Precision Farming Market by Technology (Guidance System, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Irrigation), Offering (Hardware-Sensors, GPS/GNSS, Yield Monitors, Software, Services), and Geography - Global Forecast to 2023

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Date: 09-May-2018
No. of pages: 185
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Precision farming market anticipated to grow at a CAGR of 13.38% from 2018 to 2023

The precision farming market is estimated to be worth USD 5.09 billion in 2018 and is projected to reach USD 9.53 billion by 2023, at a CAGR of 13.38% between 2018 and 2023. Major factors driving the growth of the precision farming market include pressure on global food supply owing to growing world population, substantial cost cutting made possible by precision farming, and government initiatives to adopt modern agricultural techniques. Major restraints for the precision farming market include high initial investment and the lack of technical knowledge among farmers. Precision farming requires large initial investment, efficient farming tools, and skilled labor.

Market for variable-rate technology (VRT) estimated to grow at highest CAGR during forecast period

The wide adoption of VRT in precision farming is because of the various benefits associated with it. VRT allows input application rates to be varied across fields for site-specific management of the field variability. This technology helps in reducing the input usage, thereby decreasing environmental impacts such as greenhouse gas emission, soil erosion and degradation, and genetic erosion. The market for VRT is expected to grow at a higher CAGR than that for other technologies as this technology helps in applying the right amount of input at the right place on the field, which minimizes the input waste and increases land and crop productivity.

Market for weather tracking and forecasting application to grow at highest CAGR during forecast period

Increasing demand for climate information services owing to their benefits that enable farmers to deal with climate change and variability to improve decision-making in agriculture is the major reason behind the high growth of the market for weather tracking and forecasting between 2018 and 2023. Moreover, the increasing demand of cloud platform for climate services is a major factor propelling the growth of the precision farming market for this application.

Precision farming market in APAC to grow at highest CAGR during forecast period

The increasing adoption of precision farming technologies such as guidance system, remote sensing, and variable-rate technology by farmers in APAC is expected to propel the growth of the precision farming market during the forecast period. The adoption rate of precision farming techniques is expected to grow at a high rate in APAC as this region comprises emerging countries such as India and China, and other Southeast Asian countries. Rapidly increasing population, the availability of arable farms, and government support through subsidies are the factors driving the adoption of smart agriculture techniques in APAC.

The breakup of primaries conducted during the study is depicted below:


  • By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%

  • By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%

  • By Region: Americas– 40%, Europe – 30%, APAC– 20%, and RoW – 10%


Key players operating in the precision farming market are Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), The Climate Corporation (US), Descartes Labs (US), ec2ce (Spain), Gamaya (Switzerland), and Decisive Farming (Canada).

Research Coverage

This report covers the precision farming market based on offering, technology, application, and region. The precision farming market based on offering has been segmented into hardware, software, and services. On the basis of application, the precision farming market has been segmented into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, financial management, and others. On the basis of technology, the precision farming market has been classified into guidance system, remote sensing, and variable-rate technology (VRT). On the basis of region, the precision farming market has been segmented into the Americas, Europe, APAC, and RoW.

Key Benefits of Buying This Report


  • This report includes the market statistics pertaining to offering, application, technology, and region, along with their respective market size.

  • In-depth analysis of the value chain has been done to provide in-depth insight into the precision farming market.

  • Major drivers, restraints, challenges, and opportunities pertaining to the precision farming market have been detailed in this report.

  • Illustrative segmentation, analysis, and forecast for the market on the basis of offering, application, technology, and region have been conducted to provide an overall view of the precision farming market.

  • The report includes an in-depth analysis and ranking of key players.

Precision Farming Market by Technology (Guidance System, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Irrigation), Offering (Hardware-Sensors, GPS/GNSS, Yield Monitors, Software, Services), and Geography - Global Forecast to 2023

Table of Contents

1 Introduction
1.1 Objectives of Study
1.2 Definition
1.3 Scope of Study
1.3.1 Markets Covered
1.3.2 By Geography
1.3.3 Years Considered for Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 List of Major Secondary Sources
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews With Experts
2.1.2.2 Breakdown of Primaries
2.1.2.3 Key Data From Primary Sources
2.1.3 Secondary and Primary Research
2.1.3.1 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Capturing the Market Size By Bottom-Up Analysis (Demand Side)
2.2.2 Top-Down Approach
2.2.2.1 Approach for Capturing the Market Size By Top-Down Analysis (Supply Side)
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Precision Farming Market
4.2 Precision Farming Market in APAC, By Application
4.3 Precision Farming Market, By Offering
4.4 Precision Farming Market, By Technology
4.5 Geographic Analysis of Precision Farming Market

