Precision Farming Market by Technology (Variable Rate, Remote Sensing, Guidance Technology), Offering (Software, Hardware, Services), Application, and Geography - Global Industry Analysis, Opportunities and Forecast up to 2029

Precision Farming Market Size

The precision farming market size was valued at $9.17 billion in 2023 and is projected to reach $17.62 billion by 2029, growing at a CAGR of 11.5% from 2023 to 2029.

Precision Farming Market Overview

Precision farming, also known as precision agriculture, is an advanced approach to agricultural management that leverages technology and data to optimize various aspects of crop production. It involves the precise application of inputs such as water, fertilizers, pesticides, and seeds in a targeted manner based on real-time information and analysis of individual field variations. Through the use of technologies like Global Positioning System (GPS), sensors, and data analytics, farmers can monitor and manage their fields with greater accuracy. This data-driven approach allows for customized and site-specific decision-making, leading to more efficient resource use, increased crop yields, and reduced environmental impact. Precision farming enables farmers to enhance productivity while minimizing waste, making it a key strategy for sustainable and economically viable agriculture in the face of evolving challenges such as climate change and fluctuating market demands.

Market Dynamics:

Growth Drivers

• Incorporation of smart technologies in farming.
• Rising shift toward sustainable farming.

Constraints

• Lack of awareness among farmers regarding the utilization of smart technology.
• Significant upfront investments in equipment, sensors, software, and training.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Based on technology, the market is bifurcated into variable rate, remote sensing, and guidance technology.

By offering, the market is fragmented into software, hardware, and services.

Depending on the application, the market is segregated into crop scouting, farm labor management, field mapping, inventory management, irrigation management, variable rate application, weather tracking and forecasting, yield monitoring, and other applications.

List of the Key Players Profiled in the Report Includes:

• Deere & Company
• AGCO Corporation
• Trimble Inc
• AgJunction
• Raven Industries
• DICKEY-john
• Topcon
• Valmont Industries, Inc
• Visartech Inc
• Taranis

Market by, Geography:

The precision farming market report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis.

The report “Global Precision Farming Market: Industry Analysis, Opportunities and Forecast up to 2029” by Diligence Insights provides a detailed analysis of the present market and future outlook with market estimates and forecasts for all specified segments, encompassing both global and regional perspectives as outlined within the research framework. The study includes historical market data for the years 2021, 2022 and offers revenue estimations for 2023, and project forecasts spanning from 2024 to 2029. It places significant emphasis on the examination of market trends, key industry participants, supply chain developments, technological advancements, pivotal milestones, and prospective strategies. Comprehensive market assessments are carried out across major geographic regions, including North America, Europe, Asia Pacific, South America, and Middle East & Africa. As such, this report constitutes a valuable resource for current industry stakeholders, newcomers to the field, and potential investors.

The study offers an in-depth market analysis, drawing insights from industry experts across the value chain. A special focus has been made on 25 countries, including the United States, Canada, Mexico, the United Kingdom, Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, and South Africa, among others. The market data has been meticulously collected through extensive primary interviews and comprehensive secondary research. Market size determination is rooted in the revenue generated from sales across all the specified segments and sub-segments as defined within the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.

What Can be Explored with this Research Report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.

Table Of Content

1 Market Introduction 
 1.1 Market Definition 
 1.2 Research Scope and Segmentation 
 1.3 Stakeholders 
 1.4 List of Abbreviations 
 
2 Executive Summary 
 
3 Research Methodology 
 3.1 Identification of Data 
 3.2 Evaluation of Market Dynamics 
 3.3 Collaboration of Data 
 3.4 Verification and Analysis 
 3.5 Research Approach 
 3.6 Data Sources and Assumptions 
 
4 Market Dynamics 
 4.1 Market Drivers 
 4.2 Market Restraints 
 4.3 Market Opportunities 
 4.4 Market Challenges 
 4.5 Impact of COVID-19 on the Precision Farming Market 
 
5 Porter's Five Force Analysis 
 5.1 Bargaining Power of Suppliers 
 5.2 Bargaining Power of Buyers 
 5.3 Threat of New Entrants 
 5.4 Threat of Substitutes 
 5.5 Competitive Rivalry in the Market 
 
6 Global Precision Farming Market by, Technology 
 6.1 Overview 
 6.2 Variable Rate 
 6.3 Remote Sensing 
 6.4 Guidance Technology 
 
7 Global Precision Farming Market by, Offering 
 7.1 Overview 
 7.2 Software 
 7.3 Hardware 
 7.4 Services 
 
8 Global Precision Farming Market by, Application 
 8.1 Overview 
 8.2 Crop Scouting 
 8.3 Farm Labor Management 
 8.4 Field Mapping 
 8.5 Inventory Management 
 8.6 Irrigation Management 
 8.7 Variable Rate Application 
 8.8 Weather Tracking and Forecasting 
 8.9 Yield Monitoring 
 8.10 Other Applications 
 
9 Global Precision Farming Market by, Geography 
 9.1 Overview 
 9.2 North America 
 9.2.1 US
 9.2.2 Canada
 9.2.3 Mexico
 9.3 Europe 
 9.3.1 Germany
 9.3.2 France
 9.3.3 UK
 9.3.4 Italy
 9.3.5 Spain
 9.3.6 Rest of Europe
 9.4 Asia Pacific 
 9.4.1 China
 9.4.2 Japan
 9.4.3 India
 9.4.4 South Korea
 9.4.5 Australia
 9.4.6 New Zealand
 9.4.7 Rest of Asia Pacific
 9.5 South America 
 9.5.1 Brazil
 9.5.2 Argentina
 9.5.3 Chile
 9.5.4 Rest of South America
 9.6 Middle East & Africa 
 9.6.1 UAE
 9.6.2 Saudi Arabia
 9.6.3 Qatar
 9.6.4 Iran
 9.6.5 South Africa
 9.6.6 Rest of Middle East & Africa
 
10 Key Developments 
 
11 Company Profiling 
 11.1 Deere & Company 
 11.1.1 Business Overview
 11.1.2 Product/Service Offering
 11.1.3 Financial Overview
 11.1.4 SWOT Analysis
 11.1.5 Key Activities
 11.2 AGCO Corporation 
 11.3 Trimble Inc 
 11.4 AgJunction 
 11.5 Raven Industries 
 11.6 DICKEY-john 
 11.7 Topcon 
 11.8 Valmont Industries, Inc 
 11.9 Visartech Inc 
 11.10 Taranis