Global Precision Farming Market – Size, Outlook, Trends and Forecast (2024

Global Precision Farming Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2023

Forecast Data Period

2024-2030

Historical Data Period

2018-2021

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

Precision farming is a technology through which the crop yield can be increased, and the cost of production can be reduced by changing the traditional agriculture methods with advanced IT-based agriculture methods such as Big Data analysis and artificial intelligence. Precision farming identifies site-specific differences within the field and adjusts the management action, instead of managing entire field based on hypothetical average conditions. Moreover, precision farming offers the potential to simplify and automate the data collection and analysis. Moreover, precision farming also assists in the decision-making process for optimising the production capacities.

Global Precision Farming Market size:

Global precision farming market size is projected to reach approximately $9.60 billion by 2024 from $5.01 million in 2017 with a CAGR of 13.40% during the forecast timeline 2019-2024. The primary drivers for the precision farming market include a rise in strain on the global food supply owing to increasing population, cost savings associated with precision farming techniques, and government regulations to adopt modern agricultural techniques are the drivers boosting the growth of the market. Precision farming is capturing popularity among farmers due to the rise in global warming have spurred the adoption of advanced farming technologies to enhance farm productivity and crop yield. On the flip side, substantial initial investments on R&D and lack of technological knowledge among farmers are some of the restraints hampering the market growth. Rising usage of Unmanned Aerial Vehicles (UAVs)/drones in precision farming and integration of smartphones with IoT devices and software applications are the opportunities that are driving the market growth during the forecast period (2019-2024).

Global Precision Farming Market share:

Precision Farming Market is segmented the by technology, offering, application & geography. Based on the

Global Precision Farming Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

technology, the market is branched into guidance technology, remote sensing, and variable-rate technology. Guidance technology accounted for the most significant market share due to the early adoption of this technology by the farmers. GPS-based auto-guidance technology allows growers to decrease the overlapping of equipment and assist in saving fuel, labour, time, and soil compaction. during the forecast

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Global Precision Farming Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

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