Global Precision Agriculture Market Insights Forecasts to 2033

• The Global Precision Agriculture Market Size was Valued at USD 10.3 Billion in 2023
• The Market Size is Growing at a CAGR of 13.20% from 2023 to 2033
• The Worldwide Precision Agriculture Market Size is Expected to Reach USD 35.6 Billion by 2033
• Asia-Pacific is Expected to Grow the fastest during the forecast period.

The Global Precision Agriculture Market Size is Anticipated to Exceed USD 35.6 Billion by 2033, Growing at a CAGR of 13.20% from 2023 to 2033. 

Market Overview

Precision agriculture, referred to as site-specific crop management, satellite agriculture, or on-demand farming, uses the most advanced research and technology to revolutionize farming methods, especially in poor nations. It aims to make agriculture more intelligent and effective by increasing sustainability, protecting natural resources, and optimizing financial benefits. Precision agriculture leverages advanced technology and real-time data on crops, soil, and the environment, combined with insights on weather, labour, and equipment. On October 10, 2023, Zuari FarmHub, an established agritech firm in India, announced a partnership with CropX Technologies, a global agri-tech company focusing on digital agronomic solutions. This data-driven approach enhances productivity and optimizes resource use for sustainable farming. Furthermore, to help farmers with crop rotation, planting, harvesting, and soil management, predictive analytics uses data from satellites, drones, and soil sensors. Precise decisions are informed by real-time monitoring of plant imaging and soil conditions, which maximizes field management for both present and future requirements. Moreover, two major factors propelling market expansion are the growing demand for food and the requirement for sophisticated agricultural technologies. The expansion is further fueled by a growing emphasis on farm mechanization and data-driven decision-making, which encourages the implementation of creative agricultural solutions.

Report Coverage

This research report categorizes the market for the global precision agriculture market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global precision agriculture market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global precision agriculture market.  

Driving Factors

Precision agriculture is becoming more and more vital due to the growing need for foods high in protein, especially fruits and vegetables. Moreover, the market is growing as a consequence of producers increasing their product options to meet changing dietary trends around the globe.  To combat extreme weather, farmers are adopting robust techniques like crop diversification and water management. Precision agriculture technology is also being used to increase crop yields and decrease waste, which will help the food production industry flourish. Furthermore, agriculture is undergoing a change due to technological developments in sensors, drones, UAVs, GPS, and data analytics. By providing farmers with up-to-date information on soil conditions, these advances improve their ability to make informed decisions about fertilization and irrigation.  

Restraining Factors

The high prices associated with precision agriculture equipment pose a significant barrier to market expansion. Many farmers, particularly those with little resources, may find it prohibitively expensive to invest in new technologies such as smart sensors, drones, and GPS systems. This costly barrier may prevent widespread adoption and hamper the precision agriculture market's overall growth potential.  

Market Segmentation

The global precision agriculture market share is classified into type, technology, component, and application.

• The automation and control systems segment is expected to hold the largest share of the global precision agriculture market during the forecast period.       

Based on type, the global precision agriculture market is categorized into automation and control systems, sensing and monitoring devices, and farm management systems. Among these, the automation and control systems segment is expected to hold the largest share of the global precision agriculture market during the forecast period. Automation and control technologies give farmers improved tools for streamlining their operations. These systems combine a variety of technologies, including automated machinery, robotic equipment, and control software. Autonomous tractors can travel fields, enhancing the planting, harvesting, and cultivating processes. Aside from that, robotics is employed for jobs such as precision weeding and harvesting, which reduce labour costs while increasing productivity.

• The GNSS/GPS systems segment is expected to grow at the fastest CAGR during the forecast period.     

Based on the technology, the global precision agriculture market is categorized into GNSS/GPS systems, GIS, remote sensing, and variable rate technology (VRT). Among these, the GNSS/GPS systems segment is expected to grow at the fastest CAGR during the forecast period. GNSS/GPS systems provide precise mapping and tracking of farm equipment, allowing farmers to pinpoint their exact location within a field. GPS-guided tractors and equipment provide straight and uniform rows, efficient use of inputs, and less overlap, leading to cost savings and higher output. With the growing usage of GPS devices, farmers can develop detailed field maps and manage variable rate applications.

• The hardware segment is expected to hold the largest share of the global precision agriculture market during the forecast period.       

Based on components, the global precision agriculture market is categorized into hardware and software. Among these, the hardware segment is expected to hold the largest share of the global precision agriculture market during the forecast period. Precision agriculture's infrastructure relies heavily on hardware components. It includes a wide range of physical instruments and equipment, such as global positioning system (GPS) receivers, sensors, drones, automated machinery, and other tangible items used on farms. The high use of automation and control devices in the agriculture business, such as drones/UAVs, GPS/GNSS, irrigation controllers, guidance and steering systems, yield monitors, and sensors, is driving the precision agriculture market growth.

• The yield monitoring segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the application, the global precision agriculture market is categorized into mapping, crop scouting, yield monitoring, and soil monitoring. Among these, the yield monitoring segment is expected to grow at the fastest CAGR during the forecast period. Yield monitoring is critical for evaluating crop performance and improving productivity. This program collects data during the harvest process to determine the real yield of crops in various regions of the field. Yield monitoring systems use GPS and sensors to deliver real-time information on crop yields, moisture content, and grain quality.

Regional Segment Analysis of the Global Precision Agriculture Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the global precision agriculture market over the forecast period.

North America is projected to hold the largest share of the global precision agriculture market over the forecast period. The presence of established agricultural machinery manufacturers and technology providers in North America is driving market expansion. Additionally, favorable government measures are driving market expansion. Aside from that, companies are providing solutions to help reduce downtime in agricultural applications. Furthermore, On April 29, 2024, Case IH introduced the FieldOps app, a revolutionary all-in-one mobile and web solution designed to help farmers connect, view, and manage their operations. FieldOps gives farmers real-time access to agronomic, machine, and operational data, connecting them to their machines, fields, teams, and partners and providing them with actionable insights. Additionally, driven by agricultural digitization, connected machinery enables farmers to access vehicles over the cloud, resulting in more profitable and productive operations.

Asia Pacific is expected to grow at the fastest CAGR growth of the global precision agriculture market during the forecast period.  The increasing modernization of agriculture in nations such as China, India, and Indonesia is a primary driver of the regional precision farming market's expansion. The demand for precision farming equipment is rising as population expansion in the region's growing countries puts pressure on the agriculture industry to increase productivity. Many government initiatives are being implemented in developing nations such as India, Sri Lanka, and Nigeria to stimulate the adoption of contemporary precision agricultural methods, hence increasing yields.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global precision agriculture market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• AGCO Corporation
• Agribotix
• Bayer CropScience AG
• Case IH Agriculture
• ClearAg Operations
• Conservis Corporation
• AG DNA
• AG Junction
• AG Leader Technology
• Deere & Company
• Others

Key Market Developments

• In May 2024, AGCO announced an investment in Innova Memphis' Innova Ag Innovation Fund VI. The agreement is consistent with AGCO's strategy to serve the next generation of farmers with sophisticated solutions that offer a more automated, digitized, and sustainable future for agriculture.

• In October 2023, Deere collaborated with two companies, Sweden-based Delaval and Norway-based Yara, on digital precision agriculture solutions for sustainability. The agreements aim to assist farmers in tracking livestock and fertilizer data so that they may make more environmentally friendly business decisions.  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global precision agriculture market based on the below-mentioned segments: 

Global Precision Agriculture Market, By Type

• Automation and Control Systems
• Sensing and Monitoring Device
• Farm Management Systems

Global Precision Agriculture Market, By Technology

• GNSS/GPS Systems
• GIS
• Remote Sensing
• Variable Rate Technology (VRT)

Global Precision Agriculture Market, By Component

• Hardware
• Software

Global Precision Agriculture Market, Application

• Mapping
• Crop Scouting
• Yield Monitoring
• Precision Irrigation Component

Global Precision Agriculture Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa