Precision Farming Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Hardware, Software, Services), By Application (Yield Monitoring, Field Mapping Telematics, Crop Scouting, Weather Tracking and forecasting, Inventory Management, Farm Labor Management, Others), By Technology (Guidance Technology, Remote Sensing Technology, Variable-Rate Technology) and Region  

Precision Farming Market size was valued at US$ 7.6 billion in 2023 and is expected to grow at a CAGR of 11.7% from 2024-20230. Precision farming is an agricultural management approach that enhances crop sustainability by observing, measuring, and adapting to temporal and geographical variability. It helps in the cultivation of both crops and cattle. Precision farming frequently makes use of technology to automate agricultural processes, enhancing their performance, diagnosis, and decision-making. As the name suggests, precision farming involves using an accurate and appropriate amount of inputs, such as water, fertilizer, insecticides, etc., to crops at the appropriate time to maximize yields and improve production. By raising yields, precision farming strategies may significantly cut down the amount of nutrients and other crop inputs required.

The precision farming market is surging owing to acquisitions and definitive agreements to strengthen its position in the market. The market report gives a comprehensive outlook on precision farming across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report gives historical, current, and future market sizes (US$ Mn) based on products and services, applications, sectors, and regions. 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 a vividly illustrated competition dashboard to assess the market competition. 

Key Developments

• For instance, in October 2017 - AGCO agreed 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.