Precision Farming Market Size Anticipated to Reach USD 27.3 billion by 2035

Precision farming market growth is expected at a CAGR of 9.1% during the period 2024-2035

 

According to a recently published report by Roots Analysis, the growing government support and consumer preferences to adopt digital technologies in agriculture practices is driving the precision farming market.

Precision Farming Industry Overview

The global precision farming market size is estimated to grow at an annualized growth rate of 9.1% during the forecast period 2024-2035 and is expected to reach over USD 27.3 billion by 2035.

The global precision farming market size is estimated to grow at an annualized growth rate of 9.1% during the forecast period 2024-2035 and is expected to reach over USD 27.3 billion by 2035. Precision agriculture is the concept of managing farm practices using various tools and technologies which observe, analyze and responds to the inter-field and intra-field variability in the crops. The rise in demand for food, agricultural labor shortage and growing preference for sustainable farming practices, have spurred a requirement for digitally integrated solutions in the domain of agriculture. These solutions streamline end-to-end farming operations, thereby increasing crop yield while minimizing the impact on the environment. Precision farming has emerged as a promising alternative to conventional agriculture methods, as it addresses the various limitations, including labor-intensive practices, uncertain weather changes, poor yield quality, reduced crop productivity and wastage of water. Given the numerous advantages of precision farming, their demand has increased considerably, resulting in significant growth of precision farming market.

Browse 150+ figures and 185+ market data tables spread across 300+ pages and detailed Table of Content on “Precision Farming Market: Industry Trends and Global Forecasts, Till 2035, by Type of Offering, Type of Hardware, Type of Technology, Application of Hardware, Software Deployment Model, Application of Software, Type of Services Offered, Farm Size and Geography” here: https://www.rootsanalysis.com/reports/precision-farming-market.html

Market Drivers

Several factors are propelling the growth of the precision farming market. The extensive use of chemicals, pesticides, and fertilizers in conventional farming methods have impacted soil health negatively and has decreased crop productivity. This has created immense pressure on the agriculture industry to use eco-friendly precision farming techniques to achieve high crop yield and quality in shorter time duration. Owing to the exponential rise in the population, growing preference for sustainable farming practices and increasing adoption of organic food products, the demand for precision farming is also expected to witness a significant rise.

Market Restraints 

While the precision farming market is experiencing substantial growth, there are certain restraints that can potentially hinder the growth of the industry. One of the primary restraints is the high cost associated with various technologies and infrastructure required for precision farming. The agriculture sector has been facing challenges in implementing technologies like artificial intelligence, machine learning, internet of things, and cloud computing. Moreover, lack of high-speed internet connection poses the barrier in adoption of precision farming technologies, as it hinders the real-time data collection and analyses. This poses the barrier to adoption of precision farming technologies, especially in developing countries. Additionally, lack of technical knowledge in the field of precision farming prevents farmers from implementing digital solutions and poses widespread deployment of these technologies.

Growth Factors

Despite various challenges, several growth factors continue to drive the market forward. The increase in the support from the government for adoption of precision farming in various regions has been the primary reason for substantial growth of the market. The government has also initiated offering subsidies and incentives to support adoption of precision farming in many developing countries. Additionally, the exponential rise in the cost of land and agriculture labor shortage in recent years, has captivated the farmers to invest largely in the automatic machine, AI-driven technologies and tools. Considering the increasing pace of innovation and research activity, the precision farming market is anticipated to witness a steady growth in the foreseen future.

Precision Farming Market Segments

Based on the type of offering, the market is segmented into hardware, software and service.

• The hardware segment captures the largest revenue share of close to 65% in the precision farming market, in 2024.
• The software segment is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of over 11% during the forecast period. 

Based on the type of hardware, the market is segmented into sensors, drones, monitoring devices,  automation and controllers.

• The automation controllers segment captures the largest revenue share of close to 50% in the precision farming market, in 2024.
• The sensors segment is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of over 10% during the forecast period.

Based on the type of technology, the market is segmented into type of guidance system, remote sensing and variable rate technology.

• The guidance system segment captures the largest revenue share of close to 40% in the precision farming market, in 2024.
• The remote sensing is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of over 9% during the forecast period.

Based on the application of hardware, the market is segmented into yield and soil monitoring, field mapping, crop scouting, and weather tracking and forecasting.

• The yield and soil monitoring segment captures the largest revenue share of close to 45% in the precision farming market, in 2024.
• The crop scouting is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of over 10% during the forecast period.

Based on the software deployment model, the market is segmented into cloud-based, web-based and on-premises.

• The cloud-based segment captures the largest revenue share of close to 50% in the precision farming market, in 2024.
• The cloud-based is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of over 12% during the forecast period.

Based on the application of software, the market is segmented into weather tracking and forecasting, variable rate application (VRA), inventory management, farm labor management, irrigation management and financial management.

• The variable rate application (VRA) segment captures the largest revenue share of close to 25% in the precision farming market, in 2024.
• The variable rate application (VRA) is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of over 13% during the forecast period.

Based on the type of services offered, the market is segmented into installation and consultation services, climate information services and supply chain management services.

• The installation and consultation services segment captures the largest revenue share of close to 45% in the precision farming market, in 2024.
• The climate information services is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of over 11% during the forecast period.

Based on the farm size, the market is segmented into small farms, mid-sized farms, large farms.

• The large size farm segment captures the largest revenue share of close to 70% in the precision farming market, in 2024.
• The small size farm segment is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of over 11% during the forecast period.

Based on the regional insights, the market is segmented into North America, Europe, and Asia-Pacific, Latin America and MENA.

• North America dominated the precision farming market and accounted for the largest revenue share of close to 45% in 2024.
• Asia-Pacific is anticipated to be the fastest growing segment in this industry, with annualized rate (CAGR) of over 13% during the forecast period.

Precision Farming Market Key Companies Profiled

The precision farming market report also includes profiles of key players (listed below) that offer precision farming hardware and software:

• 360 Yield Center
• Ag Leader Technology
• AgJunction
• Capstan Ag Systems
• Deere & Company
• DICKEY-john
• Evvos
• Graham Planter
• Grownetics
• Hexagon Agriculture
• Instacrops
• Massey Ferguson
• METER Group
• O’Connors
• Precision Planting
• Prointegra
• SurePoint Ag Systems
• Synelixis Solutions
• Trimble

About Roots Analysis

Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research / consulting services dedicated to serve our clients in the best possible way.

Contact Details

Gaurav Chaudhary
Email: Gaurav.chaudhary@rootsanalysis.com or sales@rootsanalysis.com