PUBLISHER: SkyQuest | PRODUCT CODE: 1619238
PUBLISHER: SkyQuest | PRODUCT CODE: 1619238
Precision Farming Market Size, Share, Growth Analysis, By Offering(Hardware, Software), By Technology (Guidance Technology, Remote Sensing Technology), By Application, By Region - Industry Forecast 2024-2031
Global Precision Farming Market size was valued at USD 8.85 Billion in 2022 poised to grow from USD 9.80 Billion in 2023 to USD 22.09 Billion by 2031, growing at a CAGR of 10.7% in the forecast period (2024-2031).
Current market trends indicate a growing reliance on Information Technology in agriculture through precision farming, which enhances productivity and crop health by addressing specific soil and crop requirements. Precision agriculture, also known as site-specific crop management, seeks to achieve sustainability, environmental protection, and profit maximization. Farmers utilize IT services, specialized software, and equipment to gather real-time data on crops, soil conditions, and environmental factors such as labor costs and localized weather forecasts. Predictive analytics play a crucial role, providing insights for optimal crop rotation, planting, and harvesting timings. Additionally, sensors and drones offer real-time monitoring of key metrics like temperature and moisture, enabling farmers to make informed decisions, such as precise irrigation and targeted crop cultivation. This technological evolution is transforming agricultural practices and driving efficiency in the sector.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Precision Farming market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Precision Farming Market Segmental Analysis
Global Precision Farming Market is segmented by Offering, Technology, Application, and Region. Based on Offering, the market is segmented into Hardware, Software, and Services. Based on Technology, the market is segmented into Guidance Technology, Remote Sensing Technology, and Variable Rate Technology. Based on Application, the market is segmented into Yield Monitoring, Crop Scouting, Field Mapping, Variable Rate Application, Weather Tracking and Forecasting, Inventory Management, Farm Labor Management, Financial Management, and Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Driver of the Global Precision Farming Market
The Global Precision Farming market is significantly driven by the integration of advanced technologies with existing agricultural equipment. As precision agriculture gains popularity, the ability to incorporate innovations such as sensors, GPS, and data analytics into traditional farming machinery is increasingly recognized. This seamless integration allows farmers to enhance the efficiency and productivity of their operations, utilizing tools like tractors, drones, and harvesters in conjunction with modern precision farming techniques. The rapid technological advancements in these areas are pivotal in accelerating the adoption of precision farming practices, ultimately transforming the agricultural landscape and promoting sustainable farming solutions worldwide.
Restraints in the Global Precision Farming Market
One significant restraint in the Global Precision Farming market is the growing concern over data privacy and security. As the industry expands, it is crucial for stakeholders to address the serious implications associated with data management. Many precision agriculture programs rely on data collected from various sources, including ground sensors, aerial monitoring systems, and satellite technology. Consequently, the increasing reliance on these data sources raises critical questions about how personal and operational data is secured. Stakeholders must prioritize robust data protection measures to build trust and encourage wider adoption of precision farming practices, ensuring the sustainable growth of this sector.
Market Trends of the Global Precision Farming Market
The Global Precision Farming market is witnessing a significant upward trend fueled by the rise of drone technology, which is revolutionizing agricultural practices. Equipped with advanced sensors and imaging capabilities, drones provide farmers with an aerial view of their fields, enabling real-time monitoring of crop health and identification of potential diseases. This technology not only enhances decision-making processes but also increases operational efficiency by allowing for precise resource allocation, ultimately leading to higher yields and cost savings. As farmers increasingly adopt these innovations to optimize their operations, the demand for drone-based precision farming solutions is expected to grow substantially in the coming years.
Table of Contents
Introduction
- Objectives of the Study
- Scope of the Report
- Definitions
Research Methodology
- Information Procurement
- Secondary & Primary Data Methods
- Market Size Estimation
- Market Assumptions & Limitations
Executive Summary
- Global Market Outlook
- Supply & Demand Trend Analysis
- Segmental Opportunity Analysis
Market Dynamics & Outlook
- Market Overview
- Market Size
- Market Dynamics
- Driver & Opportunities
- Restraints & Challenges
- Porters Analysis & Impact
- Competitive rivalry
- Threat of substitute
- Bargaining power of buyers
- Threat of new entrants
- Bargaining power of suppliers
Key Market Insights
- Key Success Factors
- Degree of Competition
- Top Investment Pockets
- Market Ecosystem
- Market Attractiveness Index, 2023
- PESTEL Analysis
- Macro-Economic Indicators
- Value Chain Analysis
- Pricing Analysis
- Technological Advancement
- Regulatory Landscape
- Case Studies
Global Precision Farming Market Size by Offering & CAGR (2024-2031)
- Hardware
- Automation and control systems
- Displays
- Guidance and steering systems
- GPS/GNSS devices
- Drones/UAVs
- Irrigation controllers
- Handheld mobile devices/handheld computers
- Flow and application control devices
- Others
- Sensing and monitoring devices
- Yield monitors
- Soil sensors
- Water sensors
- Climate sensors
- Software
- Services
- Software
- Local/web-based software
- Cloud-based software
- Services
- Managed services
- Farm operation services
- Data services
- Analytics services
- Connectivity services
- Assisted professional services
- Supply chain management services
- Climate information services
- Other assisted professional services
- Maintenance and support services
Global Precision Farming Market Size by Technology & CAGR (2024-2031)
- Guidance Technology
- Gps/gnss-based guidance technology
- Gis-based guidance technology
- Remote Sensing Technology
- Handheld or ground-based sensing
- Satellite or aerial sensing
- Variable Rate Technology
- Map-based
- Sensor-based
Global Precision Farming Market Size by Application & CAGR (2024-2031)
- Yield Monitoring
- On-farm yield monitoring
- Off-farm yield monitoring
- Crop Scouting
- Pre-seeding crop scouting
- Post-seeding crop scouting
- Crop monitoring
- Field Mapping
- Boundary mapping
- Drainage mapping
- Variable Rate Application
- Precision irrigation
- Precision seeding
- Precision fertilization
- Other variable rate applications
- Weather Tracking and Forecasting
- Inventory Management
- Farm Labor Management
- Financial Management
- Others
- Demand Forecasting
- Customer Management
- Payables
- Receivables
Global Precision Farming Market Size by Region & CAGR (2024-2031)
- North America (Offering, Technology, Application)
- US
- Canada
- Europe (Offering, Technology, Application)
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
- Asia-Pacific (Offering, Technology, Application)
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America (Offering, Technology, Application)
- Brazil
- Rest of Latin America
- Middle East & Africa (Offering, Technology, Application)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Competitive Intelligence
- Top 5 Player Comparison
- Market Positioning of Key Players, 2023
- Strategies Adopted by Key Market Players
- Recent Developments in the Market
- Company Market Share Analysis, 2023
- Company Profiles of All Key Players
- Company Details
- Product Portfolio Analysis
- Company's Segmental Share Analysis
- Revenue Y-O-Y Comparison (2021-2023)
Key Company Profiles
- Deere & company
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Trimble inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Agco corporation
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Ag leader technology
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Ageagle aerial systems inc
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Topcon
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Climate llc
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Teejet technologies
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Hexagon ab
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Abaco s.p.a.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Precision hawk
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Ec2ce
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Descartes labs, inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Cropx inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Farmers edge inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Grownetics
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Cropin technology solutions private limited
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Gamaya
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Kubota corporation
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
- Cnh industrial n.v.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Conclusion & Recommendation
