Summary

The precision farming market was valued at US$ 9.87 billion in 2023 and is expected to reach US$ 26.44 billion by 2031; it is estimated to register a CAGR of 13.1% from 2023 to 2031.

Precision farming provides better sustainability and less environmental impact, which is one of the major factors boosting the market growth. Farmers can more carefully regulate their inputs and nutrients with precision farming by making more accurate selections. As a result, there is less nutrient runoff and fertilizer waste. Farmers can apply chemicals only where necessary rather than throughout the entire field by employing remote sensing to pinpoint the precise areas of high disease and pest pressure. This allows them to use less herbicides and fungicides. Also, farm managers may pinpoint and minimize fuel consumption by keeping an eye on drivers and equipment, leading to lower emissions. Moreover, by improving crop quality, precision agriculture technologies such as AI and machine learning can help decrease on-farm field waste, thus providing a sustainable food supply. In addition, agribusinesses can establish traceability and accountability by gathering and linking data to crop production, beginning at the seed production stage and continuing the crop until it reaches a consumer's table. This will provide additional insights that can be managed for even more efficient production, thus fueling the market growth during the forecast period.

Furthermore, the increasing investment in technologies such as guidance systems, driverless tractors, and GPS sensing systems is anticipated to contribute to the precision farming market growth during the study period. For instance, in April 2022, Agtech company EarthScout announced an exclusive addition to its scalable line of advanced agriculture products that assist farmers during a drought in saving water and lessening irrigation and inputs by providing real-time information about soil moisture. The innovative EarthScout Soil Cub is a miniature 4.5"x3"x2" commercial-grade sensor mounted in the field to monitor soil temperature and humidity.

The market in Asia Pacific is predicted to observe substantial growth over the forecast period, mainly owing to government initiatives in emerging countries to encourage the application of advanced precision farming technologies, thereby increasing productivity. For instance, in 2022, the Government of India announced the launch of Kisan Drones to digitize land records, crop assessment, and spray nutrients and insecticides in December 2022. IG International, an India-based fresh produce company, partnered with an AI, IoT-driven, SaaS-based precision agriculture solution provider called Fyllo to help companies use advanced technologies to produce high-quality fruits. Such initiatives are expected to boost the market growth in Asia Pacific during the forecast period.

AgJunction LLC, Ag Leader Technology, CropX Inc., AGCO Corporation, Trimble Inc., Deere and Company, CNH Industrial N.V., Topcon, DICKEY-john, and TeeJet Technologies are among the key precision farming market players profiled in this market study. Several other essential precision farming market players were analyzed for a holistic view of the market and its ecosystem.

The overall precision farming market size has been derived using both primary and secondary sources. To begin the precision farming market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the precision farming market. The process also serves the purpose of obtaining an overview and market forecast of the precision farming market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the precision farming market.

