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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
Precision Farming Market Report Highlights
• Increasing government support for adopting modern agricultural techniques and the growing need for efficiently monitoring the health of crops are expected to drive market growth
• The cloud-based software model is anticipated to gain a significant share of the market over the projected period as it reduces energy consumption and provides storage for a large amount of data while facilitating cost saving
• Innovations in GPS mapping and related farming applications are enabling farmers to operate more efficiently and increase their profit margin
• Demand for drones is expected to grow in the agriculture field as they are increasingly used to monitor irrigation systems
• Yield monitoring is expected to continue leading the application segment in terms of revenue share. It is widely used in soil monitoring since it detects soil qualities that may be used to increase yields
• The digital revolution in the agricultural sector, along with government financial incentives to farms, is likely to drive demand for precision farming in Europe in the forthcoming years
• Asia Pacific is expected to showcase the fastest growth owing to the availability of the largest agricultural land, which provides growth opportunities in countries such as China, India, Australia, and Japan
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• The global artificial intelligence in agriculture market size was valued at USD 1.91 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 25.5% from 2024 to 2030.
• The global industrial wireless sensor network market size was valued at USD 5.19 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of % from 2024 to 2030.
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)
Order a free sample PDF of the Precision Farming Market Intelligence Study, published by Grand View Research.
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