Precision Farming Market

The global precision farming market is foreseen to grow by 9.7%, from USD 8.53 Billion in 2021 to USD 17.89 Billion in 2029. Climate change and need to meet rising demand for food, increased adoption of internet of things (IoT) devices in agricultural fields, rapid adoption of advanced technologies in precision farming to reduce labor cost is to drive the market for the upcoming forecast period. However, high costs of precision farming equipment, small size of landholdings and limited availability of skilled labor remains one factor hindering the market growth over the anticipated period.

Market Definition

What is Precision Farming?

Precision farming is the use of new technologies to increase crop production by processing and analyzing multisource data for decision making and operations compared to traditional farming.

Market Overview

The precision farming market search study helps to thoroughly understand the current trend in the market competitive analysis of the players in the emerging market. Moreover, the DRO in the Precision farming market offers valuable perspicuity and a current scenario for making the right decision. The research study covers the eminent players in the market with a detailed analysis of the company and a financial overview containing their net sales, business mix and geographical reach It mainly focuses on the key developments of the products/services offered by the company in recent years. Besides, we at Zettabyte have the expertise to analyses the global precision farming market player's competitive landscape helping the client comprehend their specific strategic growth approaches.

Precision farming market study by "Zettabyte Analytics" offers details about the market scope, market segmentation, technological advancement in the precision farming market and highlights the optimistic, competitive landscape and trends enduring over the years.

Major players in the precision farming market include Ag Leader Technology, Agco Corporation, Ageagle Aerial Systems, Agjunction, Autonomous Tractor Corporation, Cnh Industrial, Cropin Technology, Cropx Technologies, Deere & Company, Descartes Labs, Dickey-John, Ec2Ce, Farmers Edge, Gamaya, Grownetics, Hexagon Agriculture, Kubota, Precision Hawk, Raven Industries, Teejet Technologies, Telus Agriculture, The Climate Corporation, The Yield Technology Solution, Topcon Positioning Systems, Trimble.

COVID-19 Impact on Global Precision Farming Market

The global impact of COVID-19 has lost millions of lives with a massive cost to the healthcare system. Moreover, the treatment cost for patients with COVID-19 has also had a financial impact globally. the impact of COVID-19 on the precision farming market has forced the companies to change their sourcing, pricing, and promotion strategies. the precision farming market players are seen focusing more on optimizing the e-commerce networks with the rising innovations in the digital sector, which are creating new business models for the agriculture industry player.

Research Scope

The report provides market value for the base year 2021 and a yearly forecast from 2022 to 2029 in revenue (USD Million/ Billion). the market for each segment is present in North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the regional basis for the forecast mentioned above.

Key industry dynamics, regulatory scenarios, major material dynamics and precision farming market future markets are analyzed to understand their impact on demand for the forecast period. growth rates have been estimated using correlation, regression and time-series analysis.

Market Segmentation

For the purpose of this report, the global precision farming market segmented on the basis of component type, technology, application, and region:

Component Type Outlook:

On the basis of component type, the market is segmented into hardware, software, service. Further, hardware is segmented into antennas & access points, automation & control systems, sensing devices. Further, software is segmented into cloud-based, web-based. Further, service is segmented into assisted professional services, maintenance & support, managed services, system integration & consulting.

Figure 1 Precision farming Market By Component Type (Market Size And Forecast By Value - USD Million, 2021 & 2029)

Technology Outlook:

On the basis of technology, the market is segmented into guidance technology, remote sensing technology, variable-rate technology. Further, guidance technology is segmented into GPS/GNSS-based guidance technology, GIS-based guidance technology. Further, remote sensing technology is segmented into handheld or ground-based sensing, satellite or aerial sensing. Further, variable-rate technology is segmented into map-based VRT, sensor-based VRT.

Application Outlook:

On the basis of Application, the market is segmented into Crop Scouting, Farm Labor Management, Field Mapping Telematics, Inventory Management, Weather Tracking & Forecasting, Yield Monitoring, Others.

Figure 2 Application Outlook (Revenue, USD Million, 2021)

Regional Outlook (Revenue, USD million; 2021 & 2029)

Figure 3 Precision farming Market: Regional Dynamics