Precision Farming Market Sales to Top US$ 18 Bn with an impressive CAGR of 11.6% by 2031

Precision Farming Market Size 2022

The global Precision Farming Market Size is slated to grow on an astute note in the forecast period. The world is on the verge of adopting AR (Augmented Reality), VR (Virtual Reality), and ER (Extended Reality). Though these technologies were confined to gaming initially, the present-day uses comprise simulation software used for training Army, US Navy, and Coast Guard ship captains. The other verticals have also started adapting to these technological advances and would continue to do so further.

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The global precision farming market was valued at US$ 6 Bn in 2020 and the estimated net worth for the year 2031 is predicted to be US$ 18 Bn. These findings are from a recently revised market survey on precision farming by Persistence Market Research. The report also suggests that the precision farming market is expected to progress at an impressive CAGR of 11.6% over the next ten years.

The world has substantially transformed in the last couple of decades, and almost all aspects of life are dependent on technology to function at their optimal potential. Global warming has completely changed the environment and climate across the globe, which has made it essential for farmers to adopt advanced farming techniques such as precision farming. Precision farming enables farmers to optimize crop production with limited resources and enhance crop yield.

Rising food demand from the growing global population, efficient and profitable crop yield, changing climatic and atmospheric patterns, and increasing proliferation of technology are some of the major factors fueling demand for precision farming technology.

Key Players:

The report has profiled some of the Important players prevalent in the global like - AgJunction Inc., Raven Industries Inc., CNH Industrial N.V., Deere & Company, Trimble Inc., Iteris Inc., Topcon Corporation, PrecisionHawk, senseFly, DICKEY-john, SST Development Group Inc., Agribotix LLC, and Ag Leader Technology and more.

This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Precision Farming.

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Prime precision farming industry players are focusing on integrating hardware and software for precision farming with smartphones due to their wide scope of application.

In October 2021, Greeneye Technology, an agritech firm based in Tel Aviv, announced the commercial launch of its AI-enabled precision spraying technology. The technology is aimed at reducing the use of herbicides by nearly 78% by detecting weeds from crops with an accuracy of 95%.
Recently, OneSoil, a company that is integrating technology with agriculture to enhance yield and monitor farms, raised US$ 5 million in funding. These funds were raised from investors PortfoLion and Almaz Capital. The funding will be used to expand the company's presence in the European and American regions.

Key Takeaways from Market Study

The precision farming market is slated to rise at a stellar CAGR of 11.6% through 2031.
The market in North America held 45% of global market revenue share in 2020.

Adoption of precision farming in economies such as China, India, and Brazil is expected to pace up significantly over the next ten years.
The market for precision farming is estimated to attain a valuation of US$ 18 Bn by the end of the decade.

Increasing technological proliferation, rising awareness, rising global food demand, and change in climate due to global warming are some of the major factors that are shaping the precision farming industry.

"Adoption of precision farming in India and China is expected to significantly increase over the decade, and these nations will provide a very lucrative market for key players of the industry as well as new players due to the untapped potential that they possess," says a Persistence Market Research analyst.

Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)

Key Stakeholders
Precision Farming Market Manufacturers
Precision Farming Market Distributors/Traders/Wholesalers
Precision Farming Market Subcomponent Manufacturers
Industry Association
Downstream Vendors

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Key Questions Answered in This Report.

What will the Market growth rate in Future?
What are the key factors driving the global Market?
Who are the key manufacturers in Market space?
What are the opportunities and threats faced by the vendors in the global industry?
What are sales, revenue, and price analysis by regions of industry?

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PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.

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