Precision Farming Market to Surpass USD 24.49 billion by 2032, at CAGR of 12.28% | Report by SNS Insider

Precision Farming Market Growth Fueled by Innovations in Sustainable Agricultural Practices

AUSTIN, TX, UNITED STATES, January 3, 2025 /EINPresswire.com/ -- Market Size & Industry Insights

According to the SNS Insider Report,“The Precision Farming Market is poised for unprecedented growth, with its valuation projected to surge from USD 9.89 Billion in 2023 to an impressive USD 24.49 billion by 2032. This growth trajectory, representing a compound annual growth rate (CAGR) of 10.6% from 2024 to 2032, underscores the sector’s pivotal role in modern agriculture.”

Driving Forces Behind Market Growth

The rising global demand for sustainable and resource-efficient farming practices is a key driver for the precision farming market. Leveraging advanced technologies such as GPS, IoT, and AI, precision farming enables real-time data collection, fostering informed decision-making that boosts crop yields, minimizes waste, and conserves resources. These innovations are particularly critical as the world grapples with increasing food demand due to population growth and environmental challenges.

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SWOT Analysis of Key Players as follows:
-Ag Leader Technology
-AgJunetion Inc.
-CropMetrics LLC
-Trimble Inc.
-AGCO Corporation
-Raven Industries Inc.
-Deere and Company
-Topcon Corporation
-Farmers Edge Inc.
-The Climate Corporation

Key Growth Segments in the Precision Farming Market

By Offering:

-Hardware: The hardware segment led the market in 2023, powered by the adoption of advanced tools like automated tractors, drones, sensors, and precision irrigation systems. These devices are instrumental in gathering real-time data and enhancing operational efficiency.
-Software: Expected to grow at the fastest pace between 2023 and 2032, the software segment encompasses data analytics platforms, farm management systems, and cloud-based solutions. As data-driven decision-making becomes the norm, the demand for robust software solutions is escalating.

By Technology:

-Guidance Technology: Dominating in 2023, guidance technology—including GPS and advanced navigation systems—ensures precise machinery operation, reducing overlap and optimizing field coverage.
-Remote Sensing Technology: Predicted to be the fastest-growing segment, remote sensing utilizes satellite and drone-based sensors to provide critical insights into crop health, soil conditions, and environmental variables, aiding in predictive farm management.

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KEY MARKET SEGMENTS:

By Offering
Hardware
Software
Services

By Technology
Guidance Technology
Remote Sensing Technology
Variable Rate Application

By Application
Yield Monitoring
Crop Scouting
Field Mapping
Variable Rate Application
Weather Tracking and Forecasting
Inventory Management
Farm Labor Management
Financial Management
Others (demand forecasting, customer management, payables and receivables)

Regional Highlights

North America:

North America maintained its leadership in 2023, driven by the U.S.’s robust adoption of smart farming technologies and strong government initiatives. Market leaders such as John Deere and Trimble Inc. continue to innovate with automated machinery and data analytics platforms, bolstering the region’s dominance.

Asia Pacific:

The Asia Pacific region is witnessing rapid growth, led by increasing adoption of precision farming solutions in India and China. Government efforts to enhance food security and resource management, coupled with advancements from companies like Mahindra & Mahindra and Yanmar, are accelerating market expansion.

Recent Developments in the Precision Farming Market

April 02, 2024: AGCO and Trimble have solidified a USD 2 billion joint venture, introducing the PTx Trimble brand. This collaboration, with AGCO holding an 85% stake, enhances precision farming capabilities, including advanced guidance, autonomy, precision spraying, and data management tools.

November 22, 2024: Farmers Edge has strategically pivoted from direct farmer services to offering precision agriculture solutions to ag retailers, agronomists, and sustainability platforms. By providing “managed services,” the company leverages its technology and expertise to support the broader agri-food ecosystem.

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Conclusion

The precision farming market’s growth is a testament to the increasing prioritization of sustainable agricultural practices and technological innovation. As farmers and stakeholders embrace advanced tools and techniques, the industry is set to play a transformative role in addressing global food security and resource conservation challenges.

TABLE OF CONTENT - Key Points

Chapter 1. Introduction

Chapter 2. Executive Summary

Chapter 3. Research Methodology

Chapter 4. Market Dynamics Impact Analysis

Chapter 5. Statistical Insights and Trends Reporting

Chapter 6. Competitive Landscape

Chapter 7. Precision Farming Market Segmentation, by Offering

Chapter 8. Precision Farming Market Segmentation, by Technology

Chapter 9. Precision Farming Market Segmentation, by Application

Chapter 10. Regional Analysis

Chapter 11. Company Profiles

Chapter 12. Use Cases and Best Practices

Chapter 13. Conclusion

Continued…

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Akash Anand
SNS Insider Pvt. Ltd
415-230-0044
info@snsinsider.com
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