Precision Farming Market: By Component (Hardware, Software, Services), By Application (Yield Monitoring, Field Mapping Telematics, Crop Scouting, Weather Tracking & Forecasting, Inventory Management, Farm Labor Management, Others), By Technology (Guidance Technology, Remote Sensing Technology, Variable-Rate Technology) and Geography

 

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Precision Farming Market size was valued at USD 7.6 billion in 2022 and is expected to grow at a CAGR of 11.7% from 2023-2029. Precision farming market is surging owing to acquisitions and definitive agreements to strengthen their position in the market. For instance, in October 2017 - AGCO entered into an agreement with Lely group, to acquire its forage division. Lely’s industry leading competence in hay and forage technology is poised to strengthen AGCO’s full-line product offerings. The market report gives comprehensive outlook on precision farming across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report gives historical, current, and future market sizes (US$ Mn) on the basis of product and services, application, sector, and region. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed the market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the market report include suppliers, manufacturers, marketers, policy makers, and service providers

Global Precision Farming Market Summary

Study Period

2023-29

Base Year

2022

CAGR

11.7%

Largest Market

North America

Fastest Growing Market

Europe
Precision Farming Market

owing to rising pressure on global food supply due to increase in growing global population and substantial cost cutting made possible by the precision farming coupled with the government support and initiatives for the adoption of modern agricultural technologies are the major factors driving the growth of the market. Moreover, increasing awareness concerning environmental impact is playing major role in the growth of the precision farming market. However, high initial investments in R&D and lack of technical knowledge among the farmers hinders the growth of the market. Based on Application, yield monitoring segment is expected to grow at highest CAGR over the forecast years owing to its important role in understanding the field variability and help growers maximize their production. This application provides farmers information regarding the soil properties, weather conditions, and fertilizers. Soil monitoring by Yield monitoring application plays a vital role to detect the soil parameters that are needed for the efficient yield production.

Key Features of the Reports

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  • The report provides granular level information about the market size, regional market share, historic market (2018-2022), and forecast (2023-2029)
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  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies.
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  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
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  • The report tracks recent innovations, key developments, and startups’ details that are actively working in the market.
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  • The report provides a plethora of information about market entry strategies, regulatory frameworks, and reimbursement scenarios.
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  • The report analyses the impact of the sociopolitical environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market.
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Global Precision Farming Market Segmentation

By Type
  • Hardware,
  • Software,
  • Services
By Treatment Type
  • Yield Monitoring
  • Field Mapping Telematics
  • Crop Scouting
  • Weather Tracking & Forecasting
  • Inventory Management
  • Farm Labor Management
  • Others
By End User
  • Guidance Technology
  • Remote Sensing Technology
  • Variable-Rate Technology

Frequently Asked Questions

The  precision farming market is projected to expand at a CAGR of 11.7% during the forecast period

  • AgJunction, Inc. (U.S.), CropMetrics LLC (U.S.), Trimble, Inc. (U.S.), AGCO Corporation (U.S.)

