The Precision Farming Market is expected to grow from USD 9.853 billion in 2025 to USD 20.323 billion in 2030, at a CAGR of 15.58%.
A modern farm management system identifies analyses and manages variability in fields by conducting crop production practices at the right place and time and in the right way, for optimum profitability, sustainability, and protection of the land resource.
By application, weather tracking and forecasting, and irrigation management hold significant market share due to the importance of climate information and irrigation facilities to maximize productivity. Geographically, North America has the highest share in the market because of advanced farming technologies and the commercial viability of agriculture in the region.
The world population stands at 7.8 billion in 2021 with a growth rate of 1.1% according to the United Nations Population Fund and this number is expected to rise in the coming years but the land resources remain constant. The opportunity cost of increasing agricultural productivity is very high given the scarce resources. The use of modern farming techniques will aid to reach an optimal level of output coupled with mechanization, and substantial savings. The mounting demand for food globally propels the usage of precision farming techniques.
Precision Farming Market Segments: