Precision Farming Market Skyrockets to $26.44 Billion by 2031 Dominated by Tech Giants - AgJunction LLC, Ag Leader Technology and CropX Inc. | The Insight Partners

The global precision farming market is set for explosive growth, with projections indicating a surge to $26.44 billion by 2031. This remarkable expansion, driven by technological development in the agricultural sector.

NEW YORK, Nov. 27, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global precision farming market is observing significant growth owing to the increasing adoption of smartphones with the ease of internet facilities. Moreover, the increasing reliance on smartphones for advanced development in the agricultural sector is driving the precision farming market.

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The report runs an in-depth analysis of market trends, key players, and future opportunities. Increasing dependency on low power wide area (LPWA), Wi-Fi services, and wireless sensor technologies for enhancing agricultural output is boosting the market growth.

Market Overview and Growth Trajectory:

Precision Farming Market Growth: According to an exhaustive report by The Insight Partners, the Precision Farming Market is experiencing significant growth, driven by growing demand for agricultural robots. The market, valued at $9.87 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 13.1% during 2023–2031.

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Precision farming assists in decreasing the overall usage of pesticides, water, fertilizers, and herbicides. Besides this, it helps improve the productivity, profitability, quality, and sustainability of the yields. As it lessens labor inputs and production costs, the demand for precision farming is rising globally, fueling the precision farming market growth.

Technological Innovations: The growing adoption of smartphones, along with the easy accessibility of internet services across the globe, represents one of the major factors supporting the precision farming growth of the market. Also, the increasing dependency on low power wide area (LPWA), Wi-Fi services, and wireless sensor technologies for enhancing agricultural output is boosting the market growth. Moreover, the growing integration of the Internet of Things (IoT) in precision farming for increasing yield and evading the adverse effects of climate change is propelling the market's growth. Further, introducing numerous systems and devices, such as sensing and monitoring devices, farm management systems, and control and automation systems in precision farming, contributes to the growth of the market.

Supportive Government Initiatives: Government authorities in numerous countries are announcing several supportive initiatives that offer a promising market outlook. Besides, the increasing demand for precision farming, which assists in increasing productivity while reducing costs, is supplementing the precision farming market growth. For instance, the Government of India announced the establishment of 22 Precision Farming Development Centres (PFDCs) across the country to develop and disseminate regionally differentiated precision farming technologies such as hi-tech agriculture and micro irrigation.

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Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.

Precision Farming Market Segmentation, Applications, Geographical Insights:

• Based on offering, the market is segmented into hardware, software, and services. The hardware segment held the largest market share in 2023.
• Based on application, the market is divided into yield monitoring, crop scouting, field mapping, inventory management, weather tracking and forecasting, and and others. The yield monitoring segment held the largest share of the market in 2023.
• The precision farming market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

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Key Players and Competitive Landscape:

The Precision Farming Market is characterized by the presence of several major players, including:

• AgJunction LLC
• Ag Leader Technology
• CropX Inc.
• AGCO Corporation
• Trimble Inc.
• Deere and Company
• CNH Industrial N.V.
• Topcon
• DICKEY-john
• TeeJet Technologies

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

Precision Farming Market Recent Developments and Innovations:

• "CropX Technologies, a leader in digital farm management, and WiseConn, a pioneer in precision drip irrigation solutions, unveiled a groundbreaking API integration. This partnership is set to redefine the landscape of precision irrigation by enabling seamless data exchange and analytics enhancements for farmers globally."
• "Topcon Agriculture showcased its latest innovations at Agritechnica 2023, the world's foremost trade fair for agricultural machinery. The event, scheduled from November 12-18, will witness Topcon's commitment to expanding precision technology for a growing range of market segments and applications."
• "Trimble, Inc. announced a strategic partnership with CLAAS KGaA mbH, an agricultural engineering equipment manufacturer. The partnership intended to develop a precision farming system: CLAAS CEMIS 1200, SAT 900 GNSS receiver, and GPS PILOT steering system."

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Conclusion:

The yield monitoring segment accounted for the principal revenue share of the precision farming market. It is expected to continue its dominance over the forecast period as it supports farmers' decisions about their fields. On-farm yield monitoring allows farmers to get real-time information during harvest and generate a historical spatial database. This segment is anticipated to account for the largest share of the market as it offers equitable landlord negotiations, environmental compliance documentation, and track records for food safety. The weather forecasting and tracking segment is expected to increase at a significant CAGR during 2023-2031. The use of sensors helps weather predictors offer precise weather forecasting and reading. Furthermore, the introduction of advanced data analytics services and machine learning (ML) techniques is also expected to increase the accuracy and reliability of weather forecasts, thus propelling the growth of the precision farming market during the forecast period.

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With projected growth to $26.44 Billion by 2031, the Precision Farming Market represents a significant opportunity for solution providers, system technology integrators, investors, industry stakeholders, end users and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.

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