Precision Agriculture Market by Offering (Hardware, Software, Services), Technology (Variable Rate, Guidance, Remote Sensing, Others), Application (Field Mapping, Seeding & Spraying, Crop Monitoring, Others), & Geography - Global Forecast to 2031

Precision Agriculture Market by Offering (Hardware, Software, Services), Technology (Variable Rate, Guidance, Remote Sensing, Others), Application (Field Mapping, Seeding & Spraying, Crop Monitoring, Others), & Geography - Global Forecast to 2031

The research report titled ‘Precision Agriculture Market by Offering (Hardware, Software, Services), Technology (Variable Rate, Guidance, Remote Sensing, Others), Application (Field Mapping, Seeding & Spraying, Crop Monitoring, Others), & Geography—Forecasts to 2031’’, provides in-depth analysis of the precision farming market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The precision farming market is projected to reach $27.81 billion by 2031, at a CAGR of 12.9% from 2024 to 2031. The growth of the precision farming market is driven by increasing government initiatives promoting the use of modern technologies in the agriculture sector and the surging demand for precision farming solutions due to climatic changes. However, the lack of connectivity and infrastructure in rural areas restrains the growth of this market.

Furthermore, technological advancements in the farming sector and the shortage of agricultural laborers are expected to generate growth opportunities for the players operating in this market. However, farmers’ lack of awareness regarding precision farming technologies is a major challenge impacting market growth.

Additionally, the increasing use of drones for variable rate applications and the integration of AI and big data analytics technologies into precision farming solutions are prominent trends in the precision farming market.

Based on offering, the global precision farming market is broadly segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of the global precision farming market. The large market share of this segment is attributed to factors such as increased use of sensing and monitoring devices to obtain real-time information about crop yield and, increased need to monitor agriculture data for decision making, and increased partnership between companies to increase adoption of robot platforms.

Moreover, the hardware segment is expected to register the highest CAGR during the forecast period. Increasing government investment in smart agriculture projects and increasing focus of key players on product development and enhancement for the adding new capabilities in precision farming is expected to drive the growth of this segment.

In addition, the increasing collaborations and partnerships between robotics companies and farm enterprises for the integration of robots on farms are contributing to the growth. For instance, in May 2023, Seasony (Denmark) partnered with iFarm (Finland). The partnership enabled iFarm customers to embed the Watney mobile robot platform into farm installation to automate transportation and monitoring tasks.

Based on technology, the global precision farming market is segmented into guidance technology, variable rate technology, remote sensing technology, and other technologies. In 2024, the guidance technology segment is expected to account for the largest share of the global precision farming market. The large market share of this segment is attributed to factors such as the increasing use of guidance technology for achieving a high degree of accuracy and automation in farming equipment, and growing initiatives of companies on product development and expanding distribution of guidance systems.

However, the variable rate technology segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the growing use of variable rate technology to apply fertilizer, crop protection products, seeds, and even irrigation water at different rates and the increasing focus of key players on bringing VRT technology to increase sustainability in farming operations.

Furthermore, key players in the precision farming market are actively focusing on product development to optimize inputs such as chemicals and fertilizers which is contributing to segment growth. For instance, in November 2021, Exxact Robotics (France), a subsidiary of Exel Industries, launched a new ‘high-precision’ 3S Spot Spray Sensor, which can scan crops, analyze the images to identify diseases, pests, and nutrient requirements, and apply spot and variable treatments in real time.

Based on application, the global precision farming market is segmented into field mapping, seeding & spraying, crop monitoring, yield monitoring, precision irrigation, and other applications. In 2024, the yield monitoring segment is expected to account for the largest share of the global precision farming market. The large market share of this segment is attributed to the increasing development of yield monitors for gathering a huge amount of yield information and the growing integration of yield monitors on harvester equipment.

However, the precision irrigation segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to the rising concern about water scarcity and the increasing use of precision irrigation in farms to increase quality yields.

Additionally, several governments are working with market players to boost food security by promoting precision irrigation technologies, which also contribute to segment growth. For instance, in August 2023, Netafim Africa, a precision irrigation company, collaborated with the Government of Rwanda to bring precision irrigation technology into Gabiro Agribusiness Hub.

Based on geography, the precision farming market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the global precision farming market. The large market share of this segment is attributed to the increased use of precision farming solutions to address the growing labor scarcity issue in the region and increased pressure on the food supply chain.

Moreover, Asia-Pacific is expected to record the highest CAGR during the forecast period. Factors such as the increasing adoption of precision farming solutions to track and monitor weather and apply chemicals at variable rates and the growing need for smart farming practices to address crop yield losses, soil degradation, and water stress issues across the region are expected to drive the growth of the precision farming market in the coming years.

Additionally, key players operating in the precision farming market are partnering with agritech companies for the development of precision farming technologies to revolutionize farming practices, which is contributing to the region’s growth. For instance, in October 2023, CropX Inc. (Israel) partnered with Zuari FarmHub (India), a leading agritech company, to revolutionize farming practices by introducing real-time monitoring technology that empowers farmers with data-driven insights for enhanced productivity and sustainability.

Key Players:

Some of the key players operating in the precision farming market are Deere & Company (U.S.), AGCO Corporation (U.S.), Topcon Corporation (Japan), Trimble Inc. (U.S.), Raven Industries, Inc. (U.S.) CropX Inc. (Israel), AgEagle Aerial Systems Inc. (U.S.), Netafim Ltd. (Israel), Farmers Edge Inc. (Canada), AgJunction LLC (U.S.), AMVAC Chemical Corporation (U.S.), YANMAR HOLDINGS CO., LTD. (Japan), Ag Leader Technology (U.S.), Ecorobotix SA (Switzerland), BASF SE (Germany), Climate LLC (U.S.), TeeJet Technologies (U.S.), DICKEY-john (U.S.), XMachines (India), Naïo Technologies (France), Robotics Plus Limited (New Zealand), FieldBee (Netherlands), Agremo (Serbia), Verdant Robotics (U.S.), Agrobot (Spain), SZ DJI Technology Co., Ltd. (China), XAG Co., Ltd. (China), and Terra Drone Corporation (Japan).

Key questions answered in the report-

Which are the high-growth market segments based on offering, technology, and application?
What was the historical market for precision farming?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the precision farming market?
Who are the major players in the precision farming market?
What is the competitive landscape like in the precision farming market?
What are the recent developments in the precision farming market?
What are the different strategies adopted by the major players in the precision farming market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global precision farming market, and how do they compete with the other players?

Scope of the report:

Precision Farming Market Assessment, by Offering

Hardware
Automation & Control Devices
GPS/GNSS Devices
Guidance and Steering Systems
Variable Rate Controllers
Irrigation Controllers
Sensing & Monitoring Devices
Soil Sensors
Displays/Handheld Computers
Water Sensors
Climate Sensors
Autonomous Equipment & UAV/Drones
Software
Cloud-based
On-premise
Services

Precision Farming Market Assessment, by Technology

Guidance Technology
Remote Sensing Technology
Variable Rate Technology
Other Technologies

Precision Farming Market Assessment, by Application

Yield Monitoring
Crop Monitoring
Precision Irrigation
Field Mapping
Seeding & Spraying
Other Applications

Precision Farming Market Assessment, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Middle East & Africa

Global Precision Farming Market - Report Summary

Report Metrics	Details
Years Considered	2024 - 2031
Base Year	2023
Forecast Period	2024-2031
Page Count	250
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Offering, Technology, Application, and Geography
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Companies Mentioned	Deere & Company (U.S.), AGCO Corporation (U.S.), Topcon Corporation (Japan), Trimble Inc. (U.S.), Raven Industries, Inc. (U.S.) CropX Inc. (Israel), AgEagle Aerial Systems Inc. (U.S.), Netafim Ltd. (Israel), Farmers Edge Inc. (Canada), AgJunction LLC (U.S.), AMVAC Chemical Corporation (U.S.), YANMAR HOLDINGS CO., LTD. (Japan), Ag Leader Technology (U.S.), Ecorobotix SA (Switzerland), BASF SE (Germany), Climate LLC (U.S.), TeeJet Technologies (U.S.), DICKEY-john (U.S.), XMachines (India), Naïo Technologies (France), Robotics Plus Limited (New Zealand), FieldBee (Netherlands), Agremo (Serbia), Verdant Robotics (U.S.), Agrobot (Spain), SZ DJI Technology Co., Ltd. (China), XAG Co., Ltd. (China), and Terra Drone Corporation (Japan).

FAQs About the Report

What is the value of revenue generated from the sales of the precision farming market across the globe? At what rate is their demand expected to grow for the next 5–7 years?

The global precision farming market is expected to reach $27.81 billion by 2031, at a CAGR of 12.9% during the forecast period (2024–2031).

Which offering segment of the market is projected to create more traction in the precision farming market?

Based on offering, the global precision farming market is broadly segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of the global precision farming market. Moreover, the hardware segment is expected to register the highest CAGR during the forecast period. Increasing government investment in smart agriculture projects and increasing focus of key players on product development and enhancement for the adding new capabilities in precision farming is expected to drive the growth of this segment.

Which technology segment of the market is projected to create more traction in the precision farming market?

Based on technology, the global precision farming market is segmented into guidance technology, variable rate technology, remote sensing technology, and other technologies. In 2024, the guidance technology segment is expected to account for the largest share of the global precision farming market. However, the variable rate technology segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the growing use of variable rate technology to apply fertilizer, crop protection products, seeds, and even irrigation water at different rates and the increasing focus of key players on bringing VRT technology to increase sustainability in farming operations.

Which application segment of the market is projected to create more traction in the precision farming market?

Based on application, the global precision farming market is segmented into field mapping, seeding & spraying, crop monitoring, yield monitoring, precision irrigation, and other applications. In 2024, the yield monitoring segment is expected to account for the largest share of the global precision farming market. However, the precision irrigation segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to the rising concern about water scarcity and the increasing use of precision irrigation in farms to increase quality yields.

What are the key factors driving the growth of the precision farming market? What are the major opportunities for existing market players and new entrants?

The growth of the precision farming market is driven by increasing government initiatives promoting the use of modern technologies in the agriculture sector and the surging demand for precision farming solutions due to climatic changes. Furthermore, technological advancements in the farming sector and the shortage of agricultural laborers are expected to generate growth opportunities for the players operating in this market.

Who are the major players operating in the global precision farming market?

The key players operating in the global precision farming market are Deere & Company (U.S.), AGCO Corporation (U.S.), Topcon Corporation (Japan), Trimble Inc. (U.S.), Raven Industries, Inc. (U.S.) CropX Inc. (Israel), AgEagle Aerial Systems Inc. (U.S.), Netafim Ltd. (Israel), Farmers Edge Inc. (Canada), AgJunction LLC (U.S.), AMVAC Chemical Corporation (U.S.), YANMAR HOLDINGS CO., LTD. (Japan), Ag Leader Technology (U.S.), Ecorobotix SA (Switzerland), BASF SE (Germany), Climate LLC (U.S.), TeeJet Technologies (U.S.), DICKEY-john (U.S.), XMachines (India), Naïo Technologies (France), Robotics Plus Limited (New Zealand), FieldBee (Netherlands), Agremo (Serbia), Verdant Robotics (U.S.), Agrobot (Spain), SZ DJI Technology Co., Ltd. (China), XAG Co., Ltd. (China), and Terra Drone Corporation (Japan).

Which regions/countries are expected to witness significant demand for precision farming in the coming years?

Asia-Pacific is projected to register the highest growth rate over the coming years.