Precision Agriculture Market on Track for Strong Growth, Estimated to Grow at 12.4% CAGR Through 2029

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What Is the Expected CAGR for the Precision Agriculture Market Through 2025?
The size of the precision agriculture market has seen quick expansion in past years. The forecast indicates a growth from $8.3 billion in 2024 to $9.37 billion in 2025, equating to a compound annual growth rate (CAGR) of 12.9%. The historical growth is due to a combination of factors including: the expansion and complexity of farms, higher food consumption, coupled with an increasing demand for IoT and AI-based agricultural solutions.

What's the Projected Size of the Global Precision Agriculture Market by 2029?
In the coming years, the precision agriculture market is projected to experience accelerated growth, increasing to a value of $14.94 billion by 2029, with a compound annual growth rate (CAGR) of 12.4%. Factors contributing to this upward trend during the forecast period include the escalating adoption of AI and machine learning technologies, rising demand for food security, and growing consumer demand for transparency and traceability. Key emerging trends within this forecast period include customized crop management solutions, the incorporation of blockchain for improved traceability, and progress in remote sensing technologies.

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Top Growth Drivers in the Precision Agriculture Industry: What's Accelerating the Market?
The growth of the precision agriculture sector is being fuelled by mounting food requirements. Food, defined as any substance consumed to provide nutritional support to a living entity, is in high demand due to factors such as population expansion, economic progress, and evolving dietary patterns. Precision agriculture empowers farmers by providing real-time solutions to issues such as soil erosion, nutrient scarcity, and pest infestations. By harnessing data-driven intelligence, farmers are able to enhance crop durability and reduce potential losses through targeted actions such as soil modifications, crop rotations, or pest control measures. For example, the US-based International Trade and Development group, the World Bank Group, predicted in October 2024 that the global populace would reach 10 billion by 2050. This surge would necessitate an escalation in food production by 60% in order to meet increasing demand amidst the difficulties triggered by hastening climate change. As a result, escalating food demand is fuelling the expansion of the precision agriculture sector.

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Which Emerging Trends Are Transforming the Precision Agriculture Market in 2025?
Key players in the precision agriculture market are transforming their operations by introducing platforms such as Arc Farm Intelligence, which is aimed at delivering digital solutions for farm management. The precision agriculture platform seamlessly merges different technologies and methods to streamline crop production by giving farmers access to real-time data and insights. For instance, FMC India, a chemical corporation based in India, launched its own version of Arc Farm Intelligence in March 2024. This precision agriculture platform is intended to assist farmers in boosting productivity and promoting agricultural sustainability. The platform facilitates easy connectivity, efficient data organization, and relevant task management abilities in collaboration with advisers, farmers and other stakeholders. A noteworthy feature is that the platform and all the essential field-monitoring equipment are offered to the farmer free of charge. This initiative is part of FMC's pledge to ensure that small and historically marginalized farmers can take advantage of advanced technologies.

What Are the Main Segments in the Precision Agriculture Market?
The precision agriculture market covered in this report is segmented -

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

Subsegments:
1) By Hardware: Sensors, GPS Systems, Drones And Uavs, Tractors And Farm Machinery, Automated Irrigation Systems
2) By Software: Farm Management Software, Data Analytics Software, Remote Sensing Software, Precision Irrigation Software
3) By Service: Consulting Services, Support And Maintenance Services, System Integration Services

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Which Top Companies are Driving Growth in the Precision Agriculture Market?
Major companies operating in the precision agriculture market report are Deere & Company; Corteva Agriscience; Monsanto Company; Syngenta AG; AGCO Corporation; Trimble Inc.; Raven Industries Inc.; Planet Labs Inc.; The Climate Corporation; Farmers Edge Inc.; Solinftec Inc.; Ag Leader Technology Inc.; Iteris Inc.; DICKEY-John Corporation; Taranis Visual Ltd.; AgJunction Inc.; Farmobile LLC; Arable Labs Inc.; The Yield Technology Solutions Pty Ltd.; Topcon Positioning Systems Inc.; Agribotix LLC; SlantRange Inc.; AquaSpy Inc.; Agworld Pty Ltd.; CropMetrics LLC

Which Regions Will Dominate the Precision Agriculture Market Through 2029?
North America was the largest region in the precision agriculture market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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