Precision Farming Market Size to Hit USD 27.3 billion by 2035| Exclusive Report by Roots Analysis

Driven by the ongoing efforts to overcome the inefficiencies related to conventional farming practices, the market is likely to present lucrative opportunities for precision farming companies in coming years
The precision farming market is estimated to grow from USD 10.4 billion in 2024 to reach USD 11.2 billion in 2025 and USD 27.3 billion by 2035, representing a higher CAGR of 9.3% during the forecast period.
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The growing food requirements in order to feed the growing population our world needs to produce 70% more food in next few years. Conventional agriculture practices are inefficient to produce sufficient food for rapidly growing population which is a greatest challenges faced by many countries. It is worth mentioning that various advantages offered by precision farming has garnered the attention of stakeholders to further invest in research and development. Precision farming market represent one of the fastest growing segments of the agriculture industry. This can be attributed to the rapidly growing need to reduce timelines and increase capacity of crop production, without compromising on the quality of crop yield. Further, rising preference for sustainable agriculture practices is another factor that has led agriculture industries to explore the potential of digital technologies in farming. Precision agriculture have the potential to offer various benefits such as increased crop yield, improved efficiency of process, environmental sustainability, climate resilience, risk mitigation and conservation of resources that helps farmers to cultivate, feed, harvest, and distribute food more efficiently.
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The modernization of the farming process has been more visible and successful as a result of the recent breakthroughs in the geospatial technologies, satellite-based monitoring, variable rate technology, remote sensing, data analytics, artificial intelligence and machine learning. Considering the current market trends and innovation landscape, we anticipate that the next generation of machine learning technologies will be integrated with advanced data analytics, and process and equipment modeling to form comprehensive systems, for the purpose of real-time monitoring and predictive analysis. Further, we believe owing to the rising popularity of cloud and IoT based process technologies, the precision farming market is expected to witness steady growth over the coming years.

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Precision farming: overall market landscape- The current market landscape features the presence of over 90 players that claim to offer more than 300 hardware in the precision farming market; of these, most of the precision farming providers are based in North America (42%), followed by those located in Europe (36%). It is worth noting that North America has emerged as the hub of precision farming. This can be attributed to the fact that farmers in North America have large size farms, access to fast internet and well-established infrastructure to integrate advanced technologies.

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Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research / consulting services dedicated to serve our clients in the best possible way.

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