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Table of Contents

TABLE OF CONTENTS

1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Precision Farming Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Raw Material Providers
4.3.2 Precision Farming Service Providers
4.3.3 Precision Farming Hardware and Software Providers
4.3.4 End Users
4.3.5 List of Vendors in the Value Chain
5. Precision Farming Market – Key Market Dynamics
5.1 Precision Farming Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Increasing Reliance on Smartphones
5.2.2 Surging Global Population and Food Demand
5.2.3 Rising Government Support for Modernizing Agricultural Practices
5.3 Market Restraints
5.3.1 Data Privacy and Security Concerns
5.3.2 Unstable Internet Connectivity and Poor Transport Infrastructure
5.4 Market Opportunities
5.4.1 Growing Demand for Agricultural Robots
5.4.2 Rapid Adoption of Advanced Analytics and IoT
5.5 Future Trends
5.5.1 Advanced Precision Farming Techniques
5.6 Impact of Drivers and Restraints:
6. Precision Farming Market – Global Market Analysis
6.1 Precision Farming Market Revenue (US$ Million), 2021–2031
6.2 Precision Farming Market Forecast Analysis
7. Precision Farming Market Analysis – by Offering
7.1 Hardware
7.1.1 Overview
7.1.2 Hardware: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Software
7.2.1 Overview
7.2.2 Software: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Services
7.3.1 Overview
7.3.2 Services: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
8. Precision Farming Market Analysis – by Application
8.1 Yield Monitoring
8.1.1 Overview
8.1.2 Yield Monitoring: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Field Mapping
8.2.1 Overview
8.2.2 Field Mapping: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Crop Scouting
8.3.1 Overview
8.3.2 Crop Scouting: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Inventory Management
8.4.1 Overview
8.4.2 Inventory Management: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
8.5 Weather Tracking and Forecasting
8.5.1 Overview
8.5.2 Weather Tracking and Forecasting: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9. Precision Farming Market – Geographical Analysis
9.1 Overview
9.2 North America
9.2.1 North America Precision Farming Market Overview
9.2.2 North America: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.2.3 North America: Precision Farming Market Breakdown, by Offering
9.2.3.1 North America: Precision Farming Market – Revenue and Forecast Analysis – by Offering
9.2.4 North America: Precision Farming Market Breakdown, by Application
9.2.4.1 North America: Precision Farming Market – Revenue and Forecast Analysis – by Application
9.2.5 North America: Precision Farming Market – Revenue and Forecast Analysis – by Country
9.2.5.1 North America: Precision Farming Market – Revenue and Forecast Analysis – by Country
9.2.5.2 United States: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.2.5.2.1 United States: Precision Farming Market Breakdown, by Offering
9.2.5.2.2 United States: Precision Farming Market Breakdown, by Application
9.2.5.3 Canada: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.2.5.3.1 Canada: Precision Farming Market Breakdown, by Offering
9.2.5.3.2 Canada: Precision Farming Market Breakdown, by Application
9.2.5.4 Mexico: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.2.5.4.1 Mexico: Precision Farming Market Breakdown, by Offering
9.2.5.4.2 Mexico: Precision Farming Market Breakdown, by Application
9.3 Europe
9.3.1 Europe Precision Farming Market Overview
9.3.2 Europe: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.3.3 Europe: Precision Farming Market Breakdown, by Offering
9.3.3.1 Europe: Precision Farming Market – Revenue and Forecast Analysis – by Offering
9.3.4 Europe: Precision Farming Market Breakdown, by Application
9.3.4.1 Europe: Precision Farming Market – Revenue and Forecast Analysis – by Application
9.3.5 Europe: Precision Farming Market – Revenue and Forecast Analysis – by Country
9.3.5.1 Europe: Precision Farming Market – Revenue and Forecast Analysis – by Country
9.3.5.2 France: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.2.1 France: Precision Farming Market Breakdown, by Offering
9.3.5.2.2 France: Precision Farming Market Breakdown, by Application
9.3.5.3 Germany: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.3.1 Germany: Precision Farming Market Breakdown, by Offering
9.3.5.3.2 Germany: Precision Farming Market Breakdown, by Application
9.3.5.4 United Kingdom: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.4.1 United Kingdom: Precision Farming Market Breakdown, by Offering
9.3.5.4.2 United Kingdom: Precision Farming Market Breakdown, by Application
9.3.5.5 Italy: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.5.1 Italy: Precision Farming Market Breakdown, by Offering
9.3.5.5.2 Italy: Precision Farming Market Breakdown, by Application
9.3.5.6 Russia: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.6.1 Russia: Precision Farming Market Breakdown, by Offering
9.3.5.6.2 Russia: Precision Farming Market Breakdown, by Application
9.3.5.7 Rest of Europe: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.3.5.7.1 Rest of Europe: Precision Farming Market Breakdown, by Offering
9.3.5.7.2 Rest of Europe: Precision Farming Market Breakdown, by Application
9.4 Asia Pacific
9.4.1 Asia Pacific Precision Farming Market Overview
9.4.2 Asia Pacific: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.4.3 Asia Pacific: Precision Farming Market Breakdown, by Offering
9.4.3.1 Asia Pacific: Precision Farming Market – Revenue and Forecast Analysis – by Offering
9.4.4 Asia Pacific: Precision Farming Market Breakdown, by Application
9.4.4.1 Asia Pacific: Precision Farming Market – Revenue and Forecast Analysis – by Application
9.4.5 Asia Pacific: Precision Farming Market – Revenue and Forecast Analysis – by Country
9.4.5.1 Asia Pacific: Precision Farming Market – Revenue and Forecast Analysis – by Country
9.4.5.2 Australia: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.2.1 Australia: Precision Farming Market Breakdown, by Offering
9.4.5.2.2 Australia: Precision Farming Market Breakdown, by Application
9.4.5.3 China: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.3.1 China: Precision Farming Market Breakdown, by Offering
9.4.5.3.2 China: Precision Farming Market Breakdown, by Application
9.4.5.4 India: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.4.1 India: Precision Farming Market Breakdown, by Offering
9.4.5.4.2 India: Precision Farming Market Breakdown, by Application
9.4.5.5 Japan: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.5.1 Japan: Precision Farming Market Breakdown, by Offering
9.4.5.5.2 Japan: Precision Farming Market Breakdown, by Application
9.4.5.6 South Korea: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.6.1 South Korea: Precision Farming Market Breakdown, by Offering
9.4.5.6.2 South Korea: Precision Farming Market Breakdown, by Application
9.4.5.7 Rest of APAC: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.4.5.7.1 Rest of APAC: Precision Farming Market Breakdown, by Offering
9.4.5.7.2 Rest of APAC: Precision Farming Market Breakdown, by Application
9.5 Middle East and Africa
9.5.1 Middle East and Africa Precision Farming Market Overview
9.5.2 Middle East and Africa: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.5.3 Middle East and Africa: Precision Farming Market Breakdown, by Offering
9.5.3.1 Middle East and Africa: Precision Farming Market – Revenue and Forecast Analysis – by Offering
9.5.4 Middle East and Africa: Precision Farming Market Breakdown, by Application
9.5.4.1 Middle East and Africa: Precision Farming Market – Revenue and Forecast Analysis – by Application
9.5.5 Middle East and Africa: Precision Farming Market – Revenue and Forecast Analysis – by Country
9.5.5.1 Middle East and Africa: Precision Farming Market – Revenue and Forecast Analysis – by Country
9.5.5.2 South Africa: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.5.5.2.1 South Africa: Precision Farming Market Breakdown, by Offering
9.5.5.2.2 South Africa: Precision Farming Market Breakdown, by Application
9.5.5.3 Saudi Arabia: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.5.5.3.1 Saudi Arabia: Precision Farming Market Breakdown, by Offering
9.5.5.3.2 Saudi Arabia: Precision Farming Market Breakdown, by Application
9.5.5.4 United Arab Emirates: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.5.5.4.1 United Arab Emirates: Precision Farming Market Breakdown, by Offering
9.5.5.4.2 United Arab Emirates: Precision Farming Market Breakdown, by Application
9.5.5.5 Rest of Middle East and Africa: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.5.5.5.1 Rest of Middle East and Africa: Precision Farming Market Breakdown, by Offering
9.5.5.5.2 Rest of Middle East and Africa: Precision Farming Market Breakdown, by Application
9.6 South and Central America
9.6.1 South and Central America Precision Farming Market Overview
9.6.2 South and Central America: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.6.3 South and Central America: Precision Farming Market Breakdown, by Offering
9.6.3.1 South and Central America: Precision Farming Market – Revenue and Forecast Analysis – by Offering
9.6.4 South and Central America: Precision Farming Market Breakdown, by Application
9.6.4.1 South and Central America: Precision Farming Market – Revenue and Forecast Analysis – by Application
9.6.5 South and Central America: Precision Farming Market – Revenue and Forecast Analysis – by Country
9.6.5.1 South and Central America: Precision Farming Market – Revenue and Forecast Analysis – by Country
9.6.5.2 Brazil: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.6.5.2.1 Brazil: Precision Farming Market Breakdown, by Offering
9.6.5.2.2 Brazil: Precision Farming Market Breakdown, by Application
9.6.5.3 Argentina: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.6.5.3.1 Argentina: Precision Farming Market Breakdown, by Offering
9.6.5.3.2 Argentina: Precision Farming Market Breakdown, by Application
9.6.5.4 Rest of South and Central America: Precision Farming Market – Revenue and Forecast to 2031 (US$ Million)
9.6.5.4.1 Rest of South and Central America: Precision Farming Market Breakdown, by Offering
9.6.5.4.2 Rest of South and Central America: Precision Farming Market Breakdown, by Application
10. Competitive Landscape
10.1 Company Positioning & Concentration
10.2 Heat Map Analysis by Key Players
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 AgJunction LLC
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Ag Leader Technology
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 CropX inc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 AGCO Corp
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Trimble Inc
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Deere & Co
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 CNH Industrial NV
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Topcon Corp
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 DICKEY-john
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 TeeJet® Technologies
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners