Market Overview

The Global Precision Farming Market was valued at USD 10,778.0 million in 2023 and is expected to reach USD 27,851.2 million by 2031 while growing at a CAGR of 12.6% during the forecast period (2024-2031). 

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Market Dynamics

This section of the report will analyze various driving and restraining factors that are expected to have a significant impact on the global precision farming market growth. Precision farming, or precision agriculture, optimizes agricultural practices through technology, data, and information management tools. It aims to improve farm efficiency, productivity, and sustainability by enabling more informed and precise resource decisions.

The Precision Farming market is driven by rapid technological advancements, incorporating GPS, sensors, drones, and automation, coupled with the increasing demand for enhanced agricultural productivity. Nevertheless, challenges like high initial costs and a lack of awareness and education could hinder market expansion.

Furthermore, the global precision farming industry will be analyzed through various tools including PESTLE analysis, and Porter’s analysis.

Segmentation – By Offering Analysis

The Global Precision Farming Market is segmented among Hardware, Software, and Services, based on Offering. In 2023, Hardware accounted for the majority of the market share*. 

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Segmentation – By Application Analysis

The Global Precision Farming Market is segmented among Yield monitoring (On-farm, and Off-farm), Field mapping, Crop scouting, Weather tracking & forecasting, Irrigation management, Inventory management, and Farm labor management, based on Application. In 2023, Yield monitoring accounted for the majority of the market share*. 

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Global Precision Farming Market: Regional Analysis

Based on region, the market is divided into six regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, North America dominated the market with the highest market share, while Asia Pacific is expected to grow with the highest CAGR during the forecast period (2024 – 2031). 

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Competitive Landscape

Some of the key players operating in the market are Ag Leader Technology, AgJunction, Inc., AGCO Corporation, AgEagle Aerial Systems Inc. (Agribotix LLC), CropMetrics LLC, Deere and Company, DICKEY-john Corporation, Farmers Edge Inc., Grownetics, Inc., Granular, Inc., Raven Industries, Inc., Proagrica (SST Development Group, Inc.), Trimble, Inc., The Climate Corporation (a subsidiary of Monsanto Company), and Topcon Corporation.

Table of Contents:

1. Research Methodology and Market Scope

• Research Methodology

• Market Scope

2. Executive Summary

3. Global Precision Farming Market Dynamics

• Drivers

• Restraints

• Opportunity

4. Global Precision Farming Industry Analysis

• PEST Analysis

• Porter's Five Force Analysis

• Recent Deals Analysis

5. Global Precision Farming Market Segmentation, By Offering

• Global Precision Farming Market Share Analysis, By Offering

• Global Precision Farming Market Growth Analysis, By Offering

• Global Precision Farming Market Trends, By Offering

o Hardware

Ø Automation & control systems

§ Drones

§ Application control devices

§ Guidance system

~GPS

~GIS

§ Remote sensing

~Handheld

~Satellite sensing

§ Driverless tractors

§ Mobile devices

§ VRT

~Map-based

~Sensor-based

§ Wireless modules

~ Bluetooth technology

~Wi-Fi technology

~Zigbee technology

~RF technology

Ø Sensing devices

§ Soil sensor

~Nutrient sensor

~Moisture sensor

~Temperature sensor

§ Water sensors

§ Climate sensors

§ Others

Ø Antennas & access points

o Software

Ø Web-based

Ø Cloud-based

o Services

Ø System integration & consulting

Ø Maintenance & support

Ø Managed services

§ Data services

§ Analytics services

§ Farm operation services

Ø Assisted professional services

§ Supply chain management services

§ Climate information services

6. Global Precision Farming Market Segmentation, By Application

• Global Precision Farming Market Share Analysis, By Application

• Global Precision Farming Market Growth Analysis, By Application

• Global Precision Farming Market Trends, By Application

o Yield monitoring

Ø On-farm,

Ø Off-farm

o Field mapping

o Crop scouting

o Weather tracking & forecasting

o Irrigation management

o Inventory management

o Farm labor management

7. Global Precision Farming Market Segmentation, By Region

• Global Precision Farming Market Share Analysis, By Region

• Global Precision Farming Market Growth Analysis, By Region

• Global Precision Farming Market Trends, By Region

o North America

o Europe

o Asia Pacific

o Latin America

o Middle East

o Africa

8. Competitive Landscape

• Ag Leader Technology*

o Company Overview

o Financial Performance

o Key Development/Strategies

o SWOT Analysis

• AgJunction, Inc.

• AGCO Corporation

• AgEagle Aerial Systems Inc. (Agribotix LLC)

• CropMetrics LLC

• Deere and Company

• DICKEY-john Corporation

• Farmers Edge Inc.

• Grownetics, Inc.

• Granular, Inc.

• Raven Industries, Inc.

• Proagrica (SST Development Group, Inc.)

• Trimble, Inc.

• The Climate Corporation (a subsidiary of Monsanto Company)

• Topcon Corporation

*Similar analysis will be provided for each company listed above.