Precision Agriculture Market Size
The Global Precision Agriculture Market reached USD 7 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 18 billion by 2031. The market is expected to exhibit a CAGR of 12.5% during the forecast period 2024-2031.
Precision agriculture, also known as precision farming or smart farming, is an approach to agricultural management that leverages advanced technologies and data analytics to optimize productivity, efficiency, and sustainability in farming operations. It uses various tools such as GPS, GIS, remote sensing, drones, sensors, and data analytics to gather information and make precise decisions regarding crop cultivation, irrigation, fertilization, and pest management.
The precision agriculture market is experiencing rapid growth globally due to the increasing adoption of advanced technologies in farming. Key factors driving the market include the need for improved crop yields, resource efficiency, and sustainable agricultural practices.
Precision agriculture solutions such as GPS, drones, sensors, and data analytics enable farmers to optimize inputs, reduce costs, and enhance productivity. The Precision agriculture market is expected to continue expanding as farmers recognize the benefits of precision agriculture in achieving greater efficiency and sustainability.
Market Scope
| Metrics | Details |
| CAGR | 12.5% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | By Offering, Application, Technology and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Advanced Technologies Drive Growth in Precision Agriculture Market
According to precision agriculture market analysis, one key driver in the precision agriculture market is integrating Geographic Information Systems (GIS), Global Navigation Satellite Systems (GNSS), and remote sensing technologies. These technologies allow farmers to gather accurate spatial data, monitor crop health, and optimize resource allocation.
By leveraging GIS, GNSS, and remote sensing, farmers can make data-driven decisions, improve crop yields, reduce input costs, and minimize environmental impact. This integration enhances precision agriculture practices and promotes sustainable farming methods. Because of these technical advancements, the precision agriculture market share is increased in the global agriculture industry.
Low Adoption of Variable Rate Technology Hinders Precision Agriculture Market Growth
The precision agriculture market share is limited and the adoption rate and utilization of Variable Rate Technology (VRT) is low. Despite its potential to optimize resource allocation and increase efficiency, VRT implementation remains relatively low. The complexity and cost associated with implementing VRT systems, including the need for accurate data collection and analysis, can deter some farmers from fully embracing this technology.
The precision agriculture market analysis shows that the lack of standardized protocols and interoperability among different VRT systems can create compatibility issues and hinder widespread adoption. Proper market analysis and education on the benefits and long-term returns of VRT are necessary to overcome these restraints and encourage broader adoption in the precision agriculture market.
Market Segment Analysis
The Global Precision Agriculture Market is segmented based on offering, application, technology, and region.
Remote Sensing Technology Revolutionizes Precision Agriculture Market with Advanced Data Gathering Capabilities
The Global Precision Agriculture Market is segmented based on technology into Remote Sensing, Guidance systems and Variable Rate Technology (VRT).
Remote sensing technology, including satellite imagery and aerial drones, is widely used in precision agriculture. It allows farmers to gather data on crop health, nutrient levels, moisture content, and other vital parameters. This technology helps identify areas of concern, monitor crop growth, and make informed decisions related to irrigation, fertilization, and pest management. These factors are expected to drive the development of this segment.
Source: DataM Intelligence Analysis (2023)
Market Geographical Share
North America Precision Agriculture Market Thrives on Advanced Technologies, Driving Productivity and Sustainability
Global Precision Agriculture is segmented by region into Asia-Pacific, North America, South America, Europe, Middle-east & Africa.
The North American precision agriculture market has experienced significant growth, driven by the adoption of advanced technologies such as yield monitoring systems and automated steering systems. These technologies enable farmers to enhance productivity and efficiency in crop management practices. According to market analysis, North America holds a substantial market share in the precision agriculture sector, owing to the region's high agricultural output and technological advancements.
The precision agriculture market in North America is characterized by a strong focus on optimizing resource allocation, minimizing environmental impact, and increasing farm profitability. The integration of yield monitoring and automated steering systems has been instrumental in achieving these goals, leading to a positive market outlook for precision agriculture in North America.
Source: DataM Intelligence Analysis (2023)
Precision Agriculture Companies
The major global players include AGCO Corporation, Agribotix LLC, Agjunction Inc., CropMetrics LLC, Deere and Company, Farmers Edge Inc., Grownetics, Inc., Granular, Inc, Raven Industries, and Trimble, Inc.
COVID-19 Impact Analysis
The COVID-19 pandemic has disrupted global supply chains, causing shortages and delays in producing and delivering precision agriculture technologies. Labor shortages and mobility restrictions have increased the demand for automation and remote monitoring solutions. Changes in consumer demand and government support have accelerated the adoption of precision agriculture technologies.
The market has expanded as farmers recognize the benefits of real-time data analysis and digital platforms for communication and market access. Overall, the pandemic has highlighted the importance of resilient and sustainable food production, driving the growth of the precision agriculture market.
By Offering
- Software
- Hardware
- Services
By Application
- Crop Scouting
- Field Mapping
- Precision Irrigation
- Irrigation Management
- Weather Tracking & Forecasting
- Yield Monitoring
- Others
By Technology
- Remote Sensing
- Guidance systems
- Variable Rate Technology (VRT)
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The U.K
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- On August 24, 2021, Semios, best known in the permanent crop market for its precision-farming platform, a Canada based company. Is acquiring farm management platform Agworld, to form independent global AgTech powerhouse. The combined company will service growers, agronomists and ag retailers in the U.S., Canada, Australia, New Zealand, Europe, and South Africa.
- On June 23, 2021, CNH Industrial N.V. Announced that it has entered into an agreement to acquire 100% of the capital stock of Raven Industries, Inc. (NASDAQ: RAVN), a US-based leader in precision agriculture technology for US$58 per share, representing a 33.6% premium to the Raven Industries 4-week volume-weighted average stock price, and US$2.1 billion Enterprise Value.
- On December 2, 2021, CNH Industrial N.V. Announces that it has acquired a U.S. based company NX9, a software suite specialized in delivering ISOBUS core technologies and applications for agricultural equipment.
Why Purchase the Report?
- To visualize the Global Precision Agriculture Market segmentation based on offering, application, technology and region and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of Precision Agriculture-level with all segments.
- The PDF report includes a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Precision Agriculture Market Report Would Provide Approximately 61 Tables, 61 Figures And 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
