Precision Farming Market is expected to progress at an impressive CAGR of 11.6% over the next ten years

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.

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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.

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.

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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.

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Competitive Landscape

The global market for precision farming has been identified as a fairly fragmented space due to the presence of a high number of participants.

Some of the key market players included in the report are 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.

These have been identified as key e precision farming technology providers. These market participants are engaged in market expansion activities and are adopting organic and inorganic growth strategies to maximize their revenue potential across multiple geographies.

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More Valuable Insights on Offer

Persistence Market Research, a research and consulting firm, has published a revised market research report on the global precision farming market that contains industry analysis of 2016-2020 and opportunity assessment for 2021-2031.

The report provides an in-depth analysis of the market through different segments, namely, application, component, and region. The report also provides supply and demand trends along with an overview of the parent market.

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