Precision Farming Technology and Market Evolution: Global Report 2024

"The Business Research Company recently released a comprehensive report on the Global Precision Farming Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The precision farming market size has grown rapidly in recent years. It will grow from $7.72 billion in 2023 to $8.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to increasing population, environmental concerns, government support, farm consolidation.

The precision farming market size is expected to see rapid growth in the next few years. It will grow to $15.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to climate change adaptation, focus on sustainability. Major trends in the forecast period include big data and analytics, digital farming platforms, drone technology, robotics and automation, smart sensors and iot devices, precision livestock farming, collaboration and partnerships.

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Market Drivers and Trends:

The growing demand for food is expected to propel the growth of the precision farming market going forward. Food refers to the substance comprising all essential nutrients such as protein, carbohydrates, fat, and others used in the body of an organism to sustain growth. Precision farming is the advanced method of agriculture that observes, measures, and analyzes the needs of individual fields and crops through the use of technology, thereby producing a much higher yield. For instance, in August 2022, according to a report published by the Committee for the Common Organisation of Agricultural, a European-based commission agricultural committee, the world wheat production in the year 2019/20 was 760.7 million tonnes which were projected to reach 778 million tonnes in 2022/23. Therefore, increasing demand for food and its production will drive the growth of the precision farming market.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

Deere and Company, Trimble Inc, AGCO Corporation, AgJunction Inc, Raven Industries Inc, AG Leader Technology, Teejet Technologies Private Limited, Topcon Positioning Systems, DICKEY-john Corporation, CropMetrics LLC, CropX Technologies Ltd, Agribotix LLC, AgEagle Aerial Systems Inc, Granular Inc, Hexagon Agriculture, Iteris Inc., AgSmarts Inc, Intelligent Agricultural Solutions LLC, Grownetics Inc, Cargill Incorporated, Precision Planting LLC, Farmers Edge Inc., The Climate Corporation, Taranis-Visual Ltd., Descartes Labs, Mavrx Inc., TerrAvion Inc., Gamaya Inc., Aerobotics, Teralytic, Arable Labs, Fieldin Inc., Agworld Pty Ltd., CropIn Technology Solutions Pvt. Ltd., AgriTask, Conservis Corporation, Farmobile LLC

Precision Farming Market 2024 Key Insights:

• The precision farming market size is expected to see rapid growth in the next few years. It will grow to $15.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%.
• Rising Global Food Demand Drives Precision Farming Market Growth
• Technological Advancements Drive Precision Farming Market Evolution
• North America was the largest region in the precision farming market in 2023

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