Report Details

Global Precision Farming Market Size, Share, Forecast Report, 2020-2027

The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Precision Farming Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Precision Farming market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.

The global precision farming market size was valued at USD 4.7 billion in 2019 and is expected to register a CAGR of 13.0% from 2020 to 2027. The growth of the market for precision agriculture is attributed to the increasing proliferation of the Internet of Things (IoT) and the use of advanced analytics by farmers. Advanced analytics is a part of data science that uses numerous tools and methods to forecast data and ensure that the crop and soil receive adequate nurturing. This helps farmers to plan their actions accordingly.

For a deep understanding of different farming aspects such as irrigation and plowing, numerous technologies such as IoT, GPS, and remote sensing application control are used. IoT helps farmers address various challenges involved in proper monitoring of crops. It provides real-time data about environment temperature and water content in the soil through sensors placed in the farm, which assists farmers in making improved decisions with regard to harvesting times, crop market rate, and soil management. This is one of the key factors contributing to the growth of the market for precision farming. Factors facilitating the adoption of sustainable precision farming technologies include better education and training to farmers, easily accessible information, availability of financial resources, and high demand for organic food.

Depletion of natural resources and deterioration of environment are some of the factors responsible for limiting crop production. Growing environmental concerns are encouraging farmers to shift their focus toward sustainable agriculture practices, such as preservation of natural resources. This has driven the need for improving crop nutrition and protection, in turn boosting the market for precision farming. Technological innovations, such as vertical farms with smart design to maximize yields and reduce waste, have unfolded numerous growth opportunities.

Moreover, increasing investments in technologies such as driverless tractors, guidance system, and GPS sensing systems are also expected to contribute to the growth of the precision agriculture market. For instance, numerous sensors such as soil sensors, climate sensors, and water sensors are placed around the fields to help farmers monitor their crops and gain real-time information. Additionally, the sensors also help farmers obtain a high yield production with less crop wastage. These sensors are highly adopted in different applications such as agriculture, pharmaceutical and healthcare, automotive, and sports.

North America held the largest share in the year 2019, owing to the higher adoption of the technologies and devices such as guidance system, and VRT (Variable Rate Technology) for growing crops. On the other side, smart solutions involve high investments, which acts as a drawback for farmers, especially in developing countries such as China, India, and Brazil. The investment in the precision agriculture market is high, however, with the later run, it offers a notable return on investment as it reduces the overall production cost and increases efficiency

The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Precision Farming market are included as given below:

Major players operating in the market for precision farminginclude Ag Leader Technology (U.S.); AgJunction, Inc. (U.S.); CropMetrics LLC (U.S.); Trimble, Inc. (U.S.); AGCO Corporation (U.S.); and Raven Industries Inc. (U.S.). Conventional farming methods such as the use of pesticides, herbicides, and other genetically modified organisms are becoming unsuitable to meet the growing requirements of precision farming. Hence, major players are continuously involved in technological innovations and strategic acquisitions. For instance, AGCO Corporation (U.S) focuses on connecting with agri-tech entrepreneurs and seeks partnerships through innovative and disruptive solutions. In addition, in December 2018, AgJunction Inc. entered into a partnership with Mahindra and Mahindra Ltd. With this agreement, both the companies will prepare a statement of work for the future development products for the farmers.

The global Precision Farming market has been segmented as below:

  • Offering 

    • Hardware

      • Automation & Control Systems

        • Drones

        • Application Control Devices

        • Guidance System

          • GPS

          • GIS

        • Remote Sensing

          • Handheld

          • Satellite Sensing

        • Driverless Tractors

        • Mobile Devices

        • VRT

          • Map-based

          • Sensor-based

        • Wireless Modules

          • Bluetooth Technology

          • Wi-Fi Technology

          • Zigbee Technology

          • RF Technology

      • Sensing Devices

        • Soil sensor

          • Nutrient Sensor

          • Moisture Sensor

          • Temperature Sensor

        • Water Sensor

        • Climate Sensor

        • Others

      • Antennas & Access Points

    • Software

      • Web-based

      • Cloud-based

    • Services

      • System Integration & Consulting

      • Maintenance & Support

      • Managed Services

        • Data Services

        • Analytics Services

        • Farm Operation Services

      • Assisted Professional Services

        • Supply Chain Management Services

        • Climate Information Services

  • Application 

    • Yield Monitoring

      • On-farm

      • Off-farm

    • Field Mapping

    • Crop Scouting

    • Weather Tracking & Forecasting

    • Irrigation Management

    • Inventory Management

    • Farm labor Management

  • Global Precision Farming Market by Region
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World

Reasons to Purchase this Report:

Estimates Precision Farming development trends with SWOT analysis

  • Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players
  • Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion
  • Market dynamics scenario, along with growth opportunities for players in the years to come
  • Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the mentioned forecast period
  • Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects