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What fueled the previous growth in the precision farming market?

In recent times, the market size of precision farming has experienced swift growth. It is expected to rise from a value of $8.86 billion in 2024, hitting $10.24 billion by 2025 with a compound annual growth rate (CAGR) of 15.6%. The notable expansion during the historic period can be linked to factors such as population growth, environmental impact consciousness, government assistance, and farm consolidation.

What will be the precision farming market size in the future?

The market size of precision farming is poised for swift expansion in the coming years. It’s estimated to surge to $17.79 billion by 2029, with a compound annual growth rate (CAGR) of 14.8%. The anticipated growth during the forecast period can be ascribed to factors such as adaptation to climate change and an emphasis on sustainability. Key trends expected in the forecast period comprise big data and analytics, digital farming platforms, the application of drone technology, the introduction of robotics and automation, smart sensors and IoT devices, precision livestock farming, along with collaboration and partnerships.

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What main drivers are fueling expansion in the precision farming market?

The rising need for food is anticipated to drive the expansion of the precision farming market in the future. Food, composed of key nutrients like proteins, carbohydrates, fats, among others, supports an organism’s growth. Precision farming, a superior agriculture strategy, employs technology to observe, determine, and evaluate the requirements of individual fields and crops, thus yielding a significantly higher output. For example, the USDA Foreign Agricultural Service, a US government agency, reported in November 2023 that the worldwide wheat production for 2023-2024 reached 790.54 million metric tons, surpassing the previous year’s production of 789.49 million tons. Consequently, the expanding requirement and production of food will catalyze the precision farming market’s growth.

What key areas define the segmentation of the global precision farming market?

The precision farming market covered in this report is segmented –

1) By Offering: Hardware, Software, Services

2) By Technology: Guidance Technology, Remote Sensing Technology, Variable Rate Application

3) By Application: Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking And Forecasting, Irrigation Management, Inventory Management, Farm Labor Management, Other Applications

Subsegments:

1) By Hardware: Sensors, GPS Devices, Drones And UAVs, Automated Machinery, Variable Rate Technology (VRT) Equipment

2) By Software: Farm Management Software (FMS), Data Analytics Platforms, Precision Agriculture Mapping Software, Crop Monitoring And Prediction Tools

3) By Services: Consulting Services, Training And Support Services, Data Analysis And Interpretation Services, Maintenance And Repair Services

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Who are the dominant players expanding their reach in the precision farming market?

Major companies operating in the precision farming market include Deere and Company, Trimble Inc, AGCO Corporation, AgJunction Inc, Raven Industries Inc, AG Leader Technology, Teejet Technologies Private Limited, Topcon Positioning Systems, DICKEY-john Corporation, CropMetrics LLC, CropX Technologies Ltd, Agribotix LLC, AgEagle Aerial Systems Inc, Granular Inc, Hexagon Agriculture, Iteris Inc., AgSmarts Inc, Intelligent Agricultural Solutions LLC, Grownetics Inc, Cargill Incorporated, Precision Planting LLC, Farmers Edge Inc., The Climate Corporation, Taranis-Visual Ltd., Descartes Labs, Mavrx Inc., TerrAvion Inc., Gamaya Inc., Aerobotics, Teralytic, Arable Labs, Fieldin Inc., Agworld Pty Ltd., CropIn Technology Solutions Pvt. Ltd., AgriTask, Conservis Corporation, Farmobile LLC

How are evolving market trends shaping precision farming Strategies?

Emerging technology is a prevalent factor in the growth of the precision farming market. The development of cutting-edge precision technology primarily emphasizes sustainable agriculture and healthy food production, taking into account profitability, boosted output, financial efficiency, and minimized negative environmental impact. Key organizations within the precision farming market are aiming to introduce advanced technologies to maintain their market position. For instance, in April 2022, construction, agriculture, waste handling, and demolition equipment manufacturer JCB, based in the UK, unveiled their new Fastrac iCON tractor. This machine, designed for precision farming use, features integrated precision technology, Universal Terminal, AUX-N abilities, simple task control (TC-BAS), and a JCB interface and NOVATEL Smart-7 receiver enabled GPS. The equipment also includes a hardware-controlled DAB radio and Bluetooth integration, in addition to iCONFIGURE, iCONNECT, and iCONTROL for enhanced performance and varied operator options.

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Which regions are emerging as leaders in the precision farming market?

North America was the largest region in the precision farming market in 2024. The regions covered in the precision farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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