North America is the fastest-growing region in the precision farming Market

1. Executive Summary
2. Global Precision Farming Market Introduction
2.1. Global Precision Farming Market – Taxonomy
2.2. Global Precision Farming Market –Definitions
2.2.1. By Component
2.2.2. By Application
2.2.3. By Technology
2.2.4. By Region
3. Global Precision Farming Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Precision Farming Market Dynamic Factors - Impact Analysis
3.6. Global Precision Farming Market – Competition Landscape
4. Global Precision Farming Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028
4.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Precision Farming Market, By Component, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) 
5.1. Software
5.1.1. Web-based
5.1.1.1. Market Analysis, 2016-2020 and Forecast, 2021-2027 (Revenue, USD Mn)
5.1.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.1.3. Market Opportunity Analysis
5.1.2. Cloud-based
5.1.2.1. Market Analysis, 2016-2020 and Forecast, 2021-2027 (Revenue, USD Mn)
5.1.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.2.3. Market Opportunity Analysis
5.2. Hardware
5.2.1. Automation & Control Systems
5.2.1.1. Market Analysis, 2016-2020 and Forecast, 2021-2027 (Revenue, USD Mn)
5.2.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.1.3. Market Opportunity Analysis
5.2.2. Sensing Devices
5.2.2.1. Market Analysis, 2016-2020 and Forecast, 2021-2027 (Revenue, USD Mn)
5.2.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.2.3. Market Opportunity Analysis
5.2.3. Antennas & Access Points
5.2.3.1. Market Analysis, 2016-2020 and Forecast, 2021-2027 (Revenue, USD Mn)
5.2.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3.3. Market Opportunity Analysis
5.3. Services
5.3.1. System Integration & Consulting
5.3.1.1. Market Analysis, 2016-2020 and Forecast, 2021-2027 (Revenue, USD Mn)
5.3.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.1.3. Market Opportunity Analysis
5.3.2. Maintenance & Support
5.3.2.1. Market Analysis, 2016-2020 and Forecast, 2021-2027 (Revenue, USD Mn)
5.3.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.2.3. Market Opportunity Analysis
5.3.3. Managed Services
5.3.3.1. Market Analysis, 2016-2020 and Forecast, 2021-2027 (Revenue, USD Mn)
5.3.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.3.3. Market Opportunity Analysis
5.3.4. Others
5.3.4.1. Market Analysis, 2016-2020 and Forecast, 2021-2027 (Revenue, USD Mn)
5.3.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.4.3. Market Opportunity Analysis
6. Global Precision Farming Market, By Application, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) 
6.1. Yield Monitoring
6.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Field Mapping Telematics
6.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Crop Scouting
6.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
6.4. Weather Tracking & Forecasting
6.4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.4.3. Market Opportunity Analysis
6.5. Inventory Management
6.5.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.5.3. Market Opportunity Analysis
6.6. Farm Labor Management
6.6.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.6.3. Market Opportunity Analysis
6.7. Others
6.7.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.7.3. Market Opportunity Analysis
7. Global Precision Farming Market Forecast, By Technology, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) 
7.1. Guidance Technology
7.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Remote Sensing Technology
7.2.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Variable-Rate Technology
7.3.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
8. Global Precision Farming Market Forecast, By Region, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) 
8.1. North America
8.1.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Europe
8.2.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Asia-Pacific
8.3.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Latin America
8.4.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. Middle East and Africa
8.5.1. Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
8.6. Global Precision Farming Market - Opportunity Analysis Index, By Component, By Application, By Technology and Region, 2022 - 2028
9. North America Precision Farming Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) 
9.1. Component Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.1.1. Software
9.1.1.1. Web-based
9.1.1.2. Cloud-based
9.1.2. Hardware
9.1.2.1. Automation & Control Systems
9.1.2.2. Sensing Devices
9.1.2.3. Antennas & Access Points
9.1.3. Services
9.1.3.1. System Integration & Consulting
9.1.3.2. Maintenance & Support
9.1.3.3. Managed Services
9.1.3.4. Assisted Professional Services
9.2. Application Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.2.1. Yield Monitoring
9.2.2. Field Mapping Telematics
9.2.3. Crop Scouting
9.2.4. Weather Tracking & Forecasting
9.2.5. Inventory Management
9.2.6. Farm Labor Management
9.2.7. Others
9.3. Technology Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.3.1. Guidance Technology
9.3.2. Remote Sensing Technology
9.3.3. Variable-Rate Technology
9.4. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
9.4.1. USA
9.4.2. Canada
9.5. North America Precision Farming Market - Opportunity Analysis Index, By Component, By Application, By Technology and Country, 2022 - 2028
9.6. North America Precision Farming Market Dynamics – Trends
10. Europe Precision Farming Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) 
10.1. Component Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Software
10.1.1.1. Web-based
10.1.1.2. Cloud-based
10.1.2. Hardware
10.1.2.1. Automation & Control Systems
10.1.2.2. Sensing Devices
10.1.2.3. Antennas & Access Points
10.1.3. Services
10.1.3.1. System Integration & Consulting
10.1.3.2. Maintenance & Support
10.1.3.3. Managed Services
10.1.3.4. Assisted Professional Services
10.2. Application Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.2.1. Yield Monitoring
10.2.2. Field Mapping Telematics
10.2.3. Crop Scouting
10.2.4. Weather Tracking & Forecasting
10.2.5. Inventory Management
10.2.6. Farm Labor Management
10.2.7. Others
10.3. Technology Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.3.1. Guidance Technology
10.3.2. Remote Sensing Technology
10.3.3. Variable-Rate Technology
10.4. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.4.1. Germany
10.4.2. UK
10.4.3. France
10.4.4. Spain
10.4.5. Italy
10.4.6. Russia
10.4.7. Rest of Europe
10.5. Europe Precision Farming Market - Opportunity Analysis Index, By Component, By Application, By Technology and Country, 2022 - 2028
10.6. Europe Precision Farming Market Dynamics – Trends
11. Asia-Pacific Precision Farming Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) 
11.1. Component Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Software
11.1.1.1. Web-based
11.1.1.2. Cloud-based
11.1.2. Hardware
11.1.2.1. Automation & Control Systems
11.1.2.2. Sensing Devices
11.1.2.3. Antennas & Access Points
11.1.3. Services
11.1.3.1. System Integration & Consulting
11.1.3.2. Maintenance & Support
11.1.3.3. Managed Services
11.1.3.4. Assisted Professional Services
11.2. Application Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.2.1. Yield Monitoring
11.2.2. Field Mapping Telematics
11.2.3. Crop Scouting
11.2.4. Weather Tracking & Forecasting
11.2.5. Inventory Management
11.2.6. Farm Labor Management
11.2.7. Others
11.3. Technology Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.3.1. Guidance Technology
11.3.2. Remote Sensing Technology
11.3.3. Variable-Rate Technology
11.4. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.4.1. China
11.4.2. India
11.4.3. Japan
11.4.4. ASEAN
11.4.5. Australia & New Zealand
11.4.6. Rest of Asia-Pacific
11.5. Asia-Pacific Precision Farming Market - Opportunity Analysis Index, By Component, By Application, By Technology and Country, 2022 - 2028
11.6. Asia-Pacific Precision Farming Market Dynamics – Trends
12. Latin America Precision Farming Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) 
12.1. Component Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. Software
12.1.1.1. Web-based
12.1.1.2. Cloud-based
12.1.2. Hardware
12.1.2.1. Automation & Control Systems
12.1.2.2. Sensing Devices
12.1.2.3. Antennas & Access Points
12.1.3. Services
12.1.3.1. System Integration & Consulting
12.1.3.2. Maintenance & Support
12.1.3.3. Managed Services
12.1.3.4. Assisted Professional Services
12.2. Application Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.2.1. Yield Monitoring
12.2.2. Field Mapping Telematics
12.2.3. Crop Scouting
12.2.4. Weather Tracking & Forecasting
12.2.5. Inventory Management
12.2.6. Farm Labor Management
12.2.7. Others
12.3. Technology Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.3.1. Guidance Technology
12.3.2. Remote Sensing Technology
12.3.3. Variable-Rate Technology
12.4. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.4.1. Brazil
12.4.2. Mexico
12.4.3. Argentina
12.4.4. Rest of Latin America
12.5. Latin America Precision Farming Market - Opportunity Analysis Index, By Component, By Application, By Technology and Country, 2022 - 2028
12.6. Latin America Precision Farming Market Dynamics – Trends
13. Middle East and Africa Precision Farming Market Analysis, 2017 - 2021 and Forecast, 2022 - 2028 (Revenue, USD Mn) 
13.1. Component Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. Software
13.1.1.1. Web-based
13.1.1.2. Cloud-based
13.1.2. Hardware
13.1.2.1. Automation & Control Systems
13.1.2.2. Sensing Devices
13.1.2.3. Antennas & Access Points
13.1.3. Services
13.1.3.1. System Integration & Consulting
13.1.3.2. Maintenance & Support
13.1.3.3. Managed Services
13.1.3.4. Assisted Professional Services
13.2. Application Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.2.1. Yield Monitoring
13.2.2. Field Mapping Telematics
13.2.3. Crop Scouting
13.2.4. Weather Tracking & Forecasting
13.2.5. Inventory Management
13.2.6. Farm Labor Management
13.2.7. Others
13.3. Technology Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.3.1. Guidance Technology
13.3.2. Remote Sensing Technology
13.3.3. Variable-Rate Technology
13.4. Country Analysis 2017 - 2021 and Forecast 2022 - 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.4.1. Gulf Cooperation Council (GCC) Countries
13.4.2. Israel
13.4.3. South Africa
13.4.4. Rest of MEA
13.5. MEA Precision Farming Market - Opportunity Analysis Index, By Component, By Application, By Technology and Country, 2022 - 2028
13.6. MEA Precision Farming Market Dynamics – Trends
14. Competition Landscape 
14.1. Strategic Dashboard of Top Market Players
14.2. Company Profiles (Introduction, Financial Analysis, Offerings, Key Developments, Strategies, and SWOT Analysis)
14.2.1. Deere & Company
14.2.2. CropMetrics LLC
14.2.3. Trimble Navigation Limited
14.2.4. CropX
14.2.5. AgSmarts Inc
14.2.6. AgSense, LLC
14.2.7. AGCO Corporation
14.2.8. DICKEY-john
14.2.9. Monsanto Company
14.2.10. Ag Leader Technology
15. Research Methodology
16. Key Assumptions and Acronyms
  • Deere & Company
  • CropMetrics LLC
  • Trimble Navigation Limited
  • CropX
  • AgSmarts Inc
  • AgSense, LLC
  • AGCO Corporation
  • DICKEY-john
  • Monsanto Company
  • Ag Leader Technology