Precision Farming Market Size, Share, Growth and Forecast 2032

Precision Farming Market Insights

Zion Market Research has published a report on the global Precision Farming Market, estimating its value at USD 10.79 Billion in 2023, with projections indicating that it will reach USD 26.71 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 10.6% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Precision Farming Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Precision Farming Market: Overview

Precision agriculture (PA), is a farming management approach based on measuring, observing, and responding to crops' Intra and inter-field variability. The aim is to illustrate a Decision Support System (DSS) for complete farm management while preserving resources with the aim of optimizing returns on inputs in precision agriculture research.

The application of remote sensing as well as farm management software tools could lead to an elevated adoption post-COVID-19. Market players have started focusing on wireless platforms more to enable decision-making (real-time) for crop irrigation scheduling, yield monitoring, field mapping, health monitoring, and harvesting management.

Precision Farming Market: Growth Factors

Rising government backing for adopting contemporary agricultural techniques & the expanding need for monitoring the health of crops efficiently are anticipated to propel market growth. Furthermore, cloud-based software model is expected to gain substantial market share in coming years as it cut down energy consumption and supply storage for a big amount of data while promoting cost saving. Additionally, innovations in related farming applications and GPS mapping are enabling farmers to function more effectively and expand their profit margins.

Moreover, demand for drones is anticipated to increase in the agriculture field as they are progressively used in monitoring irrigation systems. Also, yield monitoring finds broad use in soil monitoring as it assists in detecting the properties for increasing yields of soil. These are some of the factors propelling the demand.

Precision Farming Market: Segmentation Preview

The hardware segment has been further segregated into sensing devices, antennas, control and automation systems, and access points. Hardware components such as sensing devices, control, and automation systems, and drones play a key role in helping farmers. For example, the GIS guidance system is profitable for farmers as it is able to visualize and environment agricultural workflows.

The software segment is bifurcated based on cloud-based and web-based precision farming. Cloud-based computing focuses on servers, shared networks, and storage devices, due to which huge costs incurred in managing software and hardware infrastructure, are removed.

The yield monitoring segment is further bifurcated into off-farm yield monitoring and on-farm yield monitoring. The latter enables farmers to acquire real-time information amid harvesting and build a historical spatial database. The yield monitoring segment is anticipated to report the biggest market share since it offers documentation of environmental compliance, equitable landlord negotiations, and track records for food safety.

The irrigation management segment is anticipated to witness noticeable growth over the forecast period. Smart irrigation includes the use of different technologies, for instance, sensor-based controllers, weather-based controllers, rain sensors, and water meters, to help project the right amount of water for irrigation. Such advantages are likely to propel the adoption of irrigation drones.

Precision Farming Market: Report Scope

Precision Farming Market: Regional Analysis Preview

The region is an early adopter of technologies. Factors like rising government actions for the adoption of developed infrastructure and contemporary agriculture technologies have contributed to the huge revenue of the region-wise market.

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Several government actions are being initiated in emerging countries such as Sri Lanka, India, and Nigeria to stimulate the implementation of contemporary precision farming technologies, through maximizing productivity. Moreover, an efficient administrative framework is enabling farmers to increase adequate knowledge of the maintenance and proper use of precision farming equipment.

Precision Farming Market: Key Players & Competitive Landscape

Some of the key players in the Precision Farming Market are

• AgJunction, Inc
• Ag Leader Technology
• Trimble, Inc
• CropMetrics LLC
• Raven Industries Inc
• AGCO Corporation
• Deere and Company
• Topcon Corporation 

The Global Precision Farming Market is segmented as follows:

By Offering

• Hardware
• Software
• Services

By Application

• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Farm Labor Management

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa