds and pests, preventing soil degradation, efficient use of land, soil sampling, and soil mapping. The market value includes the value of related goods sold by the service provider or included within the service offering.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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