Precision Agriculture Market Analysis and 10 Year Forecast 2024-2034: Collaborations with Agri-tech Start-ups Present a Significant Growth Opportunity - ResearchAndMarkets.com

The "Precision Agriculture Market - A Global and Regional Analysis: Focus on Application, Product, and Region - Analysis and Forecast, 2024-2034" report has been added to ResearchAndMarkets.com's offering.

The global precision agriculture market is projected to reach $22.49 billion by 2034 from $9.86 billion in 2024, growing at a CAGR of 8.59% during the forecast period 2024-2034.

This growth is driven by the increasing adoption of advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and data analytics in farming practices. These technologies enable farmers to optimize resource utilization, enhance crop yields, and implement sustainable agricultural practices. Additionally, government initiatives promoting modern farming techniques and the rising demand for food due to a growing global population are significant factors contributing to the expansion of the precision agriculture market.

The industrial impact of the precision agriculture market spans sustainable farming practices, resource optimization, and regulatory compliance. Advancements in IoT, AI, and robotics drive innovation, enabling real-time monitoring, data-driven decision-making, and efficient use of water, fertilizers, and pesticides. These developments foster collaborations among technology providers, agribusinesses, and government bodies, raising industry standards and accelerating research and development in agriculture.

Additionally, the emphasis on sustainable farming practices aligns with global climate goals, influencing industrial practices and ensuring adherence to stricter environmental regulations. As a result, the precision agriculture market plays a pivