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Global Precision Agriculture Market Size, Share, Forecast: By Technology: GNSS/GPS Systems, GIS, Remote Sensing, Variable Rate Technology (VRT), Others; By Type: Automation and Control Systems, Sensing and Monitoring Devices, Farm Management Systems; By Component; By Application; Regional Analysis; Competitive Landscape; 2024-2032
Global Precision Agriculture Market Outlook
The global precision agriculture market size reached a value of about USD 8.69 billion in 2023. The market is further expected to grow at a CAGR of 13.40% in the forecast period of 2024-2032 to reach a value of approximately USD 26.82 billion by 2032.
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The precision agriculture technology depends heavily on specialised equipment like sensing instruments, antennas, and access points, as well as automation and control systems. It also comprises of maintenance and managed services. It combines a wide range of innovations like bioengineering, robotics and automation, imagery and sensors, and big data. The Asia Pacific is anticipated to see the most rapid growth due to the availability of the most significant agricultural land, with opportunities for growth in countries including China, India, Australia, and Japan. Governments around the world have taken multiple initiatives to promote the use of modern agricultural techniques to improve crop yield and productivity. For example, in accordance with the updated European Common Agricultural Policy (2014-2021), the European Union has developed financial incentives and support schemes to encourage farmers to invest in diverse precision agricultural technologies.
GNSS/GPS systems are the leading technology sector of the market. GNSS and GPS are used for mapping and geo-positioning, yield surveillance, surveillance of soil condition, virtual fencing, and monitoring of biomass. Automation and control systems are currently the dominating segments as they help reduce labour costs, deliver reliable performance, and improve the efficiency and precision of agricultural operations. Hardware is the leading segment in components because continuous technological developments have led to the introduction of new devices with a better location as well as data processing capabilities. Yield monitoring holds the largest share in the application sector of the precision agriculture market and helps measure and collect data based on grain flow, grain humidity, and covered agricultural area. With yield control technology, farmers can compare and improve seed performance of various seed varieties across their fields.
Properties and Applications
Precision agriculture (PA) refers to a farm management approach that uses information technology (IT) to guarantee that crops and soils are provided with precisely what they need for optimum health as well as productivity. Precision agriculture aims to ensure competitiveness, sustainability, and environmental protection. It is also recognized as satellite agriculture, as-needed agriculture, and site-specific crop management (SSCM).
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Based on type, the precision agriculture market is divided into:
- Sensing and Monitoring Devices
- Farm Management Systems
- Automation and Control Systems
On the basis of technology, the precision agriculture market can be segmented into:
- GNSS/GPS Systems
- Remote Sensing
- Variable Rate Technology (VRT)
- GIS
- Others
The components can be divided into software and hardware.
It finds application in the following sectors:
- Mapping
- Yield Monitoring
- Soil Monitoring
- Precision Irrigation
- Crop Scouting
- Others
The regional precision agriculture markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East, and Africa.
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Market Analysis
Farmers are progressively adopting the latest technologies with the rapid penetration of smartphones as well as the internet. The growth of the precision agriculture market is due to the increasing proliferation of the Internet of Things (IoT), as well as the use by farmers of advanced analytics. Advanced analytics is a part of data science, which uses various data forecasting tools and techniques to assure that crops and soils are adequately nourished. This tends to help peasants organise their activities.
Increasing environmental issues inspire peasants to concentrate on sustainable agriculture practices like natural resource conservation. This has led to the need to improve crop nutrition and protection, and this, in turn, propels the precision farming market. Technological advancements, including vertical farms with intelligent design, have unfolded many growth opportunities in order to optimize yields as well as reduce waste.
The introduction of connected technologies like low-power wide range (LPWA), Zigbee, Wi-Fi, and new wireless sensor technologies in precision agriculture has made it possible for different farming operations to be planned and carried out efficiently. The cloud-based software model is expected to gain a significant market share for precision agriculture over the forecast period as it lowers energy use and stores large quantities of data while facilitating cost savings. The market is also being driven by the rising competition between the key players in the industry. The leading companies are developing various types of systems and devices to simplify farm work, including agricultural management systems, sensing, and monitoring tools, automation, as well as control systems. These developments have driven the market growth of the global precision agricultural market. In the forecast period, the digital revolution in agriculture and government financial incentives for farms will likely drive the precision agriculture market.
Competitive Landscape
The report gives a detailed analysis of the following key players in the global precision agriculture market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- AGCO Corporation
- Deere & Company
- Raven Industries, Inc.
- Trimble Inc.
- Bayer AG
- CNH Industrial America LLC.
- Farmers Edge Inc.
- Fairport Farm Software
- Granular, Inc.
- Grownetics, Inc.
- IBM
- Proagrica
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report provides a detailed analysis of the historical (2018-2023) and forecast period (2024-2032) of the markets, along with all the micro and macro aspects.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Type |
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| Breakup by Component |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Precision Agriculture Market Analysis
8.1 Key Industry Highlights
8.2 Global Precision Agriculture Historical Market (2018-2023)
8.3 Global Precision Agriculture Market Forecast (2024-2032)
8.4 Global Precision Agriculture Market by Technology
8.4.1 GNSS/GPS Systems
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 GIS
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Remote Sensing
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Variable Rate Technology (VRT)
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Precision Agriculture Market by Type
8.5.1 Automation and Control Systems
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Sensing and Monitoring Devices
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Farm Management Systems
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Precision Agriculture Market by Component
8.6.1 Hardware
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Software
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Precision Agriculture Market by Application
8.7.1 Mapping
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Crop Scouting
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Yield Monitoring
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Soil Monitoring
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Precision Irrigation
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Others
8.8 Global Precision Agriculture Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Precision Agriculture Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Precision Agriculture Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Precision Agriculture Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Precision Agriculture Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Precision Agriculture Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 AGCO Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Financial Summary
16.2.1.5 Certifications
16.2.2 Deere & Company
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Financial Summary
16.2.2.5 Certifications
16.2.3 Raven Industries, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Financial Summary
16.2.3.5 Certifications
16.2.4 Trimble Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Financial Summary
16.2.4.5 Certifications
16.2.5 Bayer AG
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Financial Summary
16.2.5.5 Certifications
16.2.6 CNH Industrial America LLC.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Financial Summary
16.2.6.5 Certifications
16.2.7 Farmers Edge Inc.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Financial Summary
16.2.7.5 Certifications
16.2.8 Fairport Farm Software
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Financial Summary
16.2.8.5 Certifications
16.2.9 Granular, Inc.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Financial Summary
16.2.9.5 Certifications
16.2.10 Grownetics, Inc.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Financial Summary
16.2.10.5 Certifications
16.2.11 IBM
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Financial Summary
16.2.11.5 Certifications
16.2.12 Proagrica
16.2.12.1 Company Overview
16.2.12.2 Product Portfolio
16.2.12.3 Demographic Reach and Achievements
16.2.12.4 Financial Summary
16.2.12.5 Certifications
16.2.13 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Precision Agriculture Market: Key Industry Highlights, 2018 and 2032
2. Global Precision Agriculture Historical Market: Breakup by Technology (USD Billion), 2018-2023
3. Global Precision Agriculture Market Forecast: Breakup by Technology (USD Billion), 2024-2032
4. Global Precision Agriculture Historical Market: Breakup by Type (USD Billion), 2018-2023
5. Global Precision Agriculture Market Forecast: Breakup by Type (USD Billion), 2024-2032
6. Global Precision Agriculture Historical Market: Breakup by Component (USD Billion), 2018-2023
7. Global Precision Agriculture Market Forecast: Breakup by Component (USD Billion), 2024-2032
8. Global Precision Agriculture Historical Market: Breakup by Application (USD Billion), 2018-2023
9. Global Precision Agriculture Market Forecast: Breakup by Application (USD Billion), 2024-2032
10. Global Precision Agriculture Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Precision Agriculture Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Precision Agriculture Market Structure
Key Questions Answered in the Report
In 2023, the global precision agriculture market attained a value of nearly USD 8.69 billion.
The market is projected to grow at a CAGR of 13.40% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 26.82 billion by 2032.
The major market drivers include the growing technological advancements, the increasing focus on enhancing farm productivity, the rising deployment of the Internet of Things (IoT) in farming, and the introduction of favourable government initiatives aimed at assisting farmers and promoting sustainability.
The key trends guiding the market include the rising popularity of software-based models and the increasing utilisation of connected technologies like low-power wide range (LPWA), Zigbee, Wi-Fi, among others, in agricultural applications.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The various technologies considered in the market report include GNSS/GPS systems, GIS, remote sensing, and variable rate technology (VRT), among others.
The major types of precision agriculture include automation and control systems, sensing and monitoring devices, and farm management systems.
The significant components considered in the market report are mapping, crop scouting, yield monitoring, soil monitoring, and precision irrigation, among others.
Mapping, crop scouting, yield monitoring, soil monitoring, and precision irrigation, among others, are the several applications of precision agriculture.
The major players in the market are AGCO Corporation, Deere & Company, Raven Industries, Inc., Trimble Inc., Bayer AG, CNH Industrial America LLC., Farmers Edge Inc., Fairport Farm Software, Granular, Inc., Grownetics, Inc., IBM, and Proagrica, among others.
Analyst Review
The global precision agriculture market attained a value of USD 8.69 billion in 2023, driven by the rising growing technological advancements and implementation of favourable government policies to assist farmers with modern agricultural techniques. Aided by the development of connected technologies and increasing preference for cloud-based software model, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 13.40%. The precision agriculture market is projected to reach USD 26.82 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the industry can be segmented into sensing and monitoring devices, automation and control systems, and farm management systems, where automation and control systems dominate the total industry share. On the basis of technology, the industry is divided into GNSS/GPS systems, remote sensing, variable rate technology (VRT), and GIS, among others, with GNSS/GPS systems accounting for the largest market share. By components, the industry is bifurcated into hardware and software, where hardware exhibits a clear dominance in the industry. On the basis of application, the industry is categorised into mapping, yield monitoring, soil monitoring, precision irrigation, and crop scouting, among others, with yield monitoring accounting for the majority of the market share. The major regional markets for precision agriculture are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include AGCO Corporation, Deere & Company, Raven Industries, Inc., Trimble Inc., Bayer AG, CNH Industrial America LLC., Farmers Edge Inc., Fairport Farm Software, Granular, Inc., Grownetics, Inc., IBM, and Proagrica, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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