Rising Global Food Demand Drives Precision Farming Market Growth: Transformative Forces Shaping the Precision Farming Market Landscape in 2025

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What Will the Precision Farming Industry Market Size Be by 2025?
There's been rapid expansion in the precision farming sector in recent years. The market worth, which was $8.86 billion in 2024, is projected to rise to $10.24 billion by 2025, reflecting a 15.6% compound annual growth rate (CAGR). The significant growth seen in the past can be linked to factors such as a rising population, environmental considerations, governmental aid, and consolidation of farms.

What's the Long-Term Growth Forecast for the Precision Farming Market Size Through 2029?
In the upcoming years, the market size of precision farming is anticipated to experience significant growth, escalating to a worth of $17.79 billion in 2029 with a 14.8% compound annual growth rate (CAGR). This anticipated growth during the forecast period can be credited to factors such as adaptations to climate changes, and emphasis on sustainability. Important trends for this period incorporate big data and analytics, digital farming platforms, drone technology, robotics and automation, smart sensors, IoT devices, precision livestock farming, as well as collaborations and partnerships.

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What Are the Key Growth Drivers Fueling the Precision Farming Market Expansion?
An escalating need for food is predicted to fuel the progression of the precision farming market in the future. Food is described as a substance comprising critical nutrients such as protein, carbohydrates, fat, and more that are utilized in the body of an organism to facilitate growth. Precision farming applies innovative agricultural methods that monitor, measure, and analyze the requirements of distinct fields and crops by employing technology, resulting in a remarkably higher yield. For example, as per the findings of the USDA Foreign Agricultural Service, a US government agency,in November 2023, the worldwide production of wheat for the year 2023-2024 was reported at 790.54 million metric tons, a noticeable increase from the previous year 2022-2023 (789.49 million tons). Hence, the rising demand for food and its subsequent production figures will power the expansion of the precision farming market.

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What Are the Key Trends Driving Precision Farming Market Growth?
One significant trend gaining traction in the precision farming market is the advancement of technology. The focus of these innovative technologies is on sustainable agriculture and health-conscious food production, including aspects such as profitability, amplified production, economic efficiency, and minimising environmental damage. Popular companies in the precision farming market are concentrating on creating advanced technologies to maintain their market position. For example, JCB, a UK-based manufacturer of equipment for sectors such as construction, agriculture, waste handling, and demolition, unveiled their new Fastrac iCON tractor in April 2022. This tractor, specifically designed for precision farming use, incorporates advanced precision technology and offers standout features like the Universal Terminal, AUX-N functionalities, and effortless task control (TC-BAS). Further, it employs integrated GPS technology through the JCB interface and the NOVATEL Smart-7 receiver and is fitted with hardware-based DAB radio and Bluetooth connectivity. Besides, it comprises iCONFIGURE, iCONNECT, and iCONTROL for superior performance and unmatched operator choice.

How Is the Precision Farming Market Segmented?
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 Companies Are Leading the Charge in Precision Farming Market Innovation?
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

Which Regions Are Leading the Global Precision Farming Market in Revenue?
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

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