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Pressure on Global Food Supply Owing to Growing World Population
5.2.1.2 Substantial Cost Cutting Made Possible By Precision Farming
5.2.1.3 Government Initiatives to Adopt Modern Agricultural Techniques
5.2.1.4 Adoption of New Farming Technologies for Boosting Agricultural Production
5.2.2 Restraints
5.2.2.1 High Initial Investment in R&D
5.2.2.2 Lack of Technical Knowledge Among Farmers
5.2.3 Opportunities
5.2.3.1 Integration of Smartphones With Internet of Things (IoT) Devices and Software Applications
5.2.3.2 Rise in Use of Unmanned Aerial Vehicles (UAVS)/Drones in Precision Farming
5.2.4 Challenges
5.2.4.1 Management of Data
5.2.4.2 Lack of Standardization in Precision Farming Industry
5.2.5 Burning Issues
5.2.5.1 Environmental Concerns

6 Industry Trends
6.1 Introduction
6.2 Value Chain Analysis
6.2.1 Major Players in Precision Farming Market
6.3 Supply Chain Analysis
6.4 Technology Roadmap
6.4.1 Technology Roadmap (2010–2025)
6.4.2 Key Industry Trends
6.5 Pestle Analysis
6.5.1 Political Factors
6.5.2 Economic Factors
6.5.3 Social Factors
6.5.4 Technological Factors
6.5.5 Legal Factors
6.5.6 Environmental Factors

7 Precision Farming Market, By Offering
7.1 Introduction
7.2 Hardware
7.2.1 Automation and Control System
7.2.1.1 Display
7.2.1.2 Guidance and Steering
7.2.1.3 GPS/GNSS
7.2.1.4 Drones/UAVS
7.2.1.5 Irrigation Controllers
7.2.1.6 Handheld Mobile Devices/Handheld Computers
7.2.1.7 Flow and Application Control Devices
7.2.1.8 Others
7.2.2 Sensing and Monitoring Device
7.2.2.1 Yield Monitors
7.2.2.2 Soil Sensors
7.2.2.2.1 Moisture Sensor
7.2.2.2.2 Temperature Sensor
7.2.2.2.3 Nutrient Sensor
7.2.2.3 Water Sensor
7.2.2.4 Climate Sensor
7.3 Software
7.3.1 Local/Web-Based
7.3.2 Cloud-Based
7.4 Services
7.4.1 System Integration & Consulting
7.4.2 Managed Services
7.4.2.1 Farm Operation Services
7.4.2.2 Data Services
7.4.2.3 Analytics
7.4.3 Connectivity Services
7.4.4 Assisted Professional Services
7.4.4.1 Supply Chain Management Services
7.4.4.2 Climate Information Services
7.4.4.3 Others
7.4.5 Maintenance and Support

8 Precision Farming Market, By Technology
8.1 Introduction
8.2 Guidance Technology
8.2.1 GPS/GNSS Based
8.2.1.1 GNSS Applications in Precision Farming
8.2.2 GIS Based
8.3 Remote Sensing
8.3.1 Handheld Or Ground-Based Sensing
8.3.2 Satellite Or Aerial Sensing
8.4 Variable-Rate Technology
8.4.1 Map-Based
8.4.2 Sensor-Based
8.4.3 Some Major Applications of VRT
8.4.3.1 Fertilizer VRA
8.4.3.1.1 Nitrogen VRA
8.4.3.1.2 Phosphorous VRA
8.4.3.1.3 Lime VRA
8.4.3.2 Pesticide VRA
8.4.3.3 Seeding VRA

9 Precision Farming Market, By Application
9.1 Introduction
9.2 Yield Monitoring
9.2.1 On-Farm Yield Monitoring
9.2.2 Off-Farm Yield Monitoring
9.3 Field Mapping
9.3.1 Boundary Mapping
9.3.2 Drainage Mapping
9.4 Crop Scouting
9.5 Weather Tracking & Forecasting
9.6 Irrigation Management
9.7 Inventory Management
9.8 Farm Labor Management
9.9 Financial Management
9.10 Others

10 Geographic Analysis
10.1 Introduction
10.2 Americas
10.2.1 North America
10.2.1.1 US
10.2.1.2 Canada
10.2.1.3 Mexico
10.2.2 South America
10.2.2.1 Brazil
10.2.2.2 Argentina
10.2.2.3 Rest of South America
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 The Netherlands
10.3.6 Rest of Europe
10.4 APAC
10.4.1 China
10.4.2 Japan
10.4.3 Australia
10.4.4 India
10.4.5 South Korea
10.4.6 Rest of APAC
10.5 Rest of World
10.5.1 Africa
10.5.1.1 South Africa
10.5.2 Middle East
10.5.3 Russia

11 Competitive Landscape
11.1 Introduction
11.2 Precision Farming Market Ranking Analysis
11.3 Competitive Scenario
11.3.1 Product Launches & Developments
11.3.2 Partnerships, Agreements, and Collaborations
11.3.3 Mergers & Acquisitions

12 Company Profiles
(Business Overview, Products and Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
12.1 Key Players
12.1.1 Deere & Company
12.1.2 Trimble
12.1.3 Agco
12.1.4 Agjunction
12.1.5 Raven Industries
12.1.6 AG Leader Technology
12.1.7 SST Development Group
12.1.8 Teejet Technologies
12.1.9 Topcon Positioning Systems
12.1.10 Dickey-John Corporation
12.1.11 Cropmetrics
12.2 Other Important Players
12.2.1 Hexagon Agriculture
12.2.2 Granular
12.2.3 Prospera Technologies
12.2.4 Agribotix
12.2.5 Autocopter Corp.
12.3 Start-Up Ecosystem
12.3.1 The Climate Corporation (Subsidiary of Monsanto)
12.3.2 Gamaya
12.3.3 Descartes Labs
12.3.4 Decisive Farming
12.3.5 Autonomous Tractor Corporation
12.3.6 Ec2ce

*Details on Business Overview, Products and Services Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix
13.1 Insights From Industry Experts
13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
13.4 Introducing RT: Real-Time Market Intelligence
13.5 Available Customization
13.6 Related Reports
13.7 Author Details

List of Tables

Table 1 Precision Farming Market, By Offering, 2015–2023 (USD Million)
Table 2 Precision Farming Market for Hardware, By Type, 2015–2023 (USD Million)
Table 3 Precision Farming Market for Hardware, By Region, 2015–2023 (USD Million)
Table 4 Precision Farming Market for Automation and Control System, By Device Type, 2015–2023 (USD Million)
Table 5 Precision Farming Market for Automation and Control System, By Region, 2015–2023 (USD Million)
Table 6 Precision Farming Market for Sensing and Monitoring Device, By Device Type, 2015–2023 (USD Million)
Table 7 Precision Farming Market for Soil Sensors, By Sensor Type, 2015–2023 (USD Million)
Table 8 Precision Farming Market for Sensing and Monitoring Device, By Region, 2015–2023 (USD Million)
Table 9 Precision Farming Market for Software, By Deployment Type, 2015–2023 (USD Million)
Table 10 Precision Farming Market for Software, By Region, 2015–2023 (USD Million)
Table 11 Precision Farming Market for Services, By Type, 2015–2023 (USD Million)
Table 12 Precision Farming Market for Services, By Region, 2015–2023 (USD Million)
Table 13 Precision Farming Market, By Technology, 2015–2023 (USD Million)
Table 14 Precision Farming Market for Guidance Technology, By Type, 2015–2023 (USD Million)
Table 15 Precision Farming Market for Guidance Technology, By Region, 2015–2023 (USD Million)
Table 16 Precision Farming Market for Guidance Technology, By Offering, 2015–2023 (USD Million)
Table 17 Types of Satellite Remote Sensing Image Resolution
Table 18 Precision Farming Market for Remote Sensing, By Type, 2015–2023 (USD Million)
Table 19 Precision Farming Market for Remote Sensing, By Region, 2015–2023 (USD Million)
Table 20 Precision Farming Market for Remote Sensing, By Offering, 2015–2023 (USD Million)
Table 21 Precision Farming Market for Variable-Rate Technology, By Type, 2015–2023 (USD Million)
Table 22 Precision Farming Market for Variable-Rate Technology, By Region, 2015–2023 (USD Million)
Table 23 Precision Farming Market for Variable-Rate Technology, By Offering, 2015–2023 (USD Million)
Table 24 Precision Farming Market for Variable-Rate Technology, By Application, 2015–2023 (USD Million)
Table 25 Precision Farming Market, By Application, 2015–2023 (USD Million)
Table 26 Benefits of Yield Monitoring
Table 27 Precision Farming Market for Yield Monitoring Application, By Type, 2015–2023 (USD Million)
Table 28 Precision Farming Market for Yield Monitoring Application, By Offering, 2015–2023 (USD Million)
Table 29 Precision Farming Market for Yield Monitoring Application, By Region, 2015–2023 (USD Million)
Table 30 Precision Farming Market for Field Mapping Application, By Type, 2015–2023 (USD Million)
Table 31 Precision Farming Market for Field Mapping Application, By Offering, 2015–2023 (USD Million)
Table 32 Precision Farming Market for Field Mapping Application, By Region, 2015–2023 (USD Million)
Table 33 Precision Farming Market for Crop Scouting Application, By Offering, 2015–2023 (USD Million)
Table 34 Precision Farming Market for Crop Scouting Application, By Region, 2015–2023 (USD Million)
Table 35 Precision Farming Market for Weather Tracking & Forecasting Application, By Offering, 2015–2023 (USD Million)
Table 36 Precision Farming Market for Weather Tracking & Forecasting Application, By Region, 2015–2023 (USD Million)
Table 37 Precision Farming Market for Irrigation Management Application, By Offering, 2015–2023 (USD Million)
Table 38 Precision Farming Market for Irrigation Management Application, By Region, 2015–2023 (USD Million)
Table 39 Precision Farming Market for Inventory Management Application, By Offering, 2015–2023 (USD Million)
Table 40 Precision Farming Market for Inventory Management Application, By Region, 2015–2023 (USD Million)
Table 41 Precision Farming Market for Farm Labor Management Application, By Offering, 2015–2023 (USD Million)
Table 42 Precision Farming Market for Farm Labor Management Application, By Region, 2015–2023 (USD Million)
Table 43 Precision Farming Market for Financial Management Application, By Offering, 2015–2023 (USD Million)
Table 44 Precision Farming Market for Financial Management Application, By Region, 2015–2023 (USD Million)
Table 45 Precision Farming Market for Other Applications, By Offering, 2015–2023 (USD Million)
Table 46 Precision Farming Market for Other Applications, By Region, 2015–2023 (USD Million)
Table 47 Precision Farming Market, By Region, 2015–2023 (USD Million)
Table 48 Precision Farming Market in the Americas, By Offering, 2015–2023 (USD Million)
Table 49 Precision Farming Market in the Americas, By Application, 2015–2023 (USD Million)
Table 50 Precision Farming Market in the Americas, By Technology, 2015–2023 (USD Million)
Table 51 Precision Farming Market in the Americas, By Region, 2015–2023 (USD Million)
Table 52 Precision Farming Market in North America, By Country, 2015–2023 (USD Million)
Table 53 Precision Farming Market in South America, By Country, 2015–2023 (USD Million)
Table 54 Precision Farming Market in Europe, By Offering, 2015–2023 (USD Million)
Table 55 Precision Farming Market in Europe, By Application, 2015–2023 (USD Million)
Table 56 Precision Farming Market in Europe, By Technology, 2015–2023 (USD Million)
Table 57 Precision Farming Market in Europe, By Country, 2015–2023 (USD Million)
Table 58 Precision Farming Market in APAC, By Offering, 2015–2023 (USD Million)
Table 59 Precision Farming Market in APAC, By Application, 2015–2023 (USD Million)
Table 60 Precision Farming Market in APAC, By Technology, 2015–2023 (USD Million)
Table 61 Precision Farming Market in APAC, By Country, 2015–2023 (USD Million)
Table 62 Precision Farming Market in RoW, By Offering, 2015–2023 (USD Million)
Table 63 Precision Farming Market in RoW, By Application, 2015–2023 (USD Million)
Table 64 Precision Farming Market in RoW, By Technology, 2015–2023 (USD Million)
Table 65 Precision Farming Market in RoW, By Region, 2015–2023 (USD Million)
Table 66 Ranking of Top 5 Players in Precision Farming Market (2017)

List of Figures

Figure 1 Precision Farming Market: Research Design
Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
Figure 3 Market Size Estimation Methodology: Top-Down Approach
Figure 4 Data Triangulation
Figure 5 Precision Farming Market, 2015–2023 (USD Billion)
Figure 6 Precision Farming Market for Services to Grow at Highest CAGR Between 2018 and 2023
Figure 7 Variable-Rate Technology Poised to Grow at the Highest CAGR Between 2018 and 2023
Figure 8 Yield Monitoring to Hold Largest Size of Precision Farming Market in 2018
Figure 9 Americas Held Largest Share of Precision Farming Market in 2017
Figure 10 Increasing Demand for Food Owing to Rising Population to Fuel Growth of Precision Farming Market During Forecast Period
Figure 11 Australia Held Largest Share for the Precision Farming Market in Asia Pacific in 2017
Figure 12 Hardware Held Largest Share of Precision Farming Market in 2017
Figure 13 Guidance Technology Held Largest Size of Precision Farming Market in 2017
Figure 14 Precision Farming Market in China to Grow at Highest CAGR During Forecast Period
Figure 15 Precision Farming Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Global Consumption of Major Field Crops, 2005–2050
Figure 17 Global Mobile Subscriber Base, 2016–2026 (In Million)
Figure 18 Value Chain: Precision Farming Market
Figure 19 Supply Chain: Precision Farming Market.
Figure 20 Present and Upcoming Technologies in Precision Farming Market
Figure 21 Big Data Opportunities – Leading Trend Among Key Market Players
Figure 22 Precision Farming Market for Services to Grow at Highest CAGR Between 2018 and 2023
Figure 23 Americas to Hold Largest Size of Precision Farming Market for Hardware in 2018
Figure 24 Precision Farming Market for Automation and Control System in APAC to Grow at Highest CAGR Between 2018 and 2023
Figure 25 Americas to Hold Largest Size of Precision Farming Market for Sensing and Monitoring Device in 2018
Figure 26 Precision Farming Market for Software in APAC to Grow at Highest CAGR During Forecast Period
Figure 27 System Integration & Consulting Services to Hold Largest Market Size in 2018
Figure 28 Precision Farming Market for Variable-Rate Technology to Grow at Highest CAGR Between 2018 and 2023
Figure 29 GNSS Technology Accuracy Levels
Figure 30 GIS in Precision Farming
Figure 31 Precision Farming Market for Guidance Technology in APAC to Grow at Highest CAGR During Forecast Period
Figure 32 Remote Sensing Systems
Figure 33 Americas to Hold Largest Size of Precision Farming Market for Remote Sensing in 2018
Figure 34 Precision Farming Market for Variable-Rate Technology in APAC to Grow at Highest CAGR Between 2018 and 2023
Figure 35 Precision Farming Market for Seeding VRA to Grow at Highest CAGR Between 2018 and 2023
Figure 36 Precision Farming Market for Weather Tracking & Forecasting Application Expected to Grow at Highest CAGR Between 2018 and 2023
Figure 37 Asia Pacific to Exhibit Highest CAGR in Precision Farming Market for Yield Monitoring Application Between 2018 and 2023
Figure 38 Americas to Hold Largest Size of Precision Farming Market for Field Mapping Application By 2023
Figure 39 Americas to Hold Largest Size of Precision Farming Market for Crop Scouting Application in 2018
Figure 40 Asia Pacific Expected to Exhibit Highest CAGR in Precision Farming Market for Weather Tracking & Forecasting Application Between 2018 and 2023
Figure 41 Americas to Hold Largest Size of Precision Farming Market for Irrigation Management Application in 2018
Figure 42 Market in Asia Pacific for Inventory Management Application Expected to Grow at Highest CAGR During Forecast Period
Figure 43 Asia Pacific Expected to Witness Highest CAGR in Precision Farming Market for Financial Management Application During Forecast Period
Figure 44 Hardware to Account for Largest Size of Precision Farming Market for Other Applications in 2018
Figure 45 Precision Farming Market: Geographic Snapshot
Figure 46 Americas: Snapshot of Precision Farming Market
Figure 47 Europe: Snapshot of Precision Farming Market
Figure 48 APAC: Snapshot of Precision Farming Market
Figure 49 Companies Adopted Collaborations, Agreements, and Partnerships as Key Growth Strategies
Figure 50 Deere & Company: Company Snapshot
Figure 51 Trimble: Company Snapshot
Figure 52 Agco: Company Snapshot
Figure 53 Agjunction: Company Snapshot
Figure 54 Raven Industries: Company Snapshot

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