Summary

Precision farming, also known as precision agriculture, is at the forefront of transforming contemporary agricultural practices. This innovative approach integrates advanced technologies such as agricultural robots (agribots), autonomous vehicles, sensors, drones, variable rate technology, GPS-based soil sampling, data science, automated hardware, telematics, and specialized software. Its primary aim is to enhance efficiency and productivity significantly in crop cultivation and livestock management.



Expected to expand from $11.27 billion in 2024 to $28.33 billion by 2031, the precision farming market is poised for substantial growth, boasting a robust compound annual growth rate (CAGR) of 14.1%. This growth trajectory underscores the industry's momentum in adopting cutting-edge technologies to tackle global agricultural challenges.



Driving Market Growth: Technological Innovations



The precision farming market is experiencing notable growth driven by advancements in technologies such as GPS, IoT, and remote sensing applications in agriculture. The Internet of Things (IoT) plays a crucial role in addressing various farming challenges, including crop monitoring and weather forecasting. By providing real-time environmental data, precision farming empowers farmers to make informed decisions, thereby fueling market expansion. Additionally, these technologies offer valuable insights into soil water content and management, optimizing harvest timing and overall farm operations.



Regional Dynamics



North America leads the global precision farming market, maintaining a significant market share and projected dominance throughout the forecast period. Europe also demonstrates strong demand and adoption of precision farming technologies, contributing to its substantial market presence.



Key Drivers



Several factors propel the growth of the precision farming market. Technological advancements such as driverless tractors and GPS-guided systems are pivotal. The ability of precision farming to achieve high yields with minimal waste, enabled by sensor technologies, is another critical driver. However, challenges such as limited farmer awareness and high implementation costs hinder market growth. Developing countries face additional hurdles, including a lack of technology-based equipment and skilled labor.



Sectoral Insights



Dominance of Precision Farming Hardware



The hardware segment, encompassing applications like autonomous milking, weeding, irrigation systems, and UAV-based surveys, holds the largest market share. The affordability of these technologies across different price ranges facilitates widespread adoption, even among low-budget farmers.



Leading Application: Soil Monitoring



Soil monitoring technologies, such as moisture meters and testers, represent critical investments in precision farming. These cost-effective tools provide essential data for agricultural planning, positioning soil monitoring as the leading application segment in the market.



Factors Influencing Market Expansion



Importance of Data Analysis



The success of precision farming hinges on the analysis of vast data volumes generated from variable rate seeding, yield monitoring, mapping, soil testing, and crop rotation history. Managing this data demands significant expertise, posing a challenge to market growth.



Impact of Climate Change



Climate change and global warming significantly affect the agricultural sector and, consequently, the precision farming market. Regions most vulnerable to climate change may need to adapt their farming practices, driving demand for precision farming solutions.



Global Market Developments



Collaborations and Projects



Recent collaborations underscore the dynamic nature of the market. For example, IG International's partnership with Fyllo aims to leverage AI, ML, and IoT for precision farming to enhance fruit quality. Additionally, the European Commission's funding of the AFarCloud project to develop smart tractors highlights efforts to improve agricultural operations in the EU.



U.S. Market Insights



Technological advancements and economic prosperity drive the precision farming market in the U.S. The presence of large-scale private players capable of substantial investments in precision farming technologies further boosts market growth.



Japan's Growth Potential



Japan, with its advanced technological infrastructure, is well-positioned for precision farming adoption. The shrinking agricultural workforce underscores the need for precision farming technologies, contributing to market growth.



India's Emerging Market



India presents significant potential for precision farming, despite challenges in technology adoption. Government initiatives play a crucial role in driving the implementation of advanced agricultural technologies, positioning India as a key growth market.



Competitive Landscape



The precision farming market features several key players driving innovation and market dynamics. Notable companies include AgJunction Inc., CNH Industrial N.V., Deere & Company, Trimble Inc., Iteris Inc., Topcon Corporation, Precision Hawk, Sense Fly, Dickey John, SST Development Group Inc., Agribotix LLC, and Ag Leader Technology.



Key Segments of Precision Farming Industry Research



By Component:



Precision Farming Hardware

Automation & Control Systems

Display

Guidance and Steering

GPS/GNSS

Mobile Devices

Precision Farming Sensing and Monitoring Devices

Yield Monitors

Drones with Multispectral Cameras

Soil Sensors

Water Sensors

Climate Sensors

Farm Management Software (FMS)

On-premise Precision Farming

Cloud-based Precision Farming

Services

Installation and Integration Services

Maintenance Services

Consulting Services

By Application:



Field Mapping

Yield Monitoring

Crop Scouting

Soil Monitoring

Farm Management Systems

Weather Tracking and Forecasting

Others

By Region:



North America

Latin America

Europe

East Asia

South Asia Pacific

Middle East and Africa

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Table of Contents

1. Executive Summary
1.1. Global Precision Farming Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Economic Overview
2.6.1. World Economic Projections
2.7. PESTLE Analysis
3. Global Precision Farming Market Outlook, 2018 – 2031
3.1. Global Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 – 2031
3.1.1. Key Highlights
3.1.1.1. Precision Farming Hardware
3.1.1.1.1. Automation & Control Systems
3.1.1.1.1.1. Display
3.1.1.1.1.2. Guidance and Steering
3.1.1.1.1.3. GPS/GNSS
3.1.1.1.1.4. Mobile Devices
3.1.1.1.2. Precision Farming Sensing and Monitoring Devices
3.1.1.1.2.1. Yield Monitors
3.1.1.1.2.2. Drones with Multispectral Cameras
3.1.1.1.2.3. Soil Sensors
3.1.1.1.2.4. Water Sensors
3.1.1.1.2.5. Climate Sensors
3.1.1.2. Farm Management Software (FMS)
3.1.1.2.1. On-premise Precision Farming
3.1.1.2.2. Cloud-based Precision Farming
3.1.1.3. Services
3.1.1.3.1.1. Installation and Integrations Services
3.1.1.3.1.2. Maintenance Services
3.1.1.3.1.3. Consulting Services
3.2. Global Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
3.2.1. Key Highlights
3.2.1.1. Field Mapping
3.2.1.2. Yield Monitoring
3.2.1.3. Crop Scouting
3.2.1.4. Soil Monitoring
3.2.1.5. Farm Management Systems
3.2.1.6. Weather Tracking and Forecasting
3.2.1.7. Others
3.3. Global Precision Farming Market Outlook, by Region, Value (US$ Bn), 2018 – 2031
3.3.1. Key Highlights
3.3.1.1. North America
3.3.1.2. Europe
3.3.1.3. Asia Pacific
3.3.1.4. Latin America
3.3.1.5. Middle East & Africa
4. North America Precision Farming Market Outlook, 2018 – 2031
4.1. North America Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 – 2031
4.1.1. Key Highlights
4.1.1.1. Precision Farming Hardware
4.1.1.1.1. Automation & Control Systems
4.1.1.1.1.1. Display
4.1.1.1.1.2. Guidance and Steering
4.1.1.1.1.3. GPS/GNSS
4.1.1.1.1.4. Mobile Devices
4.1.1.1.2. Precision Farming Sensing and Monitoring Devices
4.1.1.1.2.1. Yield Monitors
4.1.1.1.2.2. Drones with Multispectral Cameras
4.1.1.1.2.3. Soil Sensors
4.1.1.1.2.4. Water Sensors
4.1.1.1.2.5. Climate Sensors
4.1.1.2. Farm Management Software (FMS)
4.1.1.2.1. On-premise Precision Farming
4.1.1.2.2. Cloud-based Precision Farming
4.1.1.3. Services
4.1.1.3.1.1. Installation and Integrations Services
4.1.1.3.1.2. Maintenance Services
4.1.1.3.1.3. Consulting Services
4.2. North America Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
4.2.1. Key Highlights
4.2.1.1. Field Mapping
4.2.1.2. Yield Monitoring
4.2.1.3. Crop Scouting
4.2.1.4. Soil Monitoring
4.2.1.5. Farm Management Systems
4.2.1.6. Weather Tracking and Forecasting
4.2.1.7. Others
4.3. North America Precision Farming Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
4.3.1. Key Highlights
4.3.1.1. U.S. Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
4.3.1.2. U.S. Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
4.3.1.3. Canada Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
4.3.1.4. Canada Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
4.3.2. BPS Analysis/Market Attractiveness Analysis
5. Europe Precision Farming Market Outlook, 2018 – 2031
5.1. Europe Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 – 2031
5.1.1. Key Highlights
5.1.1.1. Precision Farming Hardware
5.1.1.1.1. Automation & Control Systems
5.1.1.1.1.1. Display
5.1.1.1.1.2. Guidance and Steering
5.1.1.1.1.3. GPS/GNSS
5.1.1.1.1.4. Mobile Devices
5.1.1.1.2. Precision Farming Sensing and Monitoring Devices
5.1.1.1.2.1. Yield Monitors
5.1.1.1.2.2. Drones with Multispectral Cameras
5.1.1.1.2.3. Soil Sensors
5.1.1.1.2.4. Water Sensors
5.1.1.1.2.5. Climate Sensors
5.1.1.2. Farm Management Software (FMS)
5.1.1.2.1. On-premise Precision Farming
5.1.1.2.2. Cloud-based Precision Farming
5.1.1.3. Services
5.1.1.3.1.1. Installation and Integrations Services
5.1.1.3.1.2. Maintenance Services
5.1.1.3.1.3. Consulting Services
5.2. Europe Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
5.2.1. Key Highlights
5.2.1.1. Field Mapping
5.2.1.2. Yield Monitoring
5.2.1.3. Crop Scouting
5.2.1.4. Soil Monitoring
5.2.1.5. Farm Management Systems
5.2.1.6. Weather Tracking and Forecasting
5.2.1.7. Others
5.3. Europe Precision Farming Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
5.3.1. Key Highlights
5.3.1.1. Germany Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
5.3.1.2. Germany Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.3. U.K. Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
5.3.1.4. U.K. Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.5. France Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
5.3.1.6. France Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.7. Italy Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
5.3.1.8. Italy Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.9. Turkey Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
5.3.1.10. Turkey Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.11. Russia Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
5.3.1.12. Russia Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
5.3.1.13. Rest of Europe Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
5.3.1.14. Rest of Europe Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
5.3.2. BPS Analysis/Market Attractiveness Analysis
6. Asia Pacific Precision Farming Market Outlook, 2018 – 2031
6.1. Asia Pacific Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 – 2031
6.1.1. Key Highlights
6.1.1.1. Precision Farming Hardware
6.1.1.1.1. Automation & Control Systems
6.1.1.1.1.1. Display
6.1.1.1.1.2. Guidance and Steering
6.1.1.1.1.3. GPS/GNSS
6.1.1.1.1.4. Mobile Devices
6.1.1.1.2. Precision Farming Sensing and Monitoring Devices
6.1.1.1.2.1. Yield Monitors
6.1.1.1.2.2. Drones with Multispectral Cameras
6.1.1.1.2.3. Soil Sensors
6.1.1.1.2.4. Water Sensors
6.1.1.1.2.5. Climate Sensors
6.1.1.2. Farm Management Software (FMS)
6.1.1.2.1. On-premise Precision Farming
6.1.1.2.2. Cloud-based Precision Farming
6.1.1.3. Services
6.1.1.3.1.1. Installation and Integrations Services
6.1.1.3.1.2. Maintenance Services
6.1.1.3.1.3. Consulting Services
6.2. Asia Pacific Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
6.2.1. Key Highlights
6.2.1.1. Field Mapping
6.2.1.2. Yield Monitoring
6.2.1.3. Crop Scouting
6.2.1.4. Soil Monitoring
6.2.1.5. Farm Management Systems
6.2.1.6. Weather Tracking and Forecasting
6.2.1.7. Others
6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Precision Farming Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
6.3.1. Key Highlights
6.3.1.1. China Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
6.3.1.2. China Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
6.3.1.3. Japan Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
6.3.1.4. Japan Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
6.3.1.5. South Korea Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
6.3.1.6. South Korea Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
6.3.1.7. India Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
6.3.1.8. India Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
6.3.1.9. Southeast Asia Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
6.3.1.10. Southeast Asia Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
6.3.1.11. Rest of Asia Pacific Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
6.3.1.12. Rest of Asia Pacific Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
6.3.2. BPS Analysis/Market Attractiveness Analysis
7. Latin America Precision Farming Market Outlook, 2018 – 2031
7.1. Latin America Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 – 2031
7.1.1. Key Highlights
7.1.1.1. Precision Farming Hardware
7.1.1.1.1. Automation & Control Systems
7.1.1.1.1.1. Display
7.1.1.1.1.2. Guidance and Steering
7.1.1.1.1.3. GPS/GNSS
7.1.1.1.1.4. Mobile Devices
7.1.1.1.2. Precision Farming Sensing and Monitoring Devices
7.1.1.1.2.1. Yield Monitors
7.1.1.1.2.2. Drones with Multispectral Cameras
7.1.1.1.2.3. Soil Sensors
7.1.1.1.2.4. Water Sensors
7.1.1.1.2.5. Climate Sensors
7.1.1.2. Farm Management Software (FMS)
7.1.1.2.1. On-premise Precision Farming
7.1.1.2.2. Cloud-based Precision Farming
7.1.1.3. Services
7.1.1.3.1.1. Installation and Integrations Services
7.1.1.3.1.2. Maintenance Services
7.1.1.3.1.3. Consulting Services
7.2. Latin America Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
7.2.1.1. Field Mapping
7.2.1.2. Yield Monitoring
7.2.1.3. Crop Scouting
7.2.1.4. Soil Monitoring
7.2.1.5. Farm Management Systems
7.2.1.6. Weather Tracking and Forecasting
7.2.1.7. Others
7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Precision Farming Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
7.3.1. Key Highlights
7.3.1.1. Brazil Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
7.3.1.2. Brazil Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
