The precision farming market was valued at USD 4 Billion in 2018 and is projected to reach USD 10 Billion by 2027, at a CAGR of 13.38% during the forecast period. The base year considered for this study is 2017, and the market forecast is provided for the period 2019–2027.
Competitive Market Share
Some of the leading vendors of the precision farming market are Agribotix, LLC, AgSense LLC, Boumatic LLC., AGCO Corporation, CropMetrics LLC, AgSmarts Inc., Deere & Company, Dickey-John Corporation, Delaval Corporation, Farmers Edge Inc., CropX Inc., GEA Group AG, Monsanto Company, Precision Planting, Trimble Navigation Limited, Raven Industries Inc., and Topcon Positioning Systems Inc. The companies operating in the market are adopting strategies, such as collaborations and acquisitions, to diversify their product portfolio and gain more market share. For instance, in September 2017, AGCO completed the acquisition of Precision Planting LLC equipment business from The Climate Corporation, a subsidiary of the Monsanto Corporation. The acquisition was intended to acquire and further develop Precision Planting’s capabilities to provide innovative & practical solutions for solving customers’ farming challenges. The acquisition also strengthened AGCO’s position as a full-line partner for growers globally.
The precision farming market has been segmented as follows:
Precision Farming Market, by Application
Precision Farming Market, by Technology
Precision Farming Market, by Offering
Precision Farming Market, by Region
The main objective of this report is to define, describe, and forecast the global precision farming market on the basis of types of applications, major sectors, deployment models, organization size, and regions. This report mainly introduces volume and value market share by segments and also their price change details. The analysis includes the market by value, by segments, by application, by manufacturers and by region. The market size and forecast in terms of US$ Mn for each segment has been provided for the period from 2019 to 2027. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2019 to 2027, considering 2018 as the base year. All market data presented in revenues, shipments and installed base, along with average pricing data.
The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report also offers insightful and detailed information regarding the various key players operating in the global market, and their financials, apart from strategies, acquisitions & mergers, and market footprint.
The report forecasts the market size, in terms of value, for various segments with regard to four main regions—North America, Europe, APAC, and RoW. It strategically profiles key players and comprehensively analyzes their market rankings and core competencies, along with detailing the competitive landscape for the market leaders.
The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. The report analyze detailed profiles of 20+ innovative and leading vendors, with information on products and services, target markets, strategy, SWOT analysis, key relationships and capital funding.
The research methodology used to estimate and forecast the market begins with capturing data on key vendor’s revenues through secondary research. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and sub-segments, which were then verified through primary research by conducting extensive interviews with key people, such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and sub-segments.
Key questions addressed by the report
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