The Precision Farming Market size is estimated at USD 13.11 billion in 2024, and is expected to reach USD 23.84 billion by 2029, growing at a CAGR of 12.70% during the forecast period (2024-2029).
Changing climate, growing demand for food, increasing the adoption of smart technologies in the global agriculture sector, and government initiatives to enhance farmers' efficiency through new technologies are some of the major factors driving the adoption of precision farming.
The precision farming market consists of several major players. In terms of market share, few of the significant players currently dominate the market. These major players, with a prominent market share, focus on extending their customer base across foreign countries. These firms leverage collective strategic initiatives to increase their market share and profitability. The companies performing in the market are also acquiring start-ups working on precision farming technologies to strengthen their product capabilities.
In November 2022, Elders and Precision Agriculture Pty Ltd. partnered to help farmers improve their nutrient utilization and increase the sustainability of their crops. The new arrangement made Precision Agriculture's specialized services, such as establishing soil management zones, individualized soil testing, and identifying significant soil restrictions, more easily accessible to Elders clients.
In March 2022, to maximize natural resources and enhance food security in Africa and other regions where the company would grow in the upcoming years, investment management firm Signature partnered with StartLife. The partnership could offer a path to on-farm validation of cutting-edge technologies for impact-driven tech startups.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook