Westford, USA, Aug. 28, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Precision Farming Market will attain a value of USD 22.09 Billion by 2031, with a CAGR of 10.7% during the forecast period (2024-2031). Many technologies, including the Internet of Things, GPS, and remote sensing application control, are employed to gain a thorough grasp of various farming features, such as irrigation and ploughing. Farmers can take care of a variety of problems related to precise crop observation thanks to the Internet of Things. Soil moisture levels as well as temperature are part of present information given by sensors located at the farm and this helps in determination of market prices for crops, time for harvesting as well as soil nurturing.
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Browse in-depth TOC on the " Precision Farming Market "
- Pages - 241
- Tables - 98
- Figures – 76
Precision Farming Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 9.80 billion |
| Estimated Value by 2031 | $ 22.09 billion |
| Growth Rate | Poised to grow at a CAGR of 10.7 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Technology, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Increase in BYOD approach |
| Key Market Opportunities | Leveraging UEBA into MDM solutions |
| Key Market Drivers | Cloud-based technology adoption is increasing the use of MDM solutions |
Hardware Offering to Dominate the market Due to Enhanced Agricultural Efficiency
The reason why hardware products dominate the market for precision agriculture is due to their significance in improving farm output. The use of modern sensors, GPSs, and automatic equipment facilitates accurate field surveillance, resource management and data capture leading to increased production and reduced costs. Due to this technical integration, adoption is accelerated, and hardware dominates precision farming.
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Guidance Technology as Largest Growing Sub-Segment Due to Auto-Steering Mechanisms
The potential of guidance technology to improve operational efficiency has made it the dominant player in the worldwide precision farming market. Global positioning system (GPS)-based systems and auto-steering devices allow for precise field mapping and navigation that in turn reduce both overlap and resource wastage. The latter contributes to increased planting side-dressing and combines effectiveness in harvest while enhancing widespread acceptability of directional technologies in the industry.
Substantial Investments in Key Sectors Helped North America to Dominate the Market
Due to significant investments in precision farming technologies, a strong technology infrastructure and sophisticated farming techniques, North America emerges as the top-most region in this region. The reason behind the high market share in North America of over 40% is largely due to the fast emergence of comprehensive precision farming systems equipped with GPS-enabled devices used for drones’ flying as well as sensors meant for monitoring or targeting agricultural purposes.
Precision Farming Market Insight
Drivers:
- Integration of Precision Farming Technologies with Existing Farm Machinery
- Rising Initiatives by Government
- Rising Demand for Food Owing to the Rising Global Population
Restraints:
- Lesser Reliability of Internet Connectivity and Infrastructure for Precision Farming
- Limited Technical Knowledge and Skills of Farmers or Growers
- Lacking Data Privacy and Increased Security Concerns
Prominent Players in Precision Farming Market
The following are the Top Precision Farming Companies
- Deere & Company (US)
- Trimble Inc. (US)
- AGCO Corporation (US)
- AgJunction LLC (US)
- Raven Industries, Inc. (US)
- AG Leader Technology (US)
- Teejet Technologies (US)
- Topcon (US)
- Taranis (Israel)
- AgEagle Aerial Systems Inc (US)
Key Questions Answered in Global Precision Farming Market Report
- By 2031, how much is the global precision farming market estimated to be worth, and what is the anticipated compound annual growth rate (CAGR) for this market?
- In what ways does the Internet of Things (IoT) help farmers practice precision agriculture?
- What is the reason behind North America's dominance in the precision farming sector, and what is its share percentage?
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This report provides the following insights:
- Analysis of key drivers (Widespread adoption of precision agriculture, seamlessly incorporation of MDM innovations into existing equipment, enhances operational efficiency and data-driven decision-making), restraints (High-speed internet connectivity may be limited or unavailable, real-time transmission and absence of robust infrastructure), opportunities (Centralizing data on a user-friendly interface, holistic view of farm operations and allowing farmers to efficiently monitor), and challenges (Details about crop yields and lack of clear data usage policies) influencing the growth of precision farming market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the precision farming market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the precision farming market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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