1 INTRODUCTION 31
1.1 STUDY OBJECTIVES 31
1.2 MARKET DEFINITION 31
1.3 MARKET SCOPE 32
1.3.1 MARKETS COVERED 32
FIGURE 1 PRECISION FARMING MARKET: SEGMENTATION 32
1.3.2 REGIONAL SCOPE 33
1.3.3 INCLUSIONS AND EXCLUSIONS 33
1.3.4 YEARS CONSIDERED 34
1.4 CURRENCY CONSIDERED 34
1.5 STAKEHOLDERS 34
1.6 SUMMARY OF CHANGES 35
1.7 RECESSION IMPACT 36
2 RESEARCH METHODOLOGY 37
2.1 RESEARCH DATA 37
FIGURE 2 PRECISION FARMING MARKET: RESEARCH DESIGN 37
2.1.1 SECONDARY DATA 38
2.1.1.1 Secondary sources 38
2.1.2 PRIMARY DATA 39
2.1.2.1 Primary interviews with experts 39
2.1.2.2 Breakdown of primary interviews 39
2.1.2.3 Key data from primary sources 40
2.1.2.4 Key industry insights 40
2.2 MARKET SIZE ESTIMATION 41
FIGURE 3 PROCESS FLOW OF MARKET SIZE ESTIMATION 41
2.2.1 TOP-DOWN APPROACH 41
2.2.1.1 Approach to capture market size by top-down analysis (supply side) 42
FIGURE 5 TOP-DOWN APPROACH: MARKET SIZE ESTIMATION METHODOLOGY APPROACH 1 (SUPPLY SIDE) 43
FIGURE 6 TOP-DOWN APPROACH: MARKET SIZE ESTIMATION METHODOLOGY APPROACH 2 (SUPPLY SIDE) 43
2.2.2 BOTTOM-UP APPROACH 44
2.2.2.1 Approach to capture market size by bottom-up analysis
(demand side) 44
FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2 – DEMAND SIDE 45
2.3 GROWTH FORECAST 45
2.4 DATA TRIANGULATION 46
FIGURE 9 DATA TRIANGULATION METHODOLOGY 47
2.5 RESEARCH ASSUMPTIONS 48
TABLE 1 ASSUMPTIONS FOR RESEARCH STUDY 48
2.6 RESEARCH LIMITATIONS 48
2.7 RISK FACTORS 49
FIGURE 10 RISK ASSESSMENT 49
3 EXECUTIVE SUMMARY 51
FIGURE 11 PRECISION FARMING MARKET, 2019–2031 (USD MILLION) 51
FIGURE 12 HARDWARE SEGMENT TO HOLD LARGEST SHARE OF PRECISION FARMING MARKET, BY OFFERING, DURING FORECAST PERIOD 52
FIGURE 13 GUIDANCE TECHNOLOGY TO CLAIM LARGEST MARKET SHARE DURING FORECAST PERIOD 52
FIGURE 14 YIELD MONITORING APPLICATION TO SECURE LARGEST MARKET SHARE DURING FORECAST PERIOD 53
FIGURE 15 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN GLOBAL PRECISION FARMING MARKET DURING FORECAST PERIOD 54
4 PREMIUM INSIGHTS 55
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN PRECISION FARMING MARKET 55
FIGURE 16 RISING PREFERENCE FOR PRECISION FARMING AMONG FARMERS/GROWERS TO OFFER GROWTH OPPORTUNITIES FOR MARKET PLAYERS 55
4.2 PRECISION FARMING MARKET, BY OFFERING 55
FIGURE 17 HARDWARE SEGMENT TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD 55
4.3 PRECISION FARMING MARKET, BY APPLICATION 56
FIGURE 18 YIELD MONITORING SEGMENT TO HOLD LARGEST MARKET SHARE IN 2031 56
4.4 PRECISION FARMING MARKET, BY TECHNOLOGY 56
FIGURE 19 GUIDANCE TECHNOLOGY SEGMENT TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD 56
4.5 COUNTRY-WISE PRECISION FARMING MARKET GROWTH 57
FIGURE 20 AMERICAS TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD 57
5 MARKET OVERVIEW 58
5.1 INTRODUCTION 58
5.2 MARKET DYNAMICS 58
FIGURE 21 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 58
5.2.1 DRIVERS 59
5.2.1.1 Rapid adoption of advanced technologies in precision farming to reduce cost 59
5.2.1.2 Increased adoption of IoT devices in agricultural applications 59
5.2.1.3 High pressure on governments and farmers to meet surging demand for food 60
5.2.1.4 Integration of precision farming technologies into existing farm machinery 60
FIGURE 22 DRIVERS: PRECISION FARMING MARKET 61
5.2.2 RESTRAINTS 61
5.2.2.1 High costs of precision farming equipment 61
5.2.2.2 Small size of landholdings and limited availability of skilled workforce 61
FIGURE 23 RESTRAINTS: PRECISION FARMING MARKET 62
5.2.3 OPPORTUNITIES 62
5.2.3.1 Adoption of data analytics in agriculture sector 62
5.2.3.2 Emergence of multiple user-friendly smartphone applications for farmers 63
5.2.3.3 Rising use of AI-based solutions in precision farming 63
5.2.3.4 Adoption of digital technologies in sustainable farming 63
FIGURE 24 OPPORTUNITIES: PRECISION FARMING MARKET 64
5.2.4 CHALLENGES 64
5.2.4.1 Difficulties in collecting and analyzing data from multiple farms 64
5.2.4.2 Lack of standardized protocols and technologies 64
5.2.4.3 Data privacy issues and security concerns 65
5.2.4.4 Lesser reliability of internet connectivity and infrastructure for precision farming 65
FIGURE 25 CHALLENGES: PRECISION FARMING MARKET 66
5.3 VALUE CHAIN ANALYSIS 66
FIGURE 26 PRECISION FARMING MARKET: VALUE CHAIN ANALYSIS 67
5.4 ECOSYSTEM MAPPING 68
TABLE 2 ROLE OF KEY PLAYERS IN PRECISION FARMING ECOSYSTEM 68
FIGURE 27 KEY PLAYERS IN PRECISION FARMING ECOSYSTEM 69
5.5 PRICING ANALYSIS 70
FIGURE 28 PRICING ANALYSIS OF PRECISION FARMING 70
5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 71
FIGURE 29 REVENUE SHIFT AND NEW REVENUE POCKETS FOR PLAYERS IN PRECISION FARMING MARKET 72
5.7 TECHNOLOGY ANALYSIS 72
5.7.1 ARTIFICIAL INTELLIGENCE 72
5.7.2 IOT 73
5.7.3 AGRICULTURAL DRONES/UNMANNED AERIAL VEHICLES (UAVS) 73
5.7.4 BLOCKCHAIN TECHNOLOGY 73
5.7.5 AUTONOMOUS FARM MACHINERY 74
5.8 CASE STUDY ANALYSIS 74
5.8.1 ACCENTURE HELPS PROAGRICA GATHER CRITICAL AGRICULTURAL DATA INSIGHTS 74
5.8.2 AGCO HELPS FARMERS REDUCE INPUT COSTS AND ENHANCE REVENUE BY INTEGRATING FARMING EQUIPMENT INTO SINGLE PLATFORM 75
5.8.3 AGJUNCTION HELPS EFARMERS DEVELOP AFFORDABLE AUTOSTEER 75
5.9 PORTER’S FIVE FORCE ANALYSIS 76
TABLE 3 PORTER’S FIVE FORCES IMPACT ON PRECISION FARMING MARKET 76
FIGURE 30 PRECISION FARMING MARKET: PORTER’S FIVE FORCES ANALYSIS 77
5.9.1 INTENSITY OF COMPETITIVE RIVALRY 77
5.9.2 THREAT OF SUBSTITUTES 78
5.9.3 BARGAINING POWER OF BUYERS 78
5.9.4 BARGAINING POWER OF SUPPLIERS 79
5.9.5 THREAT OF NEW ENTRANTS 79
5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 80
5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 80
FIGURE 31 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE END USERS 80
TABLE 4 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END USERS 80
5.10.2 BUYING CRITERIA 81
FIGURE 32 KEY BUYING CRITERIA FOR TOP THREE END USERS 81
TABLE 5 KEY BUYING CRITERIA, BY END USERS 81
5.11 TRADE ANALYSIS 82
5.11.1 IMPORT DATA 82
FIGURE 33 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8433, BY COUNTRY, 2018–2022 (USD MILLION) 82
TABLE 6 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8433, BY COUNTRY, 2018–2022 (USD MILLION) 82
5.11.2 EXPORT DATA 83
FIGURE 34 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8433, BY COUNTRY, 2018–2022 (USD MILLION) 83
TABLE 7 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8433, BY COUNTRY, 2018–2022 (USD MILLION) 83
5.12 PATENT ANALYSIS 84
TABLE 8 PRECISION FARMING MARKET: INNOVATIONS AND PATENT REGISTRATIONS, 2020–2023 84
TABLE 9 TOP 20 US PATENT OWNERS IN LAST 10 YEARS, 2013–2022 88
FIGURE 35 TOP 10 COMPANIES WITH LARGEST NUMBER OF PATENT APPLICATIONS FOR PRECISION FARMING, (2013–2022) 89
FIGURE 36 NUMBER OF PATENTS GRANTED FROM 2013–2022 89
5.13 KEY CONFERENCES AND EVENTS, 2023–2024 90
5.14 REGULATORY LANDSCAPE 91
5.14.1 CARBON POLICY TRENDS IN AGRICULTURE 91
5.14.2 GROWING CLIMATE SOLUTIONS ACT 91
5.14.3 REGULATIONS IN PRECISION FARMING AND SMART GREENHOUSES 91
TABLE 10 REGULATIONS: PRECISION FARMING AND SMART GREENHOUSES 91
5.14.4 NORTH AMERICA 92
5.14.5 EUROPE 93
5.14.6 ASIA PACIFIC 94
5.14.6.1 China 94
5.14.6.2 India 96
TABLE 11 AGRICULTURE SUBSIDIES FOR INDIAN FARMERS FROM CENTRAL AND STATE GOVERNMENTS (USD BILLION) 97
5.14.6.3 Greenhouse farming subsidy in India 99
5.14.7 REST OF THE WORLD 101
6 PRECISION FARMING MARKET, BY OFFERING 102
6.1 INTRODUCTION 103
TABLE 12 PRECISION FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 103
FIGURE 37 SERVICES SEGMENT TO RECORD HIGHEST CAGR IN PRECISION FARMING MARKET DURING FORECAST PERIOD 103
TABLE 13 PRECISION FARMING MARKET, BY OFFERING, 2023–2031 (USD MILLION) 104
6.2 HARDWARE 104
TABLE 14 PRECISION FARMING MARKET, BY HARDWARE, 2019–2022 (USD MILLION) 104
TABLE 15 PRECISION FARMING MARKET, BY HARDWARE, 2023–2031 (USD MILLION) 104
TABLE 16 HARDWARE: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 105
TABLE 17 HARDWARE: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 105
TABLE 18 HARDWARE: PRECISION FARMING MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION) 105
TABLE 19 HARDWARE: PRECISION FARMING MARKET, BY TECHNOLOGY, 2023–2031 (USD MILLION) 106
