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Global precision farming market is expected to foresee significant growth. North America to lead the growth!

The global precision farming market is expected to register a CAGR of around 11% over the period of 2021-2027. This is mainly due to the rapid adoption of advanced technologies in precision farming to reduce labor costs along with climate change and the need to meet the rising demand for food. Moreover, the increasing implementation of smart devices in agriculture followed by the need to mitigate greenhouse gases to limit climate change will positively stimulate the industry landscape. Precision agriculture is a state-of-the-art approach to farms and farm management that uses information technology to ensure that plants and soils receive exactly what they need for optimal health and productivity.

Based on offering, the market is segmented into hardware, software, and services. Among these, the hardware segment held a prominent share of the global precision farming market in 2020 and is expected to witness robust growth during the forecast period. This is due to the high adoption of smart devices such as drones, GPS, irrigation controllers, guidance and guidance systems, yield monitors, and sensors in agriculture.

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Based on application, the market is divided into yield monitoring, weather tracking, field mapping, crop scouting, and others. Among these, the yield monitoring segment held a prominent share of the global precision farming market in 2020 and is expected to witness substantial growth during the forecast period. Growth in this segment stems from the benefits of climate change mitigation initiatives that enable farmers to effectively manage climate-related disasters and improve food security and agricultural decision-making.

For a better understanding of the market adoption of precision farming, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, UK, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World. North America is expected to grow at a strong CAGR. The progress of modernization of agribusiness in the region is a major factor behind the growth of the regional precision farming market. Population growth is putting pressure on the agricultural industry to increase productivity thus increasing the adoption of advanced technology like precision farming.

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Some of the major players operating in the precision farming market are Deere & Company, Trimble Inc., AGCO Corporation, AgJunction Inc., Raven Industries Inc., Teejet Technologies, AG Leader Technology, AgEagle Aerial Systems Inc., Granular Inc., CropX Inc.

Global Precision Farming Market Segmentation

Market Insight, by Offering

• Hardware
• Software
• Services

Market Insight, by Technology

  • Guidance
  • Remote Sensing
  • Variable Rate Application

Market Insight, by Application

  • Yield Monitoring
  • Weather Tracking
  • Field Mapping
  • Crop Scouting
  • Others

Market Insight, by Region

  • North America
    •  US
    •  Canada
    •  Rest of North America
  • Europe
    • Germany
    • France
    • Spain
    • UK
    • Rest of Europe
  • Asia-Pacific
    • China
    •  Japan
    •  India
    •  South Korea
    •  Rest of Asia-Pacific
  • Rest of the World

Top Company Profiles

  • Deere & Company
  • Trimble Inc.
  • AGCO Corporation
  • AgJunction Inc.
  • Raven Industries Inc.
  • Teejet Technologies
  • AG Leader Technology
  • AgEagle Aerial Systems Inc.
  • Granular Inc.
  • CropX Inc.

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