Global Precision Farming Market – Size, Outlook, Trends and Forecast (2024 – 2032)

Precision farming is a technology through which the crop yield can be increased, and the cost of production can be reduced by changing the traditional agriculture methods with advanced IT-based agriculture methods such as Big Data analysis and artificial intelligence. Precision farming identifies site-specific differences within the field and adjusts the management action, instead of managing entire field based on hypothetical average conditions. Moreover, precision farming offers the potential to simplify and automate the data collection and analysis. Moreover, precision farming also assists in the decision-making process for optimising the production capacities.

Global Precision Farming Market size:

Global precision farming market size is projected to reach approximately $9.60 billion by 2024 from $5.01 million in 2017 with a CAGR of 13.40% during the forecast timeline 2019-2024. The primary drivers for the precision farming market include a rise in strain on the global food supply owing to increasing population, cost savings associated with precision farming techniques, and government regulations to adopt modern agricultural techniques are the drivers boosting the growth of the market. Precision farming is capturing popularity among farmers due to the rise in global warming have spurred the adoption of advanced farming technologies to enhance farm productivity and crop yield. On the flip side, substantial initial investments on R&D and lack of technological knowledge among farmers are some of the restraints hampering the market growth. Rising usage of Unmanned Aerial Vehicles (UAVs)/drones in precision farming and integration of smartphones with IoT devices and software applications are the opportunities that are driving the market growth during the forecast period (2019-2024).

Global Precision Farming Market share:

Precision Farming Market is segmented the by technology, offering, application & geography. Based on the technology, the market is branched into guidance technology, remote sensing, and variable-rate technology. Guidance technology accounted for the most significant market share due to the early adoption of this technology by the farmers. GPS-based auto-guidance technology allows growers to decrease the overlapping of equipment and assist in saving fuel, labour, time, and soil compaction. Based on the offering, the market is split into hardware, software and services. Hardware dominated the precision farming market in 2017 owing to the high adoption of automation and control devices such as drones/UAVs, GPS/GNSS, irrigation controllers, guidance and steering systems, yield monitors, and sensors. In measuring various yield parameters, hardware devices such as sensors and GPS devices play a vital role. Rising demand for automation and control devices, monitoring & sensing devices are the factors likely to boost the precision farming market for hardware. Based on application, the market is divided into yield monitoring, field mapping, crop scouting, weather tracking & forecasting, irrigation management, inventory management, farm labour management, financial management and other. Among these, yields monitoring is the most widely used application in precision farming as it has a significant role in understanding field variability and helps farmers in maximising their yields. Yield monitoring application uses various devices such as GPS, GIS, a computer, and sensor technologies for accurately measuring the amount of crop harvested at a specific location and time. By geography, North America dominated the market in 2017 and countries such as U.S. and Canada are the significant adopters of precision farming technologies and leading the market in this region in the precision farming market. Asia Pacific is expected to hold the highest CAGR during the forecast period. This is due to rise in precision farming techniques in major countries such as India, China, Japan, and others.

 Global Precision Farming Market Trends:

• DuPont and Deere & Company collaborated to roll out a farmer’s guidance on many field management decisions, including planting, crop treatment, pest control and even the best time to harvest.
• Trimble Inc launched Trimble AG Software that offers customers a complete desktop, web-based and mobile-enabled agricultural software solution that simplifies farm data management to drive productivity, profitability and other.

Global Precision Farming Market Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have a complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried out to understand the market more comprehensively.

Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact on altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with significant competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The primary critical players for the Global Precision Farming Market are:

• Deere & Company
• Trimble Inc.
• AGCO Corporation
• Agjunction
• Raven Industries
• AG Leader Technology

Along with these companies, there were many other companies considered/cited in the report while analysing the Global Precision Farming Market. These companies hold substantial share-owning to the nature of the industry whereas the rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and stable customer base.