6.2.1 AUTOMATION AND CONTROL SYSTEMS 106
TABLE 20 AUTOMATION AND CONTROL SYSTEMS: PRECISION FARMING MARKET, BY DEVICE TYPE, 2019–2022 (USD MILLION) 106
TABLE 21 AUTOMATION AND CONTROL SYSTEMS: PRECISION FARMING MARKET, BY DEVICE TYPE, 2023–2031 (USD MILLION) 107
TABLE 22 AUTOMATION AND CONTROL SYSTEMS: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 107
TABLE 23 AUTOMATION AND CONTROL SYSTEMS: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 108
6.2.1.1 Displays 108
6.2.1.1.1 Ability to present complex data in user-friendly manner to boost demand 108
6.2.1.2 Guidance and steering systems 109
6.2.1.2.1 Strong focus on reducing fuel consumption and enhancing resource efficiency to drive market 109
6.2.1.3 GPS/GNSS devices 109
6.2.1.3.1 Rising use of GPS/GNSS devices in variable rate applications to drive market 109
6.2.1.4 Drones/UAVs 110
6.2.1.4.1 Increasing adoption of drones in identifying pests and weeds to fuel market growth 110
TABLE 24 DRONES/UAVS: PRECISION FARMING MARKET, BY VOLUME, 2019–2022 (MILLION UNITS) 111
TABLE 25 DRONES/UAVS: PRECISION FARMING MARKET, BY VOLUME, 2023–2031 (MILLION UNITS) 111
6.2.1.5 Irrigation controllers 111
6.2.1.5.1 Pressing need for efficient water management to drive market 111
6.2.1.6 Handheld mobile devices/handheld computers 112
6.2.1.6.1 Operational flexibility and ease of operation to foster segmental growth 112
6.2.1.7 Flow and application control devices 112
6.2.1.7.1 Rising focus of farmers on optimal resource management to contribute to market growth 112
6.2.1.8 Others 113
6.2.2 SENSING AND MONITORING DEVICES 113
TABLE 26 SENSING AND MONITORING DEVICES: PRECISION FARMING MARKET, BY DEVICE TYPE, 2019–2022 (USD MILLION) 113
TABLE 27 SENSING AND MONITORING DEVICES: PRECISION FARMING MARKET, BY DEVICE TYPE, 2023–2031 (USD MILLION) 114
TABLE 28 SENSING AND MONITORING DEVICES: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 114
TABLE 29 SENSING AND MONITORING DEVICES: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 114
6.2.2.1 Yield monitors 115
6.2.2.1.1 High emphasis on improving profitability and sustainable farming practices to drive market 115
6.2.2.2 Soil sensors 115
6.2.2.2.1 Potential to provide real-time soil information for analysis to fuel demand 115
TABLE 30 SOIL SENSORS: PRECISION FARMING MARKET, BY SENSOR TYPE, 2019–2022 (USD MILLION) 116
TABLE 31 SOIL SENSORS: PRECISION FARMING MARKET, BY SENSOR TYPE, 2023–2031 (USD MILLION) 116
6.2.2.2.2 Moisture sensors 116
6.2.2.2.3 Temperature sensors 117
6.2.2.2.4 Nutrient sensors 117
6.2.2.3 Water sensors 118
6.2.2.3.1 Contribution to optimized water management and reduced resource wastage to drive market 118
6.2.2.4 Climate sensors 118
6.2.2.4.1 Uncertainties related to weather and climate predictions to boost demand 118
6.3 SOFTWARE 118
TABLE 32 SOFTWARE: PRECISION FARMING MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION) 119
TABLE 33 SOFTWARE: PRECISION FARMING MARKET, BY DEPLOYMENT TYPE, 2023–2031 (USD MILLION) 119
TABLE 34 SOFTWARE: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 120
TABLE 35 SOFTWARE: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 120
TABLE 36 SOFTWARE: PRECISION FARMING MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION) 120
TABLE 37 SOFTWARE: PRECISION FARMING MARKET, BY TECHNOLOGY, 2023–2031 (USD MILLION) 121
6.3.1 LOCAL/WEB-BASED SOFTWARE 121
6.3.1.1 Easy accessibility of web-based delivery model to drive market 121
TABLE 38 LOCAL/WEB-BASED SOFTWARE: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 122
TABLE 39 LOCAL/WEB-BASED SOFTWARE: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 122
6.3.2 CLOUD-BASED SOFTWARE 122
6.3.2.1 Growing popularity of software-as-a-service model to fuel demand for cloud technology 122
TABLE 40 CLOUD-BASED SOFTWARE: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 123
TABLE 41 CLOUD-BASED SOFTWARE: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 123
6.4 SERVICES 124
TABLE 42 SERVICES: PRECISION FARMING MARKET, BY SERVICE TYPE, 2019–2022 (USD MILLION) 124
TABLE 43 SERVICES: PRECISION FARMING MARKET, BY SERVICE TYPE, 2023–2031 (USD MILLION) 124
TABLE 44 SERVICES: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 124
TABLE 45 SERVICES: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 125
TABLE 46 SERVICES: PRECISION FARMING MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION) 125
TABLE 47 SERVICES: PRECISION FARMING MARKET, BY TECHNOLOGY, 2023–2031 (USD MILLION) 125
6.4.1 SYSTEM INTEGRATION AND CONSULTING SERVICES 126
6.4.1.1 Contribution to improved resource management and sustainable agriculture practices to drive market 126
TABLE 48 SYSTEM INTEGRATION AND CONSULTING SERVICES: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 126
TABLE 49 SYSTEM INTEGRATION AND CONSULTING SERVICES: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 126
6.4.2 MANAGED SERVICES 127
6.4.2.1 Increasing demand for cloud-based software and platforms to contribute to market growth 127
TABLE 50 MANAGED SERVICES: PRECISION FARMING MARKET, BY SERVICE TYPE, 2019–2022 (USD MILLION) 127
TABLE 51 MANAGED SERVICES: PRECISION FARMING MARKET, BY SERVICE TYPE, 2023–2031 (USD MILLION) 127
TABLE 52 MANAGED SERVICES: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 128
TABLE 53 MANAGED SERVICES: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 128
6.4.2.2 Farm operation services 128
6.4.2.3 Data services 129
6.4.2.4 Analytics services 129
6.4.3 CONNECTIVITY SERVICES 130
6.4.3.1 Ability to control precision farming technologies from centralized location to drive market 130
TABLE 54 CONNECTIVITY SERVICES: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 130
TABLE 55 CONNECTIVITY SERVICES: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 130
6.4.4 ASSISTED PROFESSIONAL SERVICES 131
6.4.4.1 Significant focus on amplifying crop yields with optimized resource to create demand 131
TABLE 56 ASSISTED PROFESSIONAL SERVICES: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 131
TABLE 57 ASSISTED PROFESSIONAL SERVICES: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 131
6.4.4.2 Supply chain management services 131
6.4.4.3 Climate information services 132
6.4.4.4 Other assisted professional services 132
6.4.5 MAINTENANCE AND SUPPORT SERVICES 133
6.4.5.1 Increased operational efficiency and reduced disruptions to drive market 133
TABLE 58 MAINTENANCE AND SUPPORT SERVICES: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 134
TABLE 59 MAINTENANCE AND SUPPORT SERVICES: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 134
7 PRECISION FARMING MARKET, BY TECHNOLOGY 135
7.1 INTRODUCTION 136
TABLE 60 PRECISION FARMING MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION) 136
FIGURE 38 VARIABLE RATE TECHNOLOGY TO EXHIBIT HIGHEST CAGR IN PRECISION FARMING MARKET DURING FORECAST PERIOD 136
TABLE 61 PRECISION FARMING MARKET, BY TECHNOLOGY, 2023–2031 (USD MILLION) 137
7.2 GUIDANCE TECHNOLOGY 137
7.2.1 ABILITY TO COLLECT VITAL INFORMATION DURING OPERATIONS TO RESULT IN HIGH ADOPTION 137
TABLE 62 GUIDANCE TECHNOLOGY: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 138
TABLE 63 GUIDANCE TECHNOLOGY: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 138
TABLE 64 GUIDANCE TECHNOLOGY: PRECISION FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 138
TABLE 65 GUIDANCE TECHNOLOGY: PRECISION FARMING MARKET, BY OFFERING, 2023–2031 (USD MILLION) 139
TABLE 66 GUIDANCE TECHNOLOGY: PRECISION FARMING MARKET, BY TYPE, 2019–2022 (USD MILLION) 139
TABLE 67 GUIDANCE TECHNOLOGY: PRECISION FARMING MARKET, BY TYPE, 2023–2031 (USD MILLION) 139
7.2.2 GPS/GNSS-BASED GUIDANCE TECHNOLOGY 139
7.2.2.1 Growing requirement for high-precision field maps and geospatial databases to facilitate market growth 139
7.2.3 GIS-BASED GUIDANCE TECHNOLOGY 140
7.2.3.1 Integration of spatial data sources such as satellite imagery into farming tools to drive market 140
7.3 REMOTE SENSING TECHNOLOGY 141
7.3.1 SURGING DEMAND FOR COMPREHENSIVE REMOTE DATA COLLECTION TO BOOST DEMAND 141
TABLE 68 REMOTE SENSING TECHNOLOGY: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 142
TABLE 69 REMOTE SENSING TECHNOLOGY: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 143
TABLE 70 REMOTE SENSING TECHNOLOGY: PRECISION FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 143
TABLE 71 REMOTE SENSING TECHNOLOGY: PRECISION FARMING MARKET, BY OFFERING, 2023–2031 (USD MILLION) 143
TABLE 72 REMOTE SENSING TECHNOLOGY: PRECISION FARMING MARKET, BY TYPE, 2019–2022 (USD MILLION) 143
TABLE 73 REMOTE SENSING TECHNOLOGY: PRECISION FARMING MARKET, BY TYPE, 2023–2031 (USD MILLION) 144
7.3.2 HANDHELD OR GROUND-BASED SENSING 144
7.3.2.1 High convenience of handheld sensors to boost demand 144
7.3.3 SATELLITE OR AERIAL SENSING 145
7.3.3.1 Increased need for data-rich insights to drive market 145
TABLE 74 TYPES OF SATELLITE REMOTE SENSING IMAGE RESOLUTION 146
7.4 VARIABLE RATE TECHNOLOGY 146
7.4.1 AMPLIFIED YIELD POTENTIAL AND MINIMIZED ENVIRONMENTAL IMPACT TO DRIVE MARKET 146
TABLE 75 VARIABLE RATE TECHNOLOGY: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 147
TABLE 76 VARIABLE RATE TECHNOLOGY: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 147
TABLE 77 VARIABLE RATE TECHNOLOGY: PRECISION FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 148
TABLE 78 VARIABLE RATE TECHNOLOGY: PRECISION FARMING MARKET, BY OFFERING, 2023–2031 (USD MILLION) 148
TABLE 79 VARIABLE RATE TECHNOLOGY: PRECISION FARMING MARKET, BY TYPE, 2019–2022 (USD MILLION) 148
TABLE 80 VARIABLE RATE TECHNOLOGY: PRECISION FARMING MARKET, BY TYPE, 2023–2031 (USD MILLION) 148
7.4.2 MAP-BASED 149
7.4.2.1 Enhanced decision-making with data-driven insights to boost demand 149
7.4.3 SENSOR-BASED 149
7.4.3.1 Integration of sensor-powered IoT and AI solutions to drive market 149
8 PRECISION FARMING MARKET, BY APPLICATION 151
8.1 INTRODUCTION 152
TABLE 81 PRECISION FARMING MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 152
FIGURE 39 WEATHER TRACKING AND FORECASTING APPLICATIONS TO RECORD HIGHEST CAGR FROM 2023 TO 2031 153
TABLE 82 PRECISION FARMING MARKET, BY APPLICATION, 2023–2031 (USD MILLION) 153
8.2 YIELD MONITORING 154
8.2.1 INCREASING DEMAND FOR REAL-TIME DATA ON YIELDS AND HARVESTED CROPS TO STRENGTHEN SEGMENTAL GROWTH 154
TABLE 83 BENEFITS OF YIELD MONITORING 154
TABLE 84 YIELD MONITORING: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 155
TABLE 85 YIELD MONITORING APPLICATION: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 156
TABLE 86 YIELD MONITORING APPLICATION: PRECISION FARMING MARKET, BY TYPE, 2019–2022 (USD MILLION) 156
TABLE 87 YIELD MONITORING APPLICATION: PRECISION FARMING MARKET, BY TYPE, 2023–2031 (USD MILLION) 156
8.2.2 ON-FARM YIELD MONITORING 156
8.2.3 OFF-FARM YIELD MONITORING 157
8.3 CROP SCOUTING 158
8.3.1 RISING NEED TO MANAGE CROPS EFFECTIVELY TO BOOST DEMAND 158
TABLE 88 CROP SCOUTING APPLICATION: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 158
TABLE 89 CROP SCOUTING APPLICATION: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 159
8.3.2 PRE-SEEDING CROP SCOUTING 159
8.3.3 POST-SEEDING CROP SCOUTING 159
8.3.4 CROP MONITORING 159
8.4 FIELD MAPPING 160
8.4.1 INCREASING DEMAND FOR SOIL IDENTIFICATION TO SUPPORT MARKET GROWTH 160
TABLE 90 FIELD MAPPING APPLICATION: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 160
TABLE 91 FIELD MAPPING APPLICATION: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 161
TABLE 92 FIELD MAPPING APPLICATION: PRECISION FARMING MARKET, BY TYPE, 2019–2022 (USD MILLION) 161
TABLE 93 FIELD MAPPING APPLICATION: PRECISION FARMING MARKET, BY TYPE, 2023–2031 (USD MILLION) 161
8.4.2 BOUNDARY MAPPING 161
8.4.3 DRAINAGE MAPPING 162
8.5 VARIABLE RATE APPLICATION 162
8.5.1 GROWING NEED FOR COST AND RESOURCE EFFICIENCY TO BOOST DEMAND 162
TABLE 94 VARIABLE RATE APPLICATION: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 163
TABLE 95 VARIABLE RATE APPLICATION: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 163
TABLE 96 VARIABLE RATE APPLICATION: PRECISION FARMING MARKET, BY TYPE, 2019–2022 (USD MILLION) 163
TABLE 97 VARIABLE RATE APPLICATION: PRECISION FARMING MARKET, BY TYPE, 2023–2031 (USD MILLION) 164
8.5.2 PRECISION IRRIGATION 164
8.5.3 PRECISION SEEDING 164
8.5.4 PRECISION FERTILIZATION 164
8.5.4.1 Nitrogen VRA 165
8.5.4.2 Phosphorous VRA 166
8.5.4.3 Lime VRA 166
8.5.5 OTHER VARIABLE RATE APPLICATIONS 166
8.6 WEATHER TRACKING AND FORECASTING 167
8.6.1 INCREASING CLIMATE VARIABILITY TO DRIVE MARKET 167
TABLE 98 WEATHER TRACKING AND FORECASTING APPLICATION: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 168
TABLE 99 WEATHER TRACKING AND FORECASTING APPLICATION: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 168
8.7 INVENTORY MANAGEMENT 168
8.7.1 GROWING DEMAND FOR GPS FOR INVENTORY MANAGEMENT TO PROPEL MARKET 168
TABLE 100 INVENTORY MANAGEMENT APPLICATION: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 169
TABLE 101 INVENTORY MANAGEMENT APPLICATION: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 169
8.8 FARM LABOR MANAGEMENT 169
8.8.1 INCREASING NEED FOR EFFECTIVE HANDLING OF LABOR TO DRIVE DEMAND 169
TABLE 102 FARM LABOR MANAGEMENT APPLICATION: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 170
TABLE 103 FARM LABOR MANAGEMENT APPLICATION: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 171
8.9 FINANCIAL MANAGEMENT 171
8.9.1 RISING USE OF FINANCIAL MANAGEMENT SOLUTIONS BY FARMERS OR GROWERS TO MAKE STRATEGIC DECISIONS TO DRIVE MARKET 171
TABLE 104 FINANCIAL MANAGEMENT APPLICATION: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 172
TABLE 105 FINANCIAL MANAGEMENT APPLICATION: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 172
8.10 OTHERS 172
TABLE 106 OTHERS: PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 173
TABLE 107 OTHERS: PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 173
9 PRECISION FARMING MARKET, BY REGION 174
9.1 INTRODUCTION 175
TABLE 108 PRECISION FARMING MARKET, BY REGION, 2019–2022 (USD MILLION) 175
FIGURE 40 ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 175
TABLE 109 PRECISION FARMING MARKET, BY REGION, 2023–2031 (USD MILLION) 176
9.2 AMERICAS 177
9.2.1 IMPACT OF RECESSION ON MARKET IN AMERICAS 177
FIGURE 41 AMERICAS: PRECISION FARMING MARKET SNAPSHOT 178
TABLE 110 AMERICAS: PRECISION FARMING MARKET, 2019–2022 (USD MILLION) 178
TABLE 111 AMERICAS: PRECISION FARMING MARKET, 2023–2031 (USD MILLION) 179
TABLE 112 AMERICAS: PRECISION FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 179
TABLE 113 AMERICAS: PRECISION FARMING MARKET, BY OFFERING, 2023–2031 (USD MILLION) 179
TABLE 114 AMERICAS: PRECISION FARMING MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 179
TABLE 115 AMERICAS: PRECISION FARMING MARKET, BY APPLICATION, 2023–2031 (USD MILLION) 180
TABLE 116 AMERICAS: PRECISION FARMING MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION) 180
TABLE 117 AMERICAS: PRECISION FARMING MARKET, BY TECHNOLOGY, 2023–2031 (USD MILLION) 180
9.2.2 NORTH AMERICA 181
TABLE 118 NORTH AMERICA: PRECISION FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 181
TABLE 119 NORTH AMERICA: PRECISION FARMING MARKET, BY COUNTRY, 2023–2031 (USD MILLION) 181
9.2.2.1 US 182
9.2.2.1.1 Presence of established players in country to boost market 182
9.2.2.2 Canada 182
9.2.2.2.1 Favorable government initiatives to promote innovative agriculture activities to drive market 182
9.2.2.3 Mexico 183
9.2.2.3.1 Growing collaborations among players and supportive government initiatives to fuel market 183
9.2.3 SOUTH AMERICA 184
TABLE 120 SOUTH AMERICA: PRECISION FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 184
TABLE 121 SOUTH AMERICA: PRECISION FARMING MARKET, BY COUNTRY, 2023–2031 (USD MILLION) 184
9.2.3.1 Brazil 185
9.2.3.1.1 Increasing adoption of autonomous harvesting technology by commercial farmers to drive growth 185
9.2.3.2 Argentina 185
9.2.3.2.1 High agricultural production, along with large agricultural machinery manufacturing, to boost market 185
9.2.3.3 Rest of South America 186
9.3 EUROPE 186
9.3.1 IMPACT OF RECESSION ON MARKET IN EUROPE 186
FIGURE 42 EUROPE: PRECISION FARMING MARKET SNAPSHOT 187
TABLE 122 EUROPE: PRECISION FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 187
TABLE 123 EUROPE: PRECISION FARMING MARKET, BY COUNTRY, 2023–2031 (USD MILLION) 188
TABLE 124 EUROPE: PRECISION FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 188
TABLE 125 EUROPE: PRECISION FARMING MARKET, BY OFFERING, 2023–2031 (USD MILLION) 188
TABLE 126 EUROPE: PRECISION FARMING MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 189
TABLE 127 EUROPE: PRECISION FARMING MARKET, BY APPLICATION, 2023–2031 (USD MILLION) 189
TABLE 128 EUROPE: PRECISION FARMING MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION) 189
TABLE 129 EUROPE: PRECISION FARMING MARKET, BY TECHNOLOGY, 2023–2031 (USD MILLION) 190
9.3.2 UK 190
9.3.2.1 Active participation of universities in UK to develop advanced precision farming tools to drive market growth 190
9.3.3 GERMANY 190
9.3.3.1 Technological advancements in agriculture sector to drive market 190
9.3.4 FRANCE 191
9.3.4.1 Increasing startup companies in agriculture sector to support market growth 191
9.3.5 ITALY 192
9.3.5.1 Rapid agricultural innovations in country to drive market 192
9.3.6 NETHERLANDS 192
9.3.6.1 Launch of harvesting robots to offer lucrative opportunities 192
9.3.7 REST OF EUROPE 192
9.4 ASIA PACIFIC 193
9.4.1 IMPACT OF RECESSION ON MARKET IN ASIA PACIFIC 193
FIGURE 43 ASIA PACIFIC: PRECISION FARMING MARKET SNAPSHOT 194
TABLE 130 ASIA PACIFIC: PRECISION FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 195
TABLE 131 ASIA PACIFIC: PRECISION FARMING MARKET, BY COUNTRY, 2023–2031 (USD MILLION) 195
TABLE 132 ASIA PACIFIC: PRECISION FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 195
TABLE 133 ASIA PACIFIC: PRECISION FARMING MARKET, BY OFFERING, 2023–2031 (USD MILLION) 196
TABLE 134 ASIA PACIFIC: PRECISION FARMING MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 196
TABLE 135 ASIA PACIFIC: PRECISION FARMING MARKET, BY APPLICATION, 2023–2031 (USD MILLION) 197
TABLE 136 ASIA PACIFIC: PRECISION FARMING MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION) 197
TABLE 137 ASIA PACIFIC: PRECISION FARMING MARKET, BY TECHNOLOGY, 2023–2031 (USD MILLION) 197
9.4.2 CHINA 198
9.4.2.1 Government incentives and developments in agriculture field to drive market 198
9.4.3 JAPAN 198
9.4.3.1 Application of precision technology through robotic equipment to drive market 198
9.4.4 AUSTRALIA 199
9.4.4.1 Initiatives by organizations for development of agriculture sector to drive market 199
9.4.5 INDIA 199
9.4.5.1 Government initiatives and growing collaborations among players to benefit market 199
9.4.6 SOUTH KOREA 200
9.4.6.1 Establishment of smart farming villages with advanced technologies to drive market 200
9.4.7 REST OF ASIA PACIFIC 200
9.5 REST OF THE WORLD 201
9.5.1 IMPACT OF RECESSION ON MARKET IN REST OF THE WORLD 201
TABLE 138 REST OF THE WORLD: PRECISION FARMING MARKET, BY COUNTRY, 2019–2022 (USD MILLION) 201
FIGURE 44 RUSSIA HELD LARGEST MARKET SHARE IN REST OF THE WORLD IN 2022 202
TABLE 139 REST OF THE WORLD: PRECISION FARMING MARKET, BY COUNTRY, 2023–2031 (USD MILLION) 202
TABLE 140 REST OF THE WORLD: PRECISION FARMING MARKET, BY OFFERING, 2019–2022 (USD MILLION) 202
TABLE 141 REST OF THE WORLD: PRECISION FARMING MARKET, BY OFFERING, 2023–2031 (USD MILLION) 203
TABLE 142 REST OF THE WORLD: PRECISION FARMING MARKET, BY APPLICATION, 2019–2022 (USD MILLION) 203
TABLE 143 REST OF THE WORLD: PRECISION FARMING MARKET, BY APPLICATION, 2023–2031 (USD MILLION) 204
TABLE 144 REST OF THE WORLD: PRECISION FARMING MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION) 204
TABLE 145 REST OF THE WORLD: PRECISION FARMING MARKET, BY TECHNOLOGY, 2023–2031 (USD MILLION) 204
9.5.2 MIDDLE EAST 205
9.5.2.1 Growing partnership by government with private sector players in precision farming market to drive market 205
9.5.3 AFRICA 205
9.5.3.1 Growing use of drones and other agricultural machinery to strengthen market in Africa 205
9.5.4 RUSSIA 206
9.5.4.1 Government initiatives to promote precision farming to drive market 206
10 COMPETITIVE LANDSCAPE 207
10.1 OVERVIEW 207
10.2 KEY STRATEGIES ADOPTED BY MAJOR PLAYERS 207
TABLE 146 OVERVIEW OF STRATEGIES DEPLOYED BY KEY PRECISION FARMING PROVIDERS 207
10.2.1 PRODUCT PORTFOLIO 208
10.2.2 REGIONAL FOCUS 209
10.2.3 MANUFACTURING FOOTPRINT 209
10.2.4 ORGANIC/INORGANIC GROWTH STRATEGIES 209
10.3 MARKET SHARE ANALYSIS, 2022 209
TABLE 147 PRECISION FARMING MARKET: DEGREE OF COMPETITION, 2022 210
10.4 FIVE-YEAR COMPANY REVENUE ANALYSIS OF TOP COMPANIES, 2018–2022 211
FIGURE 45 FIVE-YEAR COMPANY REVENUE ANALYSIS OF LEADING MARKET PLAYERS 211
10.5 COMPANY EVALUATION MATRIX, 2022 213
10.5.1 STARS 213
10.5.2 EMERGING LEADERS 214
10.5.3 PERVASIVE PLAYERS 214
10.5.4 PARTICIPANTS 214
FIGURE 46 PRECISION FARMING: COMPANY EVALUATION MATRIX, 2022 215
10.5.5 PRECISION FARMING MARKET: COMPANY FOOTPRINT 216
TABLE 148 COMPANY FOOTPRINT 216
TABLE 149 OFFERING FOOTPRINT 217
TABLE 150 APPLICATION FOOTPRINT 218
TABLE 151 REGION FOOTPRINT 219
10.6 STARTUPS/SMES EVALUATION MATRIX, 2022 220
10.6.1 PROGRESSIVE COMPANIES 220
10.6.2 RESPONSIVE COMPANIES 220
10.6.3 DYNAMIC COMPANIES 220
10.6.4 STARTING BLOCKS 220
FIGURE 47 PRECISION FARMING MARKET: STARTUPS/SMES EVALUATION MATRIX, 2022 221
10.7 COMPETITIVE BENCHMARKING 222
TABLE 152 PRECISION FARMING MARKET: LIST OF KEY STARTUPS 222
TABLE 153 PRECISION FARMING MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 223
10.8 COMPETITIVE SCENARIOS AND TRENDS 223
10.8.1 PRODUCT LAUNCHES 223
TABLE 154 PRECISION FARMING MARKET: PRODUCT LAUNCHES, 2020–2023 224
10.8.2 DEALS 226
TABLE 155 PRECISION FARMING MARKET: DEALS, 2020–2023 226
11 COMPANY PROFILES 230
11.1 KEY PLAYERS 230
(Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
11.1.1 DEERE & COMPANY 230
TABLE 156 DEERE & COMPANY: COMPANY OVERVIEW 230
FIGURE 48 DEERE & COMPANY: COMPANY SNAPSHOT 231
11.1.2 TRIMBLE INC. 236
TABLE 157 TRIMBLE INC.: COMPANY OVERVIEW 236
FIGURE 49 TRIMBLE INC.: COMPANY SNAPSHOT 237
11.1.3 AGCO CORPORATION 245
TABLE 158 AGCO CORPORATION: COMPANY OVERVIEW 245
FIGURE 50 AGCO CORPORATION: COMPANY SNAPSHOT 246
11.1.4 RAVEN INDUSTRIES, INC. (CNH INDUSTRIAL N.V.) 251
TABLE 159 RAVEN INDUSTRIES, INC.: COMPANY OVERVIEW 251
FIGURE 51 RAVEN INDUSTRIES, INC. (CNH INDUSTRIAL N.V.): COMPANY SNAPSHOT 252
11.1.5 AGJUNCTION LLC 257
TABLE 160 AGJUNCTION LLC: COMPANY OVERVIEW 257
11.1.6 AG LEADER TECHNOLOGY 262
TABLE 161 AG LEADER TECHNOLOGY: COMPANY OVERVIEW 262
11.1.7 AGEAGLE AERIAL SYSTEMS INC 265
TABLE 162 AGEAGLE AERIAL SYSTEMS INC: COMPANY OVERVIEW 265
FIGURE 52 AGEAGLE AERIAL SYSTEMS INC: BUSINESS OVERVIEW 266
11.1.8 TOPCON 269
TABLE 163 TOPCON: COMPANY OVERVIEW 269
11.1.9 CLIMATE LLC 273
TABLE 164 CLIMATE LLC: BUSINESS OVERVIEW 273
11.1.10 TEEJET TECHNOLOGIES 276
TABLE 165 TEEJET TECHNOLOGIES: COMPANY OVERVIEW 276
11.2.1 HEXAGON AB 278
11.2.2 ABACO S.P.A. 279
11.2.3 PRECISION HAWK 280
11.2.4 EC2CE 281
11.2.5 DESCARTES LABS, INC. 282
11.2.6 CROPX INC. 283
11.2.7 FARMERS EDGE INC. 284
11.2.8 GROWNETICS 285
11.2.9 CROPIN TECHNOLOGY SOLUTIONS PRIVATE LIMITED 286
11.2.10 GAMAYA 287
11.2.11 KUBOTA CORPORATION 288
11.2.12 CNH INDUSTRIAL N.V. 289
11.2.13 DICKEY-JOHN CORPORATION 290
11.2.14 TELUS 291
11.2.15 THE YIELD TECHNOLOGY SOLUTIONS PTY LTD. 292
*Details on Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
12 APPENDIX 293
12.1 DISCUSSION GUIDE 293
12.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 296
12.3 CUSTOMIZATION OPTIONS 298
12.4 RELATED REPORTS 298
12.5 JAPAN CUSTOMIZATION 299
TABLE 166 JAPAN: PRECISION FARMING MARKET, BY OFFERING, 2018–2021 (USD MILLION) 299
TABLE 167 JAPAN: PRECISION FARMING MARKET, BY OFFERING, 2022–2030 (USD MILLION) 299
TABLE 168 JAPAN: PRECISION FARMING MARKET, BY APPLICATION, 2018–2021 (USD MILLION) 299
TABLE 169 JAPAN: PRECISION FARMING MARKET, BY APPLICATION, 2022–2030 (USD MILLION) 300
TABLE 170 JAPAN: PRECISION FARMING MARKET, BY TECHNOLOGY, 2018–2021 (USD MILLION) 300
TABLE 171 JAPAN: PRECISION FARMING MARKET, BY TECHNOLOGY, 2022–2030 (USD MILLION) 300
12.6 AUTHOR DETAILS 301
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