Precision Farming Market Size Worth $20.84 Billion By 2030

The global precision farming market is expected to account for USD 20.84 billion, registering a CAGR of 12.8% by 2030. Better education and training for farmers, readily available knowledge, the availability of financial resources, and the high demand for organic food are other factors that encourage the adoption of sustainable farming methods.

Crop production is being restricted by a number of issues, including the depletion of natural resources and environmental degradation. Farmers are being urged by mounting environmental concerns to reorient their efforts toward sustainable agriculture methods including resource conservation. This has increased the demand for better crop nutrition and protection, which has supported the market expansion.

Technological innovations like vertical farming with smart designs to capitalize on yields and reduce crop wastage have unfolded numerous growth opportunities. Moreover, increasing investments in technologies including driverless tractors, GPS sensing systems, and guidance systems are also expected to contribute to the growth of the precision agriculture market size during the period of study.

For instance, various sensors are positioned all over the fields to assist farmers in monitoring their crops and obtaining real-time information, such as soil, water, and climate sensors. These sensors also assist farmers in achieving a high yield with minimal crop loss. Additionally, these sensors are widely used in a variety of industries, including sports, pharmaceuticals and healthcare, agriculture, and the automobile industry.

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Precision Farming Market Report Highlights

• The hardware segment dominated the market in 2021 and is further categorized into automation and control systems, antennas, sensing devices, and access points

• The software segment is anticipated to register a CAGR of over 15.6% during the forecast period. The software segment is categorized into the cloud- and web-based precision farming. The former focuses on servers, shared networks, and storage devices, as a result of which the high costs associated with hardware and software infrastructure maintenance are eliminated

• North America held the highest revenue share in 2021 and Asia Pacific is set to dominate the market during the forecast period

Precision Farming Market Segments

Precision Farming Offering Outlook (Revenue, USD Million, 2017 - 2030)
    • 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

Precision Farming Application Outlook (Revenue, USD Million, 2017 - 2030)
    • Yield Monitoring
        • On-farm
        • Off-farm
    • Field Mapping
    • Crop Scouting
    • Weather Tracking & Forecasting
    • Irrigation Management
    • Inventory Management
    • Farm labor Management

Precision Farming Regional Outlook (Revenue, USD Million, 2017 - 2030)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
        • Russia
        • Italy
    • Asia Pacific
        • China
        • India
        • Japan
        • Australia
        • Singapore
    • South America
        • Brazil
    • Middle East & Africa

List of Key Players in the Precision Farming Market
    • Ag Leader Technology
    • AgJunction, Inc.
    • CropMetrics LLC
    • Trimble, Inc.
    • AGCO Corporation
    • Raven Industries Inc.
    • Deere and Company
    • Topcon Corporation