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Precision Agriculture Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Technology (Guidance Systems, Remote Sensing and Variable Rate Technologies), By Component (Software and Hardware), By Application (Yield Monitoring, Field Mapping and Others), By Region and Competition, 2020-2030F
Market Report I 2025-02-28 I 185 Pages I TechSci Research
Global Precision Agriculture Market was valued at USD 8.67 Billion in 2024 and is expected to reach USD 15.28 Billion by 2030 with a CAGR of 9.86% during the forecast period. Precision agriculture, also known as site-specific crop management (SSCM), is an approach to farm management that enables farmers to increase food production in a cost-effective manner. It encompasses various technologies, including global positioning system (GPS), geographical information system (GIS), remote sensing (RS), and variable rate technology (VRT). By leveraging specialized equipment, software, and information technology (IT) services, precision agriculture provides real-time data on soil conditions, ambient air quality, crop health, labor costs, equipment availability, and local weather forecasts. This data facilitates precise decision-making regarding planting, crop rotation, and harvesting. Furthermore, precision agriculture helps reduce water usage, as well as the application of pesticides, herbicides, and fertilizers. It plays a crucial role in enhancing the profitability, productivity, quality, and sustainability of crops. Given its ability to lower production costs and labor requirements, the demand for precision agriculture continues to grow worldwide.
Key Market Drivers
Technological Advancements in IoT & AI
Advancements in Internet of Things (IoT) and Artificial Intelligence (AI) technologies are set to significantly increase the global demand for precision agriculture. The convergence of these technologies enables farmers and agribusinesses to make more informed decisions through increased accuracy and control in their farming operations. IoT devices, such as sensors and drones, are able to collect vast amounts of data on soil, weather, crops, and livestock. When this data is processed and analyzed by sophisticated AI algorithms, actionable insights can be drawn to optimize farming practices. This might involve determining the optimal time for planting seeds, identifying potential pest outbreaks, or understanding the precise irrigation needs of a field. In February 2022, Ag Leader expanded their comprehensive full-farm solution offering with the latest addition to the trusted DirectCommand application product line. The newly launched RightSpot device delivers nozzle-by-nozzle sprayer control, ensuring reliable and efficient coverage. It also provides increased flexibility, a wider speed range, enhanced productivity, and improved precision, further empowering farmers who have relied on Ag Leader for over two decades.
The result is not only an increase in crop yields and quality, but also a reduction in waste, energy use, and environmental impact - a sustainable model that is becoming increasingly important in the face of climate change and global food security challenges. Such benefits are driving the uptake of precision agriculture globally, with farmers and agribusinesses in both developed and developing countries recognizing the transformative potential of IoT and AI technologies.
Key Market Challenges
High Initial Investment
Precision agriculture, one of the megatrends in the global agricultural landscape, represents a new approach to plant cultivation. Utilizing advanced technologies such as drones, remote sensing, and GPS, it seeks to optimize resource use, increasing crop yields, and diminishing environmental impact. However, the high initial investment required can serve as a significant barrier to its global adoption. The cost of Precision Agriculture technologies, along with the necessary infrastructural changes, can be prohibitive, especially for small to medium-scale farmers who constitute a large segment of the global agricultural sector. This financial constraint is even more pronounced in developing countries, where farmers often lack access to credit or other funding resources. Additionally, the return on investment (ROI) from Precision Agriculture is not immediate and requires a longer-term perspective. This aspect can discourage those seeking quick financial gains or those operating on tight margins. Consequently, while the benefits of precision agriculture are apparent, the high initial investment and long-term ROI may decrease its demand globally, particularly amongst small-scale farmers and in resource-limited regions.
Key Market Players
- Ag Leader Technology
- AgJunction, Inc.
- CropX Inc.
- Trimble, Inc.
- Raven Industries Inc.
- Deere & Company
- Topcon Corporation
- AgEagle Aerial Systems Inc.
- Farmers Edge Inc.
- AGCO Corporation
Report Scope:
In this report, the Global Precision Agriculture Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Precision Agriculture Market, By Technology:
o Guidance Systems
o Remote Sensing
o Variable Rate Technologies
Precision Agriculture Market, By Component:
o Software
o Hardware
Precision Agriculture Market, By Application:
o Yield Monitoring
o Field Mapping
o Others
Precision Agriculture Market, By Region:
o North America
United States
Canada
Mexico
o Europe
France
United Kingdom
Italy
Germany
Spain
o Asia-Pacific
China
India
Japan
Australia
South Korea
o South America
Brazil
Argentina
Colombia
o Middle East & Africa
South Africa
Saudi Arabia
UAE
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Precision Agriculture Market.
Available Customizations:
Global Precision Agriculture market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validations
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
4. Voice of Customer
5. Global Precision Agriculture Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Technology (Guidance Systems, Remote Sensing and Variable Rate Technologies)
5.2.2. By Component (Software and Hardware)
5.2.3. By Application (Yield Monitoring, Field Mapping and Others)
5.2.4. By Region
5.2.5. By Company (2024)
5.3. Market Map
6. North America Precision Agriculture Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Technology
6.2.2. By Component
6.2.3. By Application
6.2.4. By Country
6.3. North America: Country Analysis
6.3.1. United States Precision Agriculture Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Technology
6.3.1.2.2. By Component
6.3.1.2.3. By Application
6.3.2. Canada Precision Agriculture Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Technology
6.3.2.2.2. By Component
6.3.2.2.3. By Application
6.3.3. Mexico Precision Agriculture Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Technology
6.3.3.2.2. By Component
6.3.3.2.3. By Application
7. Europe Precision Agriculture Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Technology
7.2.2. By Component
7.2.3. By Application
7.2.4. By Country
7.3. Europe: Country Analysis
7.3.1. Germany Precision Agriculture Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Technology
7.3.1.2.2. By Component
7.3.1.2.3. By Application
7.3.2. United Kingdom Precision Agriculture Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Technology
7.3.2.2.2. By Component
7.3.2.2.3. By Application
7.3.3. Italy Precision Agriculture Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Technology
7.3.3.2.2. By Component
7.3.3.2.3. By Application
7.3.4. France Precision Agriculture Market Outlook
7.3.4.1. Market Size & Forecast
7.3.4.1.1. By Value
7.3.4.2. Market Share & Forecast
7.3.4.2.1. By Technology
7.3.4.2.2. By Component
7.3.4.2.3. By Application
7.3.5. Spain Precision Agriculture Market Outlook
7.3.5.1. Market Size & Forecast
7.3.5.1.1. By Value
7.3.5.2. Market Share & Forecast
7.3.5.2.1. By Technology
7.3.5.2.2. By Component
7.3.5.2.3. By Application
8. Asia-Pacific Precision Agriculture Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Technology
8.2.2. By Component
8.2.3. By Application
8.2.4. By Country
8.3. Asia-Pacific: Country Analysis
8.3.1. China Precision Agriculture Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Technology
8.3.1.2.2. By Component
8.3.1.2.3. By Application
8.3.2. India Precision Agriculture Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Technology
8.3.2.2.2. By Component
8.3.2.2.3. By Application
8.3.3. Japan Precision Agriculture Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Technology
8.3.3.2.2. By Component
8.3.3.2.3. By Application
8.3.4. South Korea Precision Agriculture Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Technology
8.3.4.2.2. By Component
8.3.4.2.3. By Application
8.3.5. Australia Precision Agriculture Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Technology
8.3.5.2.2. By Component
8.3.5.2.3. By Application
9. South America Precision Agriculture Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Technology
9.2.2. By Component
9.2.3. By Application
9.2.4. By Country
9.3. South America: Country Analysis
9.3.1. Brazil Precision Agriculture Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Technology
9.3.1.2.2. By Component
9.3.1.2.3. By Application
9.3.2. Argentina Precision Agriculture Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Technology
9.3.2.2.2. By Component
9.3.2.2.3. By Application
9.3.3. Colombia Precision Agriculture Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Technology
9.3.3.2.2. By Component
9.3.3.2.3. By Application
10. Middle East and Africa Precision Agriculture Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Technology
10.2.2. By Component
10.2.3. By Application
10.2.4. By Country
10.3. MEA: Country Analysis
10.3.1. South Africa Precision Agriculture Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Technology
10.3.1.2.2. By Component
10.3.1.2.3. By Application
10.3.2. Saudi Arabia Precision Agriculture Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Technology
10.3.2.2.2. By Component
10.3.2.2.3. By Application
10.3.3. UAE Precision Agriculture Market Outlook
10.3.3.1. Market Size & Forecast
10.3.3.1.1. By Value
10.3.3.2. Market Share & Forecast
10.3.3.2.1. By Technology
10.3.3.2.2. By Component
10.3.3.2.3. By Application
11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends & Developments
12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments
13. Porter's Five Forces Analysis
13.1. Competition in the Industry
13.2. Potential of New Entrants
13.3. Power of Suppliers
13.4. Power of Customers
13.5. Threat of Substitute Products
14. Competitive Landscape
14.1. Ag Leader Technology
14.1.1. Business Overview
14.1.2. Company Snapshot
14.1.3. Products & Services
14.1.4. Financials (As Reported)
14.1.5. Recent Developments
14.1.6. Key Personnel Details
14.1.7. SWOT Analysis
14.2. AgJunction, Inc.
14.3. CropX Inc.
14.4. Trimble, Inc.
14.5. Raven Industries Inc.
14.6. Deere & Company
14.7. Topcon Corporation
14.8. AgEagle Aerial Systems Inc.
14.9. Farmers Edge Inc.
14.10. AGCO Corporation
15. Strategic Recommendations
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