Precision Farming Market CAGR To Be Around 9% by 2035 | Roots Analysis

The agriculture sector is under tremendous pressure to shorten production time and boost crop production capacity without sacrificing crop yield quality due to the growing global population.

The agriculture sectors have been exploring the potential of digital innovations and technologies in farming due to the growing desire for sustainable farming practices. Therefore, precision farming has become a viable substitute to address several issues associated with conventional farming, which greatly enhances process resilience and crop output quality. Bolstered by these advantages and ongoing technological advancements, the global market is expected to witness significant growth during the forecast period.

Precision Farming Market Segments 

Based on the type of offering, the market is segmented into hardware, software and service.

§  The hardware segment captures the largest revenue share of close to 65% in the market, in 2024.

§  The software segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) of over 11% during the forecast period.

Based on the type of hardware, the market is segmented into sensors, drones, monitoring devices, automation and controllers.

§  The automation controllers segment captures the largest revenue share of close to 50% in the precision farming market, in 2024.

§  The sensors segment is anticipated to be the fastest growing segment in this industry, with an annualized rate (CAGR) of over 10% during the forecast period.

Regional Outlook

Based on the geography, the precision farming market can be segmented into five major regions, including North America, Europe, Asia-Pacific, Latine America, and Middle East and North Africa. North America is anticipated to capture the majority share of the market in 2024 and this trend is likely to remain unchanged during the forecast period.

Further, the precision farming industry in Asia-Pacific is accounted to be the fastest-growing segment of the market. This can be attributed to the fact that market in Asia-Pacific is exploring alternative business models such as rentals or subsidy-based approaches, making the technologies more accessible for farmers. Moreover, many companies are developing affordable products for countries with modest economy.

Key Report Takeaways

§  Currently, around 90 companies claim to offer over 300 precision farming hardware, with advanced capabilities, making agriculture practices less laborious and driving higher yields

§  At present, over 50% of the temperature sensors are capable of soil monitoring; majority of the precision farming sensors have been designed with a display to provide more visibility to the users for farming operations

§  Around 55% of precision farming software providers were established post-2011; close to 50% of small and mid-sized companies are offering cloud-based precision farming software

§  Presently, around 30 start-ups are driving innovation in this domain; various R&D initiatives have been undertaken by these players over the last few years

§  The growing interest in precision farming domain is evident from the rise in partnership activity; 31% of the deals inked in 2023 were focused on the development of innovative and efficient precision farming solutions

§  The precision farming market is anticipated to grow at a CAGR of 9% during the forecast period; notably, rise in the use of drones in agriculture imaging and spraying is likely to drive the growth of the market

§  The overall market is expected to be well distributed across different deployment model, application of software, and type of services offered

§  In the long term, the need of weather tracking and forecasting is likely to drive the growth of the precision farming market; North America is expected to capture the majority share (around 40%) of the market by 2035

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Key Players

Examples of key companies engaged in precision farming market (which have also been profiled in this market report; the complete list of companies is available in the full report) include (in alphabetic order) 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, Trimble. 

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