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Precision Farming Market Analysis

The Precision Farming Market size is estimated at USD 13.11 billion in 2024, and is expected to reach USD 23.84 billion by 2029, growing at a CAGR of 12.70% during the forecast period (2024-2029).

Some of the main drivers for adopting precision farming are climate change, growing demand for food, more technology adoption in global agriculture sector and government initiatives to improve farmers' efficiency by means of new technologies.

• Precision farming is an agricultural management concept which focuses on the observation, measurement and response to crop variability between fields. Production of plants is focused on the areas defined by property lines, expected crop yields in a given field and geographical and environmental factors.
• Moroever, Precision farming, which will overtake other advances in agriculture by the end of 2030, is predicted to be an important trend. Through the mobile app, real time information on equipment is available through remote sensing and ground communication. (VRTs) has allows farmers to make more specific land management decisions, so that inputs like seeds, fertilisers and pesticides can be used more effectively in the context of changing weather conditions.
• Most broad-market vendors offer guidance systems, climate-weather predictions, and input applications equipment. Small vendors mainly target smart irrigation and field monitoring techniques specializing in IoT solutions. North America is the early adopter of technology and has a significant adoption rate of many innovative technologies used in precision farming. The region is a substantial adopter of IoT, big data, drones, and robotics in agriculture. 
• Moreover, growing investments in technologies such as driverless tractors, guidance systems, and GPS sensing systems are also anticipated to contribute to the precision agriculture market scope growth during the study period. 
• High costs have made it tough for small-scale farmers to deploy the tools, thereby, restricting them to only large farms. However, variable rate application (VRA) and controlled traffic systems (CTF) help in enhanced utilization of crop nutrients, improvement of crop quality, and the reduction of overlap, thus resulting in better production economy. 
• However, more significant adoption could result from deploying remote sensing and farm management software technologies after COVID-19. Businesses have already started concentrating more on wireless platforms to support real-time decision-making for crop health monitoring, yield monitoring, irrigation scheduling, field mapping, and harvesting management. This may propel the studied market demand in the forecasted period.

Precision Farming Industry Segmentation

Precision farming (PF) is the approach of farm management that brings in information technology IT to ensure that the crops and soil get what they need for health and productivity. The goal of PA is to guarantee profitability, sustainability, and protection of the environment. PA is also recognized as satellite agriculture, as-needed farming, and site-specific crop management (SSCM). 

The precision agriculture market is segmented by technology (guidance systems, remote sensing, variable-rate technology, drones, and UAVs), component (hardware, software, services), application (yield monitoring, variable rate application, field mapping, soil monitoring, crop scouting), and geography (North America (United States, Canada), Europe (Germany, United Kingdom, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of the Asia-Pacific), Latin America, Middle East & Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.