Precision Farming and Agriculture Market Size, Share, Growth, And Industry Analysis, By Type (Global Positioning System, Farmland Information Collection System; Farmland Remote Sensing Monitoring System; Farmland Geographic Information System, Agricultural Expert System, Intelligent Agricultural Machinery and Tools System, Environmental Monitoring System, System Integration, Network Management System) Regional Forecast To 2031

Updated On: 01 April 2024

Precision Farming and Agriculture Market Report Overview

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The global precision farming and agriculture market size is estimated to be USD 4.373 billion in 2022 and the market is expected to reach USD 8.80 billion in 2031, exhibiting a CAGR of 8.1% during the forecast period. The sudden rise in CAGR was brought on by the market's expansion and the demand levelling down after the pandemic is over.

A service known as "precision farming" or "agriculture" uses GPS and other technology to assist farmers in more precisely mapping, managing, and carrying out their farming activities. Precision farming and agriculture are significant because they enable farmers to use resources (such as water, fertilizer, and fuel) more effectively, which can boost yields and reduce production costs.

In the last few years, the electrical equipment sector has experienced tremendous growth. Every day, a lot of new electrical equipment is developed. These tools are domain-specific and capable of carrying out the particular task for which they were created. Tractors are employed in the farming industry for a variety of tasks. Thus, standardization led to an increase in the requirement for interoperability between the electronic devices placed on tractors. Agriculture sector expansion, energy and cost savings, government support, and increased yield and profitability are some of the market's main driving forces. High initial investments and a lack of technical expertise are some of the market's barriers. Opportunities in this market include the use of mobile and broadband technologies, such as web-based precision farming and unmanned aerial vehicle applications.

COVID-19 Impact: Government Induced Shut Downs to Hamper Market Growth

The COVID-19 epidemic has negatively impacted the global market for precision farming, causing the temporary closure of multiple manufacturing facilities in several nations. As a result, the manufacturing of precision farming equipment has significantly decreased. Government-enforced shutdowns following the coronavirus pandemic had an impact on industry and slowed consumer demand for such expensive capital goods.

However, larger adoption could result from the deployment of remote sensing and farm management software technologies after COVID-19. In order to support real-time decision-making for crop health monitoring, yield monitoring, irrigation scheduling, field mapping, and harvesting management, businesses have already started concentrating more on wireless platforms.

Latest Trends

"Demand for field Mapping to Fuel Market Growth"

Due to the increasing need for highly qualified farmers around the world, the crop scouting and field mapping segments are anticipated to grow at the highest CAGRs over the forecast period. To create a productive agricultural system that can produce high-quality crops with minimal expense and labor, precision agriculture requires a thorough understanding of soil properties. Thus, during the course of the projection period, demand for field mapping services is anticipated to increase as more farmers adopt precision agriculture.

Precision Farming and Agriculture Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into global positioning system, farmland information collection system; farmland remote sensing monitoring system; farmland geographic information system, agricultural expert system, intelligent agricultural machinery and tools system, environmental monitoring system, system integration, network management system, training system and precision farming and agriculture.

In terms of product, network management system is the largest segment.

• By Application Analysis

Based on application, the market can be divided into yield monitoring, field mapping, crop scouting, weather tracking & forecasting, irrigation management, inventory management, farm labor management, and others.

In terms of application,  field mapping is the largest segment.

Driving Factors

"Adoption of Smart Devices to Augment Market Growth"

The market for precision farming and agricultural services uses the worldwide web-based software. It aids farmers in keeping an eye on things like plant growth, soil quality, weather forecasts, and watering schedules. The adoption of smart devices like mobile phones, tablets, and PCs to access information on farming activities is one of the elements driving its growth. Additionally, government programs supporting environmentally friendly farming methods contribute significantly to the global promotion of web-based software.

"Adoption of IoT in Agriculture to Enhance Market Sales "

The spread of IoT in agriculture and the preference for IoT devices such sensors and positioning systems are major drivers of the precision farming market. The existence of stakeholders has an impact on the market as well. Farming procedures are being improved to ensure more efficiency thanks to ongoing developments in wearable technology that allow real-time data. During the projection period, drone technology for yield monitoring, perfect planting, and weather monitoring is projected to boost market growth.

Restraining Factors

"Limited Technology Awareness to Impede Market Expansion"

During the projection period, the market growth is likely to be constrained by limited technological awareness regarding the use of smart devices. Moreover, not every crop can benefit fully from precision farming. Before implementing this technique, farmers must first undergo a number of technological, technical, and economic criteria. This is anticipated to constraint precision farming and agriculture market growth.

Precision Farming and Agriculture Market Regional Insights

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"North America to Dominate the Market Due to Large Precision Farming in the Region"

The global market was controlled by North America and owned largest portion of precision farming and agriculture market share. Over the course of the projected period, the region is anticipated to maintain its supremacy. This is due to farmers being more conscious of precision farming and using cutting-edge technologies in numerous agricultural domains. Furthermore, during the past few years, the use of these services in North America has expanded due to the presence of important corporations like Monsanto, Deere & Company, and Google.

The region of Asia Pacific is expected to experience significant growth during the forecast period as a result of increased government initiatives to develop the agriculture sector in this area, along with rising private sector investments to tap into untapped markets throughout Asia Pacific nations like China and India. These factors will fuel regional market growth during the forecast period. Additionally, a rise in food demand brought on by a growing population and rapid urbanization would help regional market growth in the coming years.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Many significant companies in the global smart agriculture market are concentrating on growing their commercial operations in developing nations. Companies in the global smart agriculture market are also developing strategies for new product development and product portfolio growth through investments and mergers and acquisitions. The report's in-depth research of the supply chain will help readers gain a deeper understanding of the global smart agriculture market. Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Agribotix LLC (U.S.)
• Deere & Company (U.S.)
• SST Development Group, Inc. (U.S.)
• Leica Geosystems (Switzerland)
• Omnistar (U.S.)
• Garmin International (U.S.)
• Monsanto Company (U.S.)
• Farmers Edge (Canada)
• Granular (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.