According to this latest publication from Meticulous Research®, the precision agriculture market is projected to reach $27.81 Billion by 2031 at a CAGR of 12.9% from 2024 to 2031. The growth of the precision agriculture market is driven by increasing government initiatives promoting the use of modern technologies in the agriculture sector and the surging demand for precision agriculture solutions due to climatic changes. However, the lack of connectivity and infrastructure in rural areas restrains the growth of this market.

The growth of the precision agriculture market is driven by increasing government initiatives promoting the use of modern technologies in the agriculture sector and the surging demand for precision agriculture solutions due to climatic changes.

Governments worldwide are recognizing the need to support farmers in adopting sustainable practices and investing in agricultural technologies to build resilience in the agricultural sector. Precision agriculture is an approach where inputs are utilized in precise amounts to get increased average yields compared to traditional cultivation techniques. Governments around the globe are undertaking initiatives to raise awareness among farmers and promote the use of advanced technologies in farming practices.

Based on offering, the global precision agriculture market is broadly segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of the global precision agriculture market. The large market share of this segment is attributed to factors such as increased use of sensing and monitoring devices to obtain real-time information about crop yield, increased need to monitor agriculture data for decision making, and increased partnership between companies to increase adoption of robot platforms.

Based on application, the global precision agriculture market is segmented into field mapping, seeding & spraying, crop monitoring, yield monitoring, precision irrigation, and other applications. In 2024, the yield monitoring segment is expected to account for the largest share of the global precision agriculture market.

Based on technology, the global precision agriculture market is segmented into guidance technology, variable rate technology, remote sensing technology, and other technologies. In 2024, the guidance technology segment is expected to account for the largest share of the global precision agriculture market.

Based on geography, the precision agriculture market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the global precision agriculture market. The large market share of this segment is attributed to the growing use of precision agriculture solutions to address the growing labor scarcity issue in the region and the rising pressure on the food supply chain. In addition, the increasing utilization of precision agriculture technologies for improving agricultural services in the region contributes to the growth of this regional market. For instance, in April 2022, Chinese meteorologists launched monitoring and assessment services for winter wheat distribution across the country based on remote sensing satellite technology.

Some of the key players operating in the precision agriculture market are Deere & Company (U.S.), AGCO Corporation (U.S.), Topcon Corporation (Japan), Trimble Inc. (U.S.), Raven Industries, Inc. (U.S.) CropX Inc. (Israel), AgEagle Aerial Systems Inc. (U.S.), Netafim Ltd. (Israel), Farmers Edge Inc. (Canada), AgJunction LLC (U.S.), AMVAC Chemical Corporation (U.S.), YANMAR HOLDINGS CO., LTD. (Japan), Ag Leader Technology (U.S.), Ecorobotix SA (Switzerland), BASF SE (Germany), Climate LLC (U.S.), TeeJet Technologies (U.S.), DICKEY-john (U.S.), XMachines (India), Naïo Technologies (France), Robotics Plus Limited (New Zealand).