The Global Precision Farming Market is expected to reach 15,444.94 USD Million by 2028, growing at a CAGR of 12.10% from 2022 to 2028. The increasing government’s support to adopt modern agricultural techniques and increasing use of agricultural software for maintaining farm efficiency is anticipated to augment the growth of the market during the forecast period.
- The cloud-based segment held a significant share in 2021. This is attributable to the increasing implementation of the cloud-based model because this model has advantages such as it provides large data storage, facilitating cost-saving, and reducing energy consumption.
- The yield monitoring application segment is projected to grow at a significant CAGR during the forecast period. Yield monitoring helps to understand field inconsistency, variability and hence further helps farmers to increase their yields. Yield monitoring also provides the required information about soil properties, weather conditions, and fertilizers to the farmers which may affect the overall production of the crops.
- The healthcare providers segment held a significant share in 2021. This is attributable to the increasing use of enterprise mobility solutions in healthcare facilities for maintaining electronic health records, managing & assessing patients’ health online in real-time, and providing medical education.
- Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to the increasing government initiatives to encourage the implementation of modern precision farming technologies by emerging economies such as India, and China in the region. Furthermore, the increasing awareness about the benefits of precision farming is also anticipated to support the regional growth of the market.
Some of key players in Precision Farming market include Deere & Company (U.S.), Trimble, Inc. (U.S.), Raven Industries Inc. (U.S.), AgJunction, Inc. (U.S.), AGCO Corporation (U.S.), Farmeron, Inc. (U.S.), Airinov (France), Microdrones GmbH (Germany), OnFarm Systems (U.S.), and PrecisionHawk (U.S.)..
The increasing favorable government initiatives are anticipated to augment the growth of the Precision Farming market in the years to come. Governments from various economies are now focusing on investing in precision agriculture to enhance competitiveness and efficiency. For instance, in February 2022, Minister of Agriculture and Agri-Food, Marie-Claude Bibeau announced up to $875,000 to Ukko Agro Inc. in order to back up the development of an analytics platform. This investment will help advance the cutting-edge technology that modern farm operations need to proactively improve food production sustainability, manage risks to crops, and increase yield. Further, in September 2021, the Agriculture Ministry of India signed five MoUs with CISCO, Ninjacart, Jio Platforms Ltd, ITC Ltd, and NCDEX e-markets Ltd (NeML) to conduct pilot projects to promote digital technology in the farm sector. Additionally, the growing adoption of advanced technologies is also anticipated to support the growth of the market within the estimated timeframe.
However, the high initial capital investment and lack of standardization in the precision farming industry are expected to hamper the growth of the market in the years to come. Moreover, the integration of smartphones with agriculture hardware and software applications along with technologies like big data and artificial intelligence are expected to create immense opportunities for the growth of the market within the forecast period.
North America held the largest shares in 2021. The US held the largest share in North America for the Precision Farming market. This is attributable to the favorable government initiatives in the agriculture industry in the region. Furthermore, the presence of major companies and the high adoption rate of precision farming software is also expected to fuel the regional growth of the market. Additionally, increasing awareness about the quality of food with the use of precision farming solutions in the region is also expected to support the growth of the Precision Farming market in the region.