Global Precision Farming Market Size, By Offering (Hardware, Software, Services), By Technology (Guidance, Remote Sensing and Variable Rate Technology), By Application (Field Mapping, Variable Rate Application, Weather Tracking and Forecasting, Inventory Management, Irrigation Management, Farm Labour Management, Financial Management, Others), Regional Outlook, Competitive Market Share & Forecast, 2022 – 2027.
Global Precision Farming Market
Global Precision Farming Market was valued at USD 6.96 billion in 2021 and is expected to reach 15.6 billion by 2027, at a CAGR 10.26% from 2022-2027.
Precision Farming (PF) or Precision agriculture (PA) is an approach to farm management which uses information technology or IT services to ensure that soil and crops receive exactly what they need for optimum health and productivity. It is the science of improving crop yields and assisting management decisions using analysis tools or high technology sensors. The goal of Precision Farming is to ensure sustainability, profitability, and protection of the environment.
Market Drivers
The prominent factors driving the growth of the precision farming (PF) market is the growing adoption of advanced technologies in precision farming to decrease labour cost, increasing adoption of Internet of Things (IoT) devices in agricultural or farming fields, sizable cost savings associated with precision farming, climate change, need to meet increasing demand for food and rising promotion of precision farming techniques by governments worldwide.
Market Restraints
One of the major restraining factors for the precision farming market’s growth is the high costs associated with precision agriculture equipment. The equipment and latest technologies used in precision farming that includes smart drones, sensors, GPS, VRT, GNSS, guidance tools, and receivers, are highly efficient but expensive.
Market Segmentation
The Global Precision Farming Market is segmented based on, offerings, technology type, application, and region.
Based on offerings has been segmented into hardware, software, and services. The hardware segment is further divided into automation & control systems and monitoring & sensing devices.
Regional Analysis
The Global Precision Farming Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The North American region is expected to dominate and account for the largest revenue share of 45.09% in 2021. The region is an early adopter of new precision technologies. Factors like; increasing government initiatives which support the adoption of modern farming technologies and developed infrastructure have contributed to the high revenue of the regional market.
Key Players
Various key players are discussed into the Global Precision Farming Market Report including: Deere & Company, AGCO Corporation, Raven Industries, AgJunction, Trimble, AG Leader Technology, Teejet Technologie, Topcon Positioning Systems, Taranis, AgEagle Aerial Systems, ec2c, Descartes Labs, Granular, Autonomous Tractor Corporation, Hexagon Agriculture, The Climate Corporation, CropX Technologies, and Others.
Market Taxonomy
By Offering
- Hardware:
- Automation & Control Systems
- Drones
- Application Control Devices
- Guidance System
- GPS
- GIS
- Remote Sensing
- Handheld
- Satellite Sensing
- Driverless Tractors
- Mobile Devices
- VRT
- Map-based
- Sensor-based
- Wireless Modules
- Bluetooth Technology
- Wi-Fi Technology
- Zigbee Technology
- RF Technology
- Sensing Devices
- Soil sensor
- Nutrient Sensor
- Moisture Sensor
- Temperature Sensor
- Water Sensor
- Climate Sensor
- Antennas & Access Points
- Software:
- Web-based
- Cloud-based
- Services:
- System Integration & Consulting
- Maintenance & Support
- Managed Services
- Data Services
- Analytics Services
- Farm Operation Services
- Assisted Professional Services
- Climate Information Services
- Supply Chain Management Services
- Guidance Technology
- Remote Sensing Technology
- Variable Rate Application
- Yield Monitoring
- On-farm
- Off-farm
- Variable Rate Application
- Precision Irrigation
- Precision Seeding
- Precision Fertilization
- Nitrogen VRA
- Phosphorous VRA
- Lime VRA
- Pesticide VRA
- Crop Scouting
- Field Mapping
- Weather Tracking and Forecasting
- Irrigation Management
- Inventory Management
- Farm Labour Management
- Financial Management
- Others (Demand Forecasting, Customer Management, Payables, and Receivables)
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
- 1 Introduction
- 1.1 Objective of the Study
- 1.2 Market definition
- 1.3 Market Scope
- 2 Research Methodology
- 2.1 Data Mining
- 2.2 Validation
- 2.3 Primary Interviews
- 2.4 List of Data Sources
- 3 Executive Summary
- 4 Global Precision Farming Market Outlook
- 4.1 Overview
- 4.2 Market Dynamics
- 4.2.1 Drivers
- 4.2.2 Restraints
- 4.2.3 Opportunities
- 4.3 Porters Five Force Model
- 4.4 Value Chain Analysis
- 5 Global Precision Farming Market, By Offering
- 5.1 Y-o-Y Growth Comparison, By Offering
- 5.2 Global Precision Farming Market Share Analysis, By Offering
- 5.3 Global Precision Farming Market Size and Forecast, By Offering
- 5.3.1 Hardware:
- 5.3.1.1 Automation & Control Systems
- 5.3.1.2 Drones
- 5.3.1.3 Application Control Devices
- 5.3.1.4 Guidance System
- 5.3.1.5 GPS
- 5.3.1.6 GIS
- 5.3.1.7 Remote Sensing
- 5.3.1.8 Handheld
- 5.3.1.9 Satellite Sensing
- 5.3.1.10 Driverless Tractors
- 5.3.1.11 Mobile Devices
- 5.3.1.12 VRT
- 5.3.1.13 Map-based
- 5.3.1.14 Sensor-based
- 5.3.1.15 Wireless Modules
- 5.3.1.16 Bluetooth Technology
- 5.3.1.17 Wi-Fi Technology
- 5.3.1.18 Zigbee Technology
- 5.3.1.19 RF Technology
- 5.3.1.20 Sensing Devices
- 5.3.1.21 Soil sensor
- 5.3.1.22 Nutrient Sensor
- 5.3.1.23 Moisture Sensor
- 5.3.1.24 Temperature Sensor
- 5.3.1.25 Water Sensor
- 5.3.1.26 Climate Sensor
- 5.3.1.27 Antennas & Access Points
- 5.3.2 Software:
- 5.3.2.1 Web-based
- 5.3.2.2 Cloud-based
- 5.3.3 Services:
- 5.3.3.1 System Integration & Consulting
- 5.3.3.2 Maintenance & Support
- 5.3.3.3 Managed Services
- 5.3.3.4 Data Services
- 5.3.3.5 Analytics Services
- 5.3.3.6 Farm Operation Services
- 5.3.3.7 Assisted Professional Services
- 5.3.3.8 Climate Information Services
- 5.3.3.9 Supply Chain Management Services
- 6 Global Precision Farming Market, By Technology
- 6.1 Y-o-Y Growth Comparison, By Technology
- 6.2 Global Precision Farming Market Share Analysis, By Technology
- 6.3 Global Precision Farming Market Size and Forecast, By Technology
- 6.3.1 Guidance Technology
- 6.3.2 Remote Sensing Technology
- 6.3.3 Variable Rate Application
- 7 Global Precision Farming Market, By Application
- 7.1 Y-o-Y Growth Comparison, By Application
- 7.2 Global Precision Farming Market Share Analysis, By Application
- 7.3 Global Precision Farming Market Size and Forecast, By Application
- 7.3.1 Yield Monitoring:
- 7.3.1.1 On-farm
- 7.3.1.2 Off-farm
- 7.3.2 Variable Rate:
- 7.3.2.1 Precision Irrigation
- 7.3.2.2 Precision Seeding
- 7.3.2.3 Precision Fertilization
- 7.3.2.4 Nitrogen VRA
- 7.3.2.5 Phosphorous VRA
- 7.3.2.6 Lime VRA
- 7.3.2.7 Pesticide VRA
- 7.3.3 Crop Scouting
- 7.3.4 Field Mapping
- 7.3.5 Weather Tracking and Forecasting
- 7.3.6 Irrigation Management
- 7.3.7 Inventory Management
- 7.3.8 Farm Labor Management
- 7.3.9 Financial Management
- 7.3.10 Others (Demand Forecasting, Customer Management, Payables, and Receivables)
- 8 Global Precision Farming Market, By Region
- 8.1 Global Precision Farming Market Share Analysis, By Region
- 8.2 Global Precision Farming Market Share Analysis, By Region
- 8.3 Global Precision Farming Market Size and Forecast, By Region
- 9 North America Precision Farming Market Analysis and Forecast (2022-2027)
- 9.1 Introduction
- 9.2 North America Precision Farming Market Share Analysis, By Offering
- 9.3 North America Precision Farming Market Share Analysis, By Technology
- 9.4 North America Precision Farming Market Size and Forecast, By Application
- 9.5 North America Precision Farming Market Size and Forecast, By Country
- 9.5.1 U.S.
- 9.5.2 Canada
- 9.5.3 Mexico
- 10 Europe Precision Farming Market Analysis and Forecast (2022-2027)
- 10.1 Introduction
- 10.2 Europe Precision Farming Market Share Analysis, By Offering
- 10.3 Europe Precision Farming Market Share Analysis, By Technology
- 10.4 Europe Precision Farming Market Size and Forecast, By Application
- 10.5 Europe Precision Farming Market Size and Forecast, By Country
- 10.5.1 Germany
- 10.5.2 France
- 10.5.3 UK
- 10.5.4 Rest of Europe
- 11 Asia Pacific Precision Farming Market Analysis and Forecast (2022-2027)
- 11.1 Introduction
- 11.2 Asia Pacific Precision Farming Market Share Analysis, By Offering
- 11.3 Asia Pacific Precision Farming Market Share Analysis, By Technology
- 11.4 Asia Pacific Precision Farming Market Size and Forecast, By Application
- 11.5 Asia Pacific Precision Farming Market Size and Forecast, By Country
- 11.5.1 China
- 11.5.2 Japan
- 11.5.3 India
- 11.5.4 Rest of Asia Pacific
- 12 Latin America Precision Farming Market Analysis and Forecast (2022-2027)
- 12.1 Introduction
- 12.2 Latin America Precision Farming Market Share Analysis, By Offering
- 12.3 Latin America Precision Farming Market Share Analysis, By Technology
- 12.4 Latin America Precision Farming Market Size and Forecast, By Application
- 12.5 Latin America Precision Farming Market Size and Forecast, Country
- 12.5.1 Brazil
- 12.5.2 Rest of Latin America
- 13 Middle East Precision Farming Market Analysis and Forecast (2022-2027)
- 13.1 Introduction
- 13.2 Middle East Precision Farming Market Share Analysis, By Offering
- 13.3 Middle East Precision Farming Market Share Analysis, By Technology
- 13.4 Middle East Precision Farming Market Size and Forecast, By Application
- 13.5 Middle East Precision Farming Market Size and Forecast, By Country
- 13.5.1 Saudi Arabia
- 13.5.2 UAE
- 13.5.3 Egypt
- 13.5.4 Kuwait
- 13.5.5 South Africa
- 14 Competitive Analysis
- 14.1 Competition Dashboard
- 14.2 Market share Analysis of Top Vendors
- 14.3 Key Development Strategies
- 15 Company Profiles
- 15.1 Deere & Company
- 15.1.1 Overview
- 15.1.2 Offerings
- 15.1.3 Key Financials
- 15.1.4 Business Segment & Geographic Overview
- 15.1.5 Key Market Developments
- 15.1.6 Key Strategies
- 15.2 AGCO Corporation
- 15.2.1 Overview
- 15.2.2 Offerings
- 15.2.3 Key Financials
- 15.2.4 Business Segment & Geographic Overview
- 15.25 Key Market Developments
- 15.2.6 Key Strategies
- 15.3 Raven Industries
- 15.3.1 Overview
- 15.3.2 Offerings
- 15.3.3 Key Financials
- 15.3.4 Business Segment & Geographic Overview
- 15.3.5 Key Market Developments
- 15.3.6 Key Strategies
- 15.4 AgJunction
- 15.4.1 Overview
- 15.4.2 Offerings
- 15.4.3 Key Financials
- 15.4.4 Business Segment & Geographic Overview
- 15.4.5 Key Market Developments
- 15.4.6 Key Strategies
- 15.5 Trimble
- 15.5.1 Overview
- 15.5.2 Offerings
- 15.5.3 Key Financials
- 15.5.4 Business Segment & Geographic Overview
- 15.5.5 Key Market Developments
- 15.5.6 Key Strategies
- 15.6 AG Leader Technology
- 15.6.1 Overview
- 15.6.2 Offerings
- 15.6.3 Key Financials
- 15.6.4 Business Segment & Geographic Overview
- 15.6.5 Key Market Developments
- 15.6.6 Key Strategies
- 15.7 Topcon Positioning Systems
- 15.7.1 Overview
- 15.7.2 Offerings
- 15.7.3 Key Financials
- 15.7.4 Business Segment & Geographic Overview
- 15.7.5 Key Market Developments
- 15.7.6 Key Strategies
- 15.8 Taranis
- 15. 8.1 Overview
- 15.8.2 Offerings
- 15.8.3 Key Financials
- 15.8.4 Business Segment & Geographic Overview
- 15.8.5 Key Market Developments
- 15.8.6 Key Strategies
- 15.9 Hexagon Agriculture
- 15.9.1 Overview
- 15.9.2 Offerings
- 15.4.9.3 Key Financials
- 15.9.4 Business Segment & Geographic Overview
- 15.9.5 Key Market Developments
- 15.9.6 Key Strategies
- 15.10 Granular
- 15.10.1 Overview
- 15.10.2 Offerings
- 15.10.3 Key Financials
- 15.10.4 Business Segment & Geographic Overview
- 15.10.5 Key Market Developments
- 15.10.6 Key Strategies
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