Precision Farming Market: By Component, By Application, By Technology and Geography  

Precision Farming Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Hardware, Software, Services), By Application (Yield Monitoring, Field Mapping Telematics, Crop Scouting, Weather Tracking and forecasting, Inventory Management, Farm Labor Management, Others), By Technology (Guidance Technology, Remote Sensing Technology, Variable-Rate Technology) and Region  

Precision Farming Market size was valued at US$ 7.6 billion in 2022 and is expected to grow at a CAGR of 11.7% from 2023-2029. Precision farming is an agricultural management approach that enhances crop sustainability by observing, measuring, and adapting to temporal and geographical variability. It helps in the cultivation of both crops and cattle. Precision farming frequently makes use of technology to automate agricultural processes, enhancing their performance, diagnosis, and decision-making. As the name suggests, precision farming involves using an accurate and appropriate amount of inputs, such as water, fertilizer, insecticides, etc., to crops at the appropriate time to maximize yields and improve production. By raising yields, precision farming strategies may significantly cut down the amount of nutrients and other crop inputs required.

The precision farming market is surging owing to acquisitions and definitive agreements to strengthen its position in the market. The market report gives a comprehensive outlook on precision farming across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report gives historical, current, and future market sizes (US$ Mn) based on products and services, applications, sectors, and regions. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities, and possible challenges to the key stakeholders operating in the market. In addition, the report includes human demographics; regulatory scenario, and competition analysis with a vividly illustrated competition dashboard to assess the market competition. 

Precision Farming Market Key Developments
  • For instance, in October 2017 - AGCO agreed with Lely Group, to acquire its forage division. Lely’s industry-leading competence in hay and forage technology is poised to strengthen AGCO’s full-line product offerings. 

Global Precision Farming Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

11.7%

Largest Market

North America

Fastest Growing Market

Europe

Precision Farming Market Dynaimcs

owing to rising pressure on global food supply due to increase in growing global population and substantial cost cutting made possible by the precision farming coupled with the government support and initiatives for the adoption of modern agricultural technologies are the major factors driving the growth of the market. Moreover, increasing awareness concerning environmental impact is playing major role in the growth of the precision farming market. However, high initial investments in R&D and lack of technical knowledge among the farmers hinders the growth of the market. Based on Application, yield monitoring segment is expected to grow at highest CAGR over the forecast years owing to its important role in understanding the field variability and help growers maximize their production. This application provides farmers information regarding the soil properties, weather conditions, and fertilizers. Soil monitoring by Yield monitoring application plays a vital role to detect the soil parameters that are needed for the efficient yield production.

Global Precision Farming Market Segmentation Analysis

Report Benchmarks

Details

Report Study Period

2024-2030

Market Size in 2022

US$ 7.6 billion

Market CAGR

11.7%

By Type

  • Hardware
  • Software
  • Services

By Treatment Type

  • Yield Monitoring
  • Field Mapping Telematics
  • Crop Scouting
  • Weather Tracking & Forecasting
  • Inventory Management
  • Farm Labor Management
  • Others

By End User

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

By Region

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa,

Key Features of the Report

  • The report provides granular level information about the market size, regional market share, historic market (2018-2022), and forecast (2023-2029)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies.
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
  • The report tracks recent innovations, key developments, and startups’ details that are actively working in the market.
  • The report provides a plethora of information about market entry strategies, regulatory frameworks, and reimbursement scenarios.
  • The report analyses the impact of the sociopolitical environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market.

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Frequently Asked Questions

The precision farming market size was valued at US$ 7.6 billion in 2022.

The precision farming market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.

The precision farming market key players are Deere & Company, CropMetrics LLC, Trimble Navigation Limited, CropX, AgSmarts Inc, AgSense, LLC, AGCO Corporation, DICKEY-john, Monsanto Company, Ag Leader Technology

Author image

Author

Manoj Kumar

Manoj Kumar is a postgraduate in Life Sciences with over seven years of dedicated experience in the fields of anima.....

1.Executive Summary
2.Global Precision Farming Market Introduction 
2.1.Global Precision Farming Market  - Taxonomy
2.2.Global Precision Farming Market  - Definitions
2.2.1.Type
2.2.2.Treatment Type
2.2.3.End User
2.2.4.Region
3.Global Precision Farming Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Precision Farming Market Analysis, 2018 - 2022 and Forecast 2023 - 2029
4.1.  Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Precision Farming Market  By Type, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
5.1. Hardware
5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Software
5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. Services
5.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
6.Global Precision Farming Market  By Treatment Type, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
6.1. Yield Monitoring
6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Field Mapping Telematics
6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Crop Scouting
6.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
6.4. Weather Tracking & Forecasting
6.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.4.3. Market Opportunity Analysis 
6.5. Inventory Management
6.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.5.3. Market Opportunity Analysis 
6.6. Farm Labor Management
6.6.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.6.3. Market Opportunity Analysis 
6.7. Others
6.7.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
6.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.7.3. Market Opportunity Analysis 
7.Global Precision Farming Market  By End User, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
7.1. Guidance Technology
7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Remote Sensing Technology
7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. Variable-Rate Technology
7.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
8.Global Precision Farming Market  By Region, 2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
8.1. North America
8.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Europe
8.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Asia Pacific (APAC)
8.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
8.4. Middle East and Africa (MEA)
8.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.4.3. Market Opportunity Analysis 
8.5. Latin America
8.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029, (Sales Value USD Million)
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.5.3. Market Opportunity Analysis 
9.North America Precision Farming Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
9.1. Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.1.1.Hardware
9.1.2.Software
9.1.3.Services
9.2.  Treatment Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.2.1.Yield Monitoring
9.2.2.Field Mapping Telematics
9.2.3.Crop Scouting
9.2.4.Weather Tracking & Forecasting
9.2.5.Inventory Management
9.2.6.Farm Labor Management
9.2.7.Others
9.3.  End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.3.1.Guidance Technology
9.3.2.Remote Sensing Technology
9.3.3.Variable-Rate Technology
9.4.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.4.1.United States of America (USA)
9.4.2.Canada
10.Europe Precision Farming Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
10.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Hardware
10.1.2.Software
10.1.3.Services
10.2.  Treatment Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Yield Monitoring
10.2.2.Field Mapping Telematics
10.2.3.Crop Scouting
10.2.4.Weather Tracking & Forecasting
10.2.5.Inventory Management
10.2.6.Farm Labor Management
10.2.7.Others
10.3.  End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.Guidance Technology
10.3.2.Remote Sensing Technology
10.3.3.Variable-Rate Technology
10.4.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Germany
10.4.2.France
10.4.3.Italy
10.4.4.United Kingdom (UK)
10.4.5.Spain
10.4.6.Rest of EU
11.Asia Pacific (APAC) Precision Farming Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
11.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Hardware
11.1.2.Software
11.1.3.Services
11.2.  Treatment Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Yield Monitoring
11.2.2.Field Mapping Telematics
11.2.3.Crop Scouting
11.2.4.Weather Tracking & Forecasting
11.2.5.Inventory Management
11.2.6.Farm Labor Management
11.2.7.Others
11.3.  End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.Guidance Technology
11.3.2.Remote Sensing Technology
11.3.3.Variable-Rate Technology
11.4.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.China
11.4.2.India
11.4.3.Australia and New Zealand (ANZ)
11.4.4.Japan
11.4.5.Rest of APAC
12.Middle East and Africa (MEA) Precision Farming Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
12.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Hardware
12.1.2.Software
12.1.3.Services
12.2.  Treatment Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Yield Monitoring
12.2.2.Field Mapping Telematics
12.2.3.Crop Scouting
12.2.4.Weather Tracking & Forecasting
12.2.5.Inventory Management
12.2.6.Farm Labor Management
12.2.7.Others
12.3.  End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.Guidance Technology
12.3.2.Remote Sensing Technology
12.3.3.Variable-Rate Technology
12.4.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.GCC Countries
12.4.2.South Africa
12.4.3.Rest of MEA
13.Latin America Precision Farming Market ,2018 - 2022 and Forecast 2023 - 2029 (Sales Value USD Million)
13.1. Type Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Hardware
13.1.2.Software
13.1.3.Services
13.2.  Treatment Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Yield Monitoring
13.2.2.Field Mapping Telematics
13.2.3.Crop Scouting
13.2.4.Weather Tracking & Forecasting
13.2.5.Inventory Management
13.2.6.Farm Labor Management
13.2.7.Others
13.3.  End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.Guidance Technology
13.3.2.Remote Sensing Technology
13.3.3.Variable-Rate Technology
13.4.  Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Brazil
13.4.2.Mexico
13.4.3.Rest of LA
14. Competition Landscape
14.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
14.2.1.Deere & Company
14.2.2.CropMetrics LLC
14.2.3.Trimble Navigation Limited
14.2.4.CropX
14.2.5.AgSmarts Inc
14.2.6.AgSense, LLC
14.2.7.AGCO Corporation
14.2.8.DICKEY-john
14.2.9.Monsanto Company
14.2.10.Ag Leader Technology
15. Research Methodology 
16. Appendix and Abbreviations 

Key Market Players

  • Deere & Company
  • CropMetrics LLC
  • Trimble Navigation Limited
  • CropX
  • AgSmarts Inc
  • AgSense, LLC
  • AGCO Corporation
  • DICKEY-john
  • Monsanto Company
  • Ag Leader Technology

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