Precision Farming Market Region & Country Revenue Analysis & Forecast Till 2035

Precision Farming Market Overview

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.

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. 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

Precision Farming Market Segmentation

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).

Furthermore, 91% of the precision farming hardware providers engaged in this domain are private companies and 9% of the precision farming hardware providers in this industry are public companies. Moreover, 43% of the precision farming hardware have temperature sensors, followed by 35% having water sensors. It is worth highlighting that there are five companies that claim to offer systems that possess all types of sensors for precision farming; notable examples of such sensors (in alphabetical order) include Beacon sensor (developed by Soiltech Wireless), Meteobot Pro (developed by Prointegra) and SOKOL-M (developed by Escort Monitoring Systems). Further, 25% of the precision farming hardware are used for weather tracking, followed by 24% for yield monitoring.

Over the past few years, players engaged in the precision farming domain have entered into various agreements, in order to expand and diversify their respective product portfolios. Several collaborations have been undertaken by various stakeholders in precision farming domain, during the period 2020-2024 (till January).

It is worth noting that over the past few years, an inconsistent trend in partnership activity in this domain has been observed. However, a significant increase has been witnessed in 2023, wherein 31% agreements were signed in precision farming domain. Notable examples of agreements include (in reverse chronological order) collaborations between Augmenta and Metalfor (March 2023), Agro Intelligence and Vantage Atlantique Méditerranée (AM) (August 2022), and Deere & Company and TATA (June 2022). 28% of Product / technology integration agreement emerged as the most popular type of partnership model adopted by players in the precision farming domain. Furthermore, 27% of the intracontinental partnerships, have been signed by players based in North America.

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.

Around 64 funding instances are focused on precision farming technologies, during the period 2019-2024 (till January). It is worth noting that there has been an increase in the funding activity during the given time period, 25% of funding instances were reported in 2021 and 2022. This can primarily be attributed to the fact that in the last few years, many well-established players have expanded their product portfolio to suit the growing demand for precision farming. Companies engaged in the domain of precision farming have raised a significant amount of capital through venture capital round. It is worth highlighting that several players in this domain have managed to secure significant capital through other equity as well.

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