7.3.1.3. Mexico Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
7.3.1.4. Mexico Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
7.3.1.5. Argentina Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
7.3.1.6. Argentina Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
7.3.1.7. Rest of Latin America Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
7.3.1.8. Rest of Latin America Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
7.3.2. BPS Analysis/Market Attractiveness Analysis
8. Middle East & Africa Precision Farming Market Outlook, 2018 – 2031
8.1. Middle East & Africa Precision Farming Market Outlook, by Component, Value (US$ Bn), 2018 – 2031
8.1.1. Key Highlights
8.1.1.1. Precision Farming Hardware
8.1.1.1.1. Automation & Control Systems
8.1.1.1.1.1. Display
8.1.1.1.1.2. Guidance and Steering
8.1.1.1.1.3. GPS/GNSS
8.1.1.1.1.4. Mobile Devices
8.1.1.1.2. Precision Farming Sensing and Monitoring Devices
8.1.1.1.2.1. Yield Monitors
8.1.1.1.2.2. Drones with Multispectral Cameras
8.1.1.1.2.3. Soil Sensors
8.1.1.1.2.4. Water Sensors
8.1.1.1.2.5. Climate Sensors
8.1.1.2. Farm Management Software (FMS)
8.1.1.2.1. On-premise Precision Farming
8.1.1.2.2. Cloud-based Precision Farming
8.1.1.3. Services
8.1.1.3.1.1. Installation and Integrations Services
8.1.1.3.1.2. Maintenance Services
8.1.1.3.1.3. Consulting Services
8.2. Middle East & Africa Precision Farming Market Outlook, by Application, Value (US$ Bn), 2018 – 2031
8.2.1. Key Highlights
8.2.1.1. Field Mapping
8.2.1.2. Yield Monitoring
8.2.1.3. Crop Scouting
8.2.1.4. Soil Monitoring
8.2.1.5. Farm Management Systems
8.2.1.6. Weather Tracking and Forecasting
8.2.1.7. Others
8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Precision Farming Market Outlook, by Country, Value (US$ Bn), 2018 – 2031
8.3.1. Key Highlights
8.3.1.1. GCC Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
8.3.1.2. GCC Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
8.3.1.3. South Africa Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
8.3.1.4. South Africa Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
8.3.1.5. Egypt Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
8.3.1.6. Egypt Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
8.3.1.7. Nigeria Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
8.3.1.8. Nigeria Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
8.3.1.9. Rest of Middle East & Africa Precision Farming Market by Component, Value (US$ Bn), 2018 – 2031
8.3.1.10. Rest of Middle East & Africa Precision Farming Market by Application, Value (US$ Bn), 2018 – 2031
8.3.2. BPS Analysis/Market Attractiveness Analysis
9. Competitive Landscape
9.1. Company Market Share Analysis, 2023
9.2. Competitive Dashboard
9.3. Company Profiles
9.3.1. AgJunction Inc.
9.3.1.1. Company Overview
9.3.1.2. Therapy Portfolio
9.3.1.3. Financial Overview
9.3.1.4. Business Strategies and Development
9.3.2. Raven Industries Inc.
9.3.2.1. Company Overview
9.3.2.2. Therapy Portfolio
9.3.2.3. Financial Overview
9.3.2.4. Business Strategies and Development
9.3.3. CNH Industrial N.V.
9.3.3.1. Company Overview
9.3.3.2. Therapy Portfolio
9.3.3.3. Financial Overview
9.3.3.4. Business Strategies and Development
9.3.4. Deere & Company
9.3.4.1. Company Overview
9.3.4.2. Therapy Portfolio
9.3.4.3. Financial Overview
9.3.4.4. Business Strategies and Development
9.3.5. Trimble Inc.
9.3.5.1. Company Overview
9.3.5.2. Therapy Portfolio
9.3.5.3. Financial Overview
9.3.5.4. Business Strategies and Development
9.3.6. Iteris Inc.
9.3.6.1. Company Overview
9.3.6.2. Therapy Portfolio
9.3.6.3. Financial Overview
9.3.6.4. Business Strategies and Development
9.3.7. Topcon Corporation
9.3.7.1. Company Overview
9.3.7.2. Therapy Portfolio
9.3.7.3. Financial Overview
9.3.7.4. Business Strategies and Development
9.3.8. PrecisionHawk
9.3.8.1. Company Overview
9.3.8.2. Therapy Portfolio
9.3.8.3. Financial Overview
9.3.8.4. Business Strategies and Development
9.3.9. senseFly
9.3.9.1. Company Overview
9.3.9.2. Therapy Portfolio
9.3.9.3. Financial Overview
9.3.9.4. Business Strategies and Development
9.3.10. DICKEY-john
9.3.10.1. Company Overview
9.3.10.2. Therapy Portfolio
9.3.10.3. Financial Overview
9.3.10.4. Business Strategies and Development
9.3.11. Others
9.3.11.1. Company Overview
9.3.11.2. Therapy Portfolio
9.3.11.3. Financial Overview
9.3.11.4. Business Strategies and Development
10. Appendix
10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations