The global precision farming market size was valued at USD 10.50 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 12.8% from 2024 to 2030. 

The growth of precision farming is attributed to the burgeoning proliferation of the Internet of Things (IoT) along with the use of advanced analytics by farmers. Advanced analytics is a part of data science that uses numerous tools and methods to forecast data and ensure that the crop and soil receive adequate nurturing. This helps farmers to plan their actions accordingly.

For a deep understanding of different farming aspects such as irrigation and plowing, numerous technologies such as IoT, GPS, and remote sensing application control are used. IoT helps farmers address various challenges involved in the proper monitoring of crops. It provides real-time data about environment temperature and water content in the soil through sensors placed on the farm, which assists farmers in making improved decisions about harvesting times, crop market rate, and soil management. This is one of the key factors contributing to the growth of the market for precision farming.

Gather more insights about the market drivers, restrains and growth of the Precision Farming Market

Detailed Segmentation:

Market Concentration & Characteristics

The precision farming market growth stage is moderate. The precision farming market is witnessing a significant degree of innovation, marked by the adoption of advanced technologies such as Wi-Fi technology, Zigbee technology, and RF technology and equipment that are integrated with sensors and cameras. The evolving precision farming technological landscape highlights that the market players continue to leverage cutting-edge solutions to address challenges and meet the evolving demands of the farmers.

Offering Insights

The hardware segment accounted for the largest revenue share of 66.89% in 2023 and is expected to dominate the market during the forecast period. The hardware segment has been further segmented into automation and control systems, sensing devices, antennas, and access points. Hardware components such as automation and control systems, sensing devices, and drones play a major role in helping farmers. For instance, the GIS guidance system is very beneficial for growers as it is capable of visualizing agricultural workflows and the environment. Furthermore, VRT technology helps farmers determine areas that need more pesticides and seeds thereby distributing them equally across the field.

Application Insights

The yield monitoring segment accounted for the largest revenue share of 43.25% in 2023 and is expected to continue its dominance over the forecast period as it helps the farmers to make decisions about their fields. The segment is further segregated into on-farm yield monitoring and off-farm yield monitoring. On-farm yield monitoring allows farmers to obtain real-time information during harvest and create a historical spatial database. This segment is expected to account for the largest share of the market for precision farming as it offers equitable landlord negotiations, documentation of environmental compliance, and track records for food safety.

Regional Insights

North America accounted for the largest revenue share of 44.07% in 2023. The region is an early adopter of technologies. Factors such as increasing government initiatives that support the adoption of modern agriculture technologies and developed infrastructure have contributed to the high revenue of the regional market. Furthermore, in May 2022, Government of Canada announced an investment of USD 4,41,917.5 in order to develop an integrated system for precision fruit tree farming. The investment also aimed to achieve sustainable solutions to tackle the uprising challenges in Canada’s apple industry.

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Key Precision Farming Market Company Insights

Some of the key players operating in the market include Ag Leader Technology; AgJunction, Inc.; CropMetrics LLC; Trimble, Inc.; AGCO Corporation; Raven Industries Inc.; Deere and Company; Topcon Corporation; AgEagle Aerial Systems Inc. (Agribotix LLC); DICKEY-john Corporation; Farmers Edge Inc.; Grownetics, Inc.; Proagrica (SST Development Group, Inc.); The Climate Corporation among others.

• Deere & Company is engaged in the manufacturing & construction of agricultural and forestry machinery; drivetrains and diesel engines for heavy equipment; and lawn care machinery. Additionally, the company also manufactures and provides other heavy manufacturing equipment. The company serves diverse industries such as agriculture, forestry, construction, landscaping & grounds care, engines & drivetrain, government and military, and sports turf.

• AGCO Corporation is a U.S.-based agriculture equipment manufacturer. The company develops and sells products and solutions such as tractors, combines, foragers, hay tools, self-propelled sprayers, smart farming technologies, seeding equipment, and tillage equipment.

• Prospera Technologies and Agrible, Inc. are some of the emerging market participants in the target market.

• Porspera Technologies is a global service provider of agriculture technology for managing and optimizing irrigation and crop health. The company provides AI-based sensors and cameras that aid farmers in crop monitoring.

• Agrible is a U.S.- based agriculture solution provider. The company helps customers in more than 30 countries optimize water use, crop protection, fertilization, fieldwork, research trials, food supply chains, and sustainability initiatives

Key Precision Farming Companies:

The following are the leading companies in the precision farming market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these precision farming companies are analyzed to map the supply network.

• Ag Leader Technology

• AgJunction, Inc.

• CropMetrics LLC

• Trimble, Inc.,

• AGCO Corporation

• Raven Industries Inc.

• Deere and Company

• Topcon Corporation

• AgEagle Aerial Systems Inc. (Agribotix LLC)

• DICKEY-john Corporation

• Farmers Edge Inc.

• Grownetics, Inc.

• Proagrica (SST Development Group, Inc.)

• The Climate Corporation

Precision Farming Market Segmentation

Grand View Research has segmented the global precision farming market report based on offering, application, and region.

• Offering Outlook (Revenue, USD Million; 2017 - 2030)

• Hardware

o Automation & Control Systems

o Drones

o Application Control Devices

o Guidance System

o GPS

o GIS

o Remote Sensing

o Handheld

o Satellite Sensing

o Driverless Tractors

o Mobile Devices

o VRT

o Map-based

o Sensor-based

o Wireless Modules

o Bluetooth Technology

o Wi-Fi Technology

o Zigbee Technology

o RF Technology

o Sensing Devices

o Soil Sensor

o Nutrient Sensor

o Moisture Sensor

o Temperature Sensor

o Water Sensors

o Climate Sensors

o Others

o Antennas & Access Points

• Software

o Web-based

o Cloud-based

• Services

o System Integration & Consulting

o Maintenance & Support

o Managed Types

o Data Types

o Analytics Types

o Farm Operation Types

o Assisted Professional Types

o Supply Chain Management Types

o Climate Information Types

• Application Outlook (Revenue, USD Million; 2017 - 2030)

• Yield Monitoring

o On-Farm

o Off-Farm

• Field Mapping

• Crop Scouting

• Weather Tracking & Forecasting

• Irrigation Management

• Inventory Management

• Farm Labor Management

• Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America

o U.S.

o Canada

o Mexico

• Europe

o U.K.

o Germany

o France

o Russia

o Italy

• Asia Pacific

o China

o Japan

o India

o Australia

o Singapore

• South America

o Brazil

• Middle East and Africa (MEA)

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Recent Developments

• In July 2023, Deere & Company, a global agriculture and construction equipment manufacturer announced the acquisition of Smart Apply Inc. an agriculture technology solution provider. Deere & Company is focused on using Smart Apply’s precision spraying solution to assist growers in addressing the challenges related to regulatory requirements, input costs, labor, etc. The acquisition is expected to help the company attract new customers.

• In April 2023, AGCO Corporation, a global agriculture equipment provider, and Hexagon, an industrial technology solution provider declared their strategic collaboration. The collaboration is focused on the expansion of AGCO’s factory-fit and aftermarket guidance offerings.

• In May 2023, AgEagle Aerial Systems Inc., a global agriculture technology solution provider announced its establishment of a new supply agreement with Wingtra AG. The 2-year supply agreement is expected to securely supply RedEdge-P sensor kits for incorporation with WingtraOne VTOL drones.

• In May 2021, AGCO announced a targeted spraying solutions strategic collaboration with Raven Industries Inc., BASF Digital, and Robert Bosch GmbH. The objective of this deal was to assess the targeted spraying technology for enhancing crop protection product applications by limiting crop input costs and addressing environmental sustainability.