Precision Farming Market is expected to generate a revenue of USD 18.53 Billion by 2028, Globally, at 13.00% CAGR: Verified Market Research®

The increased adoption of IoT and sophisticated analytics in agriculture are two key reasons propelling the growth of the precision farming market. Additionally, the market's expansion is attributable to the development of agricultural methods.

JERSEY CITY, N.J., Sept. 20, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Precision Farming Market" By Offering (Hardware, Software, Services), By Technology (Guidance Technology, Remote Sensing), By Application (Yield Monitoring, Crop Scouting, Field Mapping), and By Geography.

Precision Farming Market size was valued at USD 6.92 Billion in 2020 and is projected to reach USD 18.53 Billion by 2028, growing at a CAGR of 13.00% from 2021 to 2028, according to the most recent study from Verified Market Research.

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Browse in-depth TOC on "Precision Farming Market"

202 - Pages

126 – Tables

37 – Figures

Report Scope

Global Precision Farming Market Overview

The concepts of precision farming and precision agriculture are interchangeable. When it comes to cultivating crops and keeping livestock, precision farming improves the practice of farming. The utilization of information technology, including GPS guidance, control systems, robots, autonomous vehicles, sensors, drones, variable rate technologies, GPS-based soil sampling, automated hardware, telematics, and software, is the key aspect of modern farming.

The term VRT refers to a technology that enables farmers to manage the quantity of input in a particular region using variable input applications. Farmers may optimize their sowing and fertilizing by using GPS soil sampling, which measures pH level, water content, and the amount of nutrients available in the soil. Remote sensing technology that keeps an eye on and maintains the land, water, and other resources is also a part of precision farming. Decisions on the farm may be made using this data. Precision farming's main goal is to assure profitability, sustainability, and efficiency while maintaining environmental protection.

Large farms are the main users of this technology since precision farming equipment is expensive, however accessible cell phones and trustworthy satellites can also offer low-cost farming methods. Accurate farm planning, crop scouting, and yield maps are produced using computer-based software. This makes it possible to apply insecticides, fertilizers, and herbicides with greater precision. As a result, it contributes to cost savings and generates a high yield.

IoT supports farmers in addressing a variety of issues related to effective farming, including crop monitoring, weather forecasting, and Precision Farming, which offers real-time data on the environment's temperature and weather. As a result, the precision farming market is expanding due to the increased use of precision farming in weather forecasting.

Key Developments

• On March 2020, AgJunction Inc partnered with GeoSurf Corporation and Anhui Zhongke Intelligent Sense and Big Data Industrial Technology Research Institute Co. Ltd to provide precision agriculture solutions Asia-Pacific region. GeoSurf has recently launched TaznaX, a precision agricultural solution for rice and onion transplanters based on AgJunction's Wheelman and Whirl technology.
• On January 2020, Trimble announced that it had signed a definitive agreement to acquire privately-held Kuebix, a leading transportation management system provider and creator of North America's largest connected shipping community.
• On January 2020, AGCO introduced the new Fendt Momentum planter for row crop farmers in North America to establish a new standard for seed placement accuracy and provide technologies to help farmers overcome planting conditions.

Key Players

The "Global Precision Farming Market" study report will provide a valuable insight with an emphasis on the global market.  The major players in the market are

• Deere & Company
• Trimble
• Agco
• Agjunction
• Raven Industries
• AG Leader Technology
• SST Development Group
• Teejet Technologies
• Topcon Positioning Systems
• Dickey-John Corporation

Based on the research, Verified Market Research has segmented the global Precision Farming Market into Offering, Technology, Application, and Geography.

• Precision Farming Market, By Offering
• Hardware
• Automation and Control System
• Software
• Cloud-Based
• Local/Web-Based
• Services
• System Integration & Consulting
• Managed Services
• Connectivity Services
• Assisted Professional Services
• Maintenance and Support
• Precision Farming Market, By Technology
• Guidance Technology
• GPS/GNSS Based
• GIS Based
• Sensing and Monitoring Device
• Variable-Rate Technology
• Map-Based
• Sensor-Based
• Remote Sensing
• Handheld or Ground-Based Sensing
• Satellite or Aerial Sensing
• Precision Farming Market, By application
• Yield Monitoring
• Crop Scouting
• Farm Labor Management
• Financial Management
• Field Mapping
• Variable Rate Application
• Weather Tracking & Forecasting
• Inventory Management
• Others
• Precision Farming Market, by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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Top Smart Farming Companies resurrecting the market of agriculture driven economies

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