The growing food requirements in order to feed the growing population our world needs to produce 70% more food in next few years. Conventional agriculture practices are inefficient to produce sufficient food for rapidly growing population which is a greatest challenges faced by many countries. It is worth mentioning that various advantages offered by precision farming has garnered the attention of stakeholders to further invest in research and development.
The global precision farming market size is estimated to grow from USD 10.43 billion in 2024 to USD 27.29 billion by 2035, growing at a CAGR of 9.1%, during the forecast period.
Precision farming market represent one of the fastest growing segments of the agriculture industry. This can be attributed to the rapidly growing need to reduce timelines and increase capacity of crop production, without compromising on the quality of crop yield.
Precision Farming Market Segmentation
Precision Farming Market segments include- Distribution by Type of Offering (Hardware, Software and Services), Type of Hardware (Sensors, Drones, Monitoring Devices, and Automation Controllers), Application of Hardware (Yield and Soil Monitoring, Field Mapping, Crop Scouting, and Weather Tracking and Forecasting), Deployment Model (Cloud-based, Web-based and On-premises), Application of Software (Weather Tracking and Forecasting, Variable Rate Application (VRA), Inventory Management, Farm Labor Management, Irrigation Management and Financial Management), Type of Services Offered (Installation and Consultation Services, Climate Information Services and Supply Chain Management Services), Type of Technology (Guidance System, Variable Rate Technology (VRT) and Remote Sensing), Farm Size (Small Size Farms, Medium Size Farms and Large Size Farms), and Geography (North America, Europe, Asia-Pacific, Latin America and Middle East and North Africa).
Further, rising preference for sustainable agriculture practices is another factor that has led agriculture industries to explore the potential of digital technologies in farming. Precision agriculture have the potential to offer various benefits such as increased crop yield, improved efficiency of process, environmental sustainability, climate resilience, risk mitigation and conservation of resources that helps farmers to cultivate, feed, harvest, and distribute food more efficiently.
Advantages of Precision Farming includes:
- Increase in the crop yield can be achieved when precision farming technologies is widely adopted.
- Lesser water consumption on using software enabled moisture sensors and smart irrigation tools.
- Decrease in crop damage using predictive weather modelling and smart farming techniques.
In recent years, The adoption of precision farming technology has expanded due to the advantages of smart farming, including real-time analysis, data-driven decision making, and automated operations.
The modernization of the farming process has been more visible and successful as a result of the recent breakthroughs in the geospatial technologies, satellite-based monitoring, variable rate technology, remote sensing, data analytics, artificial intelligence and machine learning. Considering the current market trends and innovation landscape, the next generation of machine learning technologies will be integrated with advanced data analytics, and process and equipment modeling to form comprehensive systems, for the purpose of real-time monitoring and predictive analysis. Further, owing to the rising popularity of cloud and IoT based process technologies, the precision farming market is expected to witness steady growth over the coming years.
Precision Farming Market Leading Players
360 Yield Center, Ag Leader Technology, AgJunction, Capstan Ag Systems, Deere & Company, DICKEY-john, Evvos, Graham Planter, Grownetics, Hexagon Agriculture, Instacrops , Massey Ferguson, METER Group, O’Connors, Precision Planting, Prointegra, SurePoint Ag Systems, Synelixis Solutions and Trimble.
Over 90 players claims to offer more than 300 hardware in the precision farming market; of these, 42% of the precision farming providers are based in North America, followed by 36% located in Europe. It is worth noting that North America has emerged as the hub of precision farming. This can be attributed to the fact that farmers in North America have large size farms, access to fast internet and well-established infrastructure to integrate advanced technologies.
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