Precision Agriculture Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The precision agriculture market is projected to grow from US$ 11.27 billion in 2023 to US$ 29.85 billion by 2031; it is expected to expand at a CAGR of 12.9% from 2023 to 2031.  Increasing adoption of advanced technologies such as the Internet of Things (IoT) and AI-based solutions, among others, is expected to be a key trend in the market.

Precision Agriculture Market Analysis

The precision agriculture market growth can be credited to the increasing adoption of advanced technologies in farming, the continuous growth of the population resulting in a rise in demand for agriculture-based products, and a surge in the adoption of smartphones. Furthermore, increasing investments in technologies such as autonomous tractors, GPS systems, guidance systems, and favorable government initiatives to support smart farming create lucrative opportunities for the precision agriculture market growth.

Precision Agriculture Market Industry Overview

Precision agriculture is a farming approach that employs data sensors, remote control tools, connected devices, and other advanced technologies to offer farmers better control over their farms. Precision farming uses modern and advanced technologies such as satellite imagery, field mapping, GPS, and drones to improve crop quality and profitability, increase production, reduce labor time, and ensure the effective management of fertilizers and irrigation processes. It uses large volumes of ground, aerial, and satellite data to improve the use of agricultural resources, levels of yields, and quality of crops. Based on these data, farmers receive information on many key parameters related to farms, such as crop status, weather forecasts, and environmental changes.

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Precision Agriculture Market: Strategic Insights

Precision Agriculture Market

• Market Size 2023
  US$ 11.27 Billion
• Market Size 2031
  US$ 29.85 Billion

Market Dynamics

GROWTH DRIVERS

• Technological advancement, Government support for precision farming

FUTURE TRENDS

• Increasing adoption of advanced technologies such as IoT, AI-based solution, among others

OPPORTUNITIES

• Adoption of Digital Technologies in Sustainable Farming

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component

• Hardware
• Software
• Service

Application

• Data Management
• Yield Monitoring
• Precision Spraying
• Precision Irrigation
• Precision Planting
• Field Monitoring
• Precision Fertilization

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Precision Agriculture Market Driver and Opportunities

Technological Advancements to Favor Market Growth

The agriculture sector continuously strives to meet consumer demands, regardless of environmental challenges such as unfavorable weather conditions and climate change. Technological advancements in both small and large-scale agricultural businesses are encouraging the implementation of precision agriculture. Innovations related to smart farming and precision farming through IoT will enable farmers to enhance their operational efficiencies, lower costs, reduce waste, and improve yield quality. The use of IoT devices in precision agriculture helps farmers improve field and cattle monitoring, risk management, and planning for aiding decision-making, return on investment (ROI), and overall site farm security. Moreover, the implementation of IoT applications, along with high-speed internet-connected mobile devices obtaining data from reliable, low-cost satellites, adds to the accuracy of precision agriculture, which bolsters the growth of the precision agriculture market growth.

Adoption of Digital Technologies in Sustainable Farming to Create Lucrative Market Opportunities

Technological advancements have significantly boosted agricultural productivity and development across the globe. Historically, technology adoption was aimed at increasing production, productivity, and agricultural income. Agriculture, trade, R&D, education, training, and advisory policies have had a significant impact on technology selection, productivity levels, and farming methods for decades. Addressing the challenge of sustainable development necessitates a fundamental shift in existing farming techniques. The introduction of digital technologies has the potential to improve the efficiency of input utilization, raise crop output, and reduce environmental harm, therefore benefiting both farmers and consumers. Thus, the adoption of digital technologies in sustainable farming is expected to create lucrative opportunities for market growth during the forecast period.

Precision Agriculture Market Report Segmentation Analysis

The key segments that contributed to the derivation of the Precision Agriculture Market analysis are coverage type and applications.

• Based on application, the precision agriculture market is segmented into data management, yield monitoring, precision spraying, precision irrigation, precision planting, field monitoring, precision fertilization, and others. The yield monitoring segment is dominating the precision agriculture industry. Yield monitoring using precision agriculture technologies helps identify, measure, and describe the intra-field variability within a cropping system.
• Based on component, the precision agriculture market is segmented into hardware, software, and services. The hardware segment is dominating the market. The hardware consists of automation and control systems, sensing devices, antennas, access points, sensors, and others. Automation and control systems, sensing devices, and drones play a major role in precision farming.

Precision Agriculture Market Share Analysis By Geography

Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.

North American dominated the precision agriculture market share in 2023. The dominance of this region in the market is majorly ascribed to the increasing adoption of technological advancements in the agriculture sector. A few of the key players in the precision agriculture market are Ag Leader Technology; AgJunction, Inc.; CropMetrics LLC; Trimble, Inc.; AGCO Corporation; Raven Industries Inc.; Deere and Company; Topcon Corporation; Hexagon Agriculture; and CropX Technologies. These companies have been witnessing continuous demand from SMEs and large enterprises in the world. The following figure depicts a revenue growth trend in the precision agriculture market.

Precision Agriculture Market Market Report Scope

Precision Agriculture Market News and Recent Developments

The Precision Agriculture Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Precision Agriculture Market are listed below:

AGCO Corporation, a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, announced the launch of PTx, a new brand representing its precision ag portfolio. PTx combines precision ag technologies from the cornerstones of AGCO's tech stack: Precision Planting and its newest joint venture (JV), PTx Trimble. (Source: AGCO Corporation, Press Release, April 2024)

Precision Agriculture Market Report Coverage & Deliverables

The Precision Agriculture Market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Precision Agriculture Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Precision Agriculture Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Precision Agriculture Market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Precision Agriculture Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the Precision Agriculture Market
• Detailed company profiles.