Precision Farming Market Insights: Key Highlights, Market Expansion & Future Demand 2035

The growing food requirements in order to feed the growing population our world needs to produce 70% more food in next few years.

The global precision farming market size is estimated to grow from USD 10.43 billion in 2024 to USD 27.29 billion by 2035, growing at a CAGR of 9.1%, during the forecast period.

Precision farming market represent one of the fastest growing segments of the agriculture industry. This can be attributed to the rapidly growing need to reduce timelines and increase capacity of crop production, without compromising on the quality of crop yield. Further, rising preference for sustainable agriculture practices is another factor that has led agriculture industries to explore the potential of digital technologies in farming. Precision agriculture have the potential to offer various benefits such as increased crop yield, improved efficiency of process, environmental sustainability, climate resilience, risk mitigation and conservation of resources that helps farmers to cultivate, feed, harvest, and distribute food more efficiently.

Considering the current market trends and innovation landscape, we anticipate that the next generation of machine learning technologies will be integrated with advanced data analytics, and process and equipment modeling to form comprehensive systems, for the purpose of real-time monitoring and predictive analysis.

91% of the precision farming hardware providers engaged in this domain are private companies. Further, 9% of the precision farming hardware providers in this industry are public companies. 43% of the precision farming hardware have temperature sensors, followed by water sensors 35%. Five companies claim to offer systems that possess all types of sensors for precision farming; notable examples of such sensors.

During our research, we came across 64 funding instances focused on precision farming technologies, during the period 2019-2024 (till January). It is worth noting that there has been an increase in the funding activity during the given time period, maximum number of funding instances (25%) were reported in 2021 and 2022. This can primarily be attributed to the fact that in the last few years, many well-established players have expanded their product portfolio to suit the growing demand for precision farming.

Research Methodology

Our analysts have performed an accurate examination of the various aspects of the global market leveraging avant-garde primary and secondary sources of data collection. The report has gathered the necessary data and information from several reliable sources. Additionally, the report offers many strategic recommendations for companies involved in this ever-growing business sector to help them attain a competitive edge in the Precision Farming Market.

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