Leading Growth Driver in the Precision Farming Market in 2025: Rising Global Food Demand Drives Precision Farming Market Growth Driver's Influence

What industry-specific factors are fueling the growth of the precision farming market?
The precision farming market is poised for expansion, propelled by the escalating demand for food. Food, a substance containing vital nutrients like protein, carbohydrates, fat, and more, promotes organism growth. Precision farming, a technology-driven advanced agricultural strategy, caters to the specific needs of diverse fields and crops, thereby significantly increasing the yield. For example, the USDA Foreign Agricultural Service, a US government body, reported in November 2023 that the worldwide wheat production for 2023-2024 exceeded the output of 2022-2023 (789.49 million tons) by reaching 790.54 million metric tons. Thus, as the need for food and its production rises, it will fuel the precision farming market's growth.

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What Is the projected market size and growth rate for the precision farming market?
The market size of precision farming has seen substantial expansion in the recent past. It's projected to enlarge from $8.86 billion in 2024 to $10.24 billion in 2025, growing at a compound annual growth rate (CAGR) of 15.6%. The significant growth during the historic period is credited to factors such as escalating population, environmental apprehensions, governmental backing, and farm amalgamation.

In the forthcoming years, the dimension of the precision farming market is anticipated to witness an accelerated increase, reaching up to $17.79 billion by 2029 with a compound annual growth rate (CAGR) of 14.8%. The reasons contributing to this growth during the forecast period are adaptation to climate change and an emphasis on sustainability. The forecast period is also expected to see major trends such as big data and analytics, digital farming platforms, drone technology, robotics, automation, smart sensors, IoT devices, precision livestock farming, and collaborations and partnerships.

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What new trends are reshaping the precision farming market and its opportunities?
The emergence of technological innovations is a significant trend in the precision farming market. These advancements focus on promoting sustainable agriculture, enhancing food production, boosting profits, elevating production levels, improving economic efficiency, and mitigating environmental harm. To maintain their market position, many companies in this sector are emphasizing the development of groundbreaking technologies. For example, in April 2022, JCB, the British firm recognized for manufacturing equipment used in construction, agriculture, waste management, and demolition, launched their latest Fastrac iCON tractor. This vehicle, integrated with precision technology, is intended for precision farming applications. It boasts features such as a Universal Terminal, AUX-N capabilities, and simple task control (TC-BAS). The device includes integrated GPS that utilizes the JCB interface along with a NOVATEL Smart-7 receiver and is additionally equipped with hardware-controlled DAB radio and Bluetooth connectivity. Furthermore, the Fastrac iCON tractor offers elements such as iCONFIGURE, iCONNECT, and iCONTROL, providing superior performance and unmatched options for operators.

What major market segments define the scope and growth of the precision farming market?
The precision farming market covered in this report is segmented -

1) By Offering: Hardware, Software, Services
2) By Technology: Guidance Technology, Remote Sensing Technology, Variable Rate Application
3) By Application: Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking And Forecasting, Irrigation Management, Inventory Management, Farm Labor Management, Other Applications

Subsegments:
1) By Hardware: Sensors, GPS Devices, Drones And UAVs, Automated Machinery, Variable Rate Technology (VRT) Equipment
2) By Software: Farm Management Software (FMS), Data Analytics Platforms, Precision Agriculture Mapping Software, Crop Monitoring And Prediction Tools
3) By Services: Consulting Services, Training And Support Services, Data Analysis And Interpretation Services, Maintenance And Repair Services

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Which region dominates the precision farming market?
North America was the largest region in the precision farming market in 2024. The regions covered in the precision farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Which key market leaders are driving the precision farming industry growth?
Major companies operating in the precision farming market include 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

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What Is Covered In The Precision Farming Global Market Report?

•Market Size Forecast: Examine the precision farming market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the precision farming market for a structured understanding.
•Key Players Overview: Analyze major players in the precision farming market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the precision farming market.
•Segment Contributions: Evaluate how different segments drive overall growth in the precision farming market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the precision farming market.
•Industry Challenges: Identify potential risks and obstacles affecting the precision farming market.
•Competitive Landscape: Review strategic developments in the precision farming market, including expansions, agreements, and new product launches.

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