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Global Precision Farming Market to reach USD XX billion by the end of 2030

Global Precision Farming Market Size study & Forecast, by Offering (Hardware, Software, Services), by Technology (Guidance Technology, Remote Sensing Technology, Variable Rate Technology), by Application (Yield Monitoring, Crop Scouting, Field Mapping, Variable Rate Application, Weather Tracking and Forecasting, Others) and Regional Analysis, 2023-2030

Product Code: OIRAL-96436017
Publish Date: 29-02-2024
Page: 200

Global Precision Farming Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% during the forecast period 2023-2030. Precision farming is an approach to farm management that uses information technology, satellite imagery, and other advanced tools to optimize various aspects of agricultural practices. The goal of precision farming is to enhance the efficiency, productivity, and sustainability of agricultural production while minimizing waste and environmental impact. It involves collecting and analyzing data to make informed decisions on crop management, resource allocation, and overall farm operations. The key factors driving the market growth are the rising adoption of IoT devices in agricultural applications, integration of precision farming technologies into existing farm machinery, and rapid adoption of advanced technologies in precision farming to reduce costs that are anticipated to create a lucrative demand for the market during the forecast period 2023-2030.

Additionally, supportive government initiatives such as policies, subsidies, and incentives for adopting precision farming practices are driving market growth. For instance, in May 2022, The Canadian government pledged a financial investment of USD 441,917.5 towards the development of an integrated system designed for precision fruit tree farming. This funding initiative not only aims to support the creation of such a system still also seeks sustainable solutions to address the emerging challenges faced by Canada’s apple industry. Moreover, the growing adoption of data analytics in the agriculture sector, and the rising use of AI-based solutions in precision farming are anticipated to create lucrative opportunities for the market over the projected year. However, the high costs of precision farming equipment and small size of landholdings and the limited availability of skilled workforce stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Precision Farming Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to government support and initiatives, the trend toward larger farm sizes, growing awareness and concern about environmental sustainability, the availability of advanced infrastructure, and ongoing advancements in technologies such as GPS, sensors, drones, and data analytics have significantly enhanced the capabilities of precision farming systems. Whereas, the Asia Pacific is expected to grow with the fastest growth rate over the forecast period, owing to factors such as the growing awareness among farmers about the benefits of precision farming, increasing internet penetration, and supportive cohesive government initiatives.

Major market player included in this report are:
Deere & Company
Trimble Inc.
AGCO Corporation
AgJunction LLC
Raven Industries, Inc.
AG Leader Technology
Teejet Technologies
AgEagle Aerial Systems Inc
Descartes Labs, Inc.
Hexagon AB

Recent Developments in the Market:
Ø In July 2023, Deere & Company successfully acquired Smart Apply, Inc. (US), a leading precision spraying equipment company. This strategic acquisition is designed to enhance the focus on high-value crop customers and dealers, while simultaneously expanding the array of solutions offered to support growers in addressing key challenges related to labor, input costs, and regulatory compliance.

Global Precision Farming Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Offering, Technology, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Offering:
By Technology:
Guidance Technology
Remote Sensing Technology
Variable Rate Technology
By Application:
Yield Monitoring
Crop Scouting
Field Mapping
Variable Rate Application
Weather Tracking and Forecasting
Inventory Management
Farm Labor Management
Financial Management

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Precision Farming Market, by Region, 2020-2030 (USD Billion)
1.2.2. Precision Farming Market, by Offering, 2020-2030 (USD Billion)
1.2.3. Precision Farming Market, by Technology, 2020-2030 (USD Billion)
1.2.4. Precision Farming Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Precision Farming Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Precision Farming Market Dynamics
3.1. Precision Farming Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rising adoption of IoT devices in agricultural applications Integration of precision farming technologies into existing farm machinery Rapid adoption of advanced technologies in precision farming to reduce cost
3.1.2. Market Challenges Growing Adoption of data analytics in agriculture sector Rising use of AI-based solutions in precision farming
3.1.3. Market Opportunities High costs of precision farming equipment Small size of landholdings and limited availability of skilled workforce
Chapter 4. Global Precision Farming Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Precision Farming Market, by Offering
5.1. Market Snapshot
5.2. Global Precision Farming Market by Offering, Performance – Potential Analysis
5.3. Global Precision Farming Market Estimates & Forecasts by Offering 2020-2030 (USD Billion)
5.4. Precision Farming Market, Sub Segment Analysis
5.4.1. Hardware
5.4.2. Software
5.4.3. Services
Chapter 6. Global Precision Farming Market, by Technology
6.1. Market Snapshot
6.2. Global Precision Farming Market by Technology, Performance – Potential Analysis
6.3. Global Precision Farming Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
6.4. Precision Farming Market, Sub Segment Analysis
6.4.1. Guidance Technology
6.4.2. Remote Sensing Technology
6.4.3. Variable Rate Technology
Chapter 7. Global Precision Farming Market, by Application
7.1. Market Snapshot
7.2. Global Precision Farming Market by Application, Performance – Potential Analysis
7.3. Global Precision Farming Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Precision Farming Market, Sub Segment Analysis
7.4.1. Yield Monitoring
7.4.2. Crop Scouting
7.4.3. Field Mapping
7.4.4. Variable Rate Application
7.4.5. Weather Tracking and Forecasting
7.4.6. Inventory Management
7.4.7. Farm Labor Management
7.4.8. Financial Management
7.4.9. Others
Chapter 8. Global Precision Farming Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Precision Farming Market, Regional Market Snapshot
8.4. North America Precision Farming Market
8.4.1. U.S. Precision Farming Market Offering breakdown estimates & forecasts, 2020-2030 Technology breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Precision Farming Market
8.5. Europe Precision Farming Market Snapshot
8.5.1. U.K. Precision Farming Market
8.5.2. Germany Precision Farming Market
8.5.3. France Precision Farming Market
8.5.4. Spain Precision Farming Market
8.5.5. Italy Precision Farming Market
8.5.6. Rest of Europe Precision Farming Market
8.6. Asia-Pacific Precision Farming Market Snapshot
8.6.1. China Precision Farming Market
8.6.2. India Precision Farming Market
8.6.3. Japan Precision Farming Market
8.6.4. Australia Precision Farming Market
8.6.5. South Korea Precision Farming Market
8.6.6. Rest of Asia Pacific Precision Farming Market
8.7. Latin America Precision Farming Market Snapshot
8.7.1. Brazil Precision Farming Market
8.7.2. Mexico Precision Farming Market
8.8. Middle East & Africa Precision Farming Market
8.8.1. Saudi Arabia Precision Farming Market
8.8.2. South Africa Precision Farming Market
8.8.3. Rest of Middle East & Africa Precision Farming Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Deere & Company Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. Trimble Inc.
9.3.3. AGCO Corporation
9.3.4. AgJunction LLC
9.3.5. Raven Industries, Inc.
9.3.6. AG Leader Technology
9.3.7. Teejet Technologies
9.3.8. AgEagle Aerial Systems Inc
9.3.9. Descartes Labs, Inc.
9.3.10. Hexagon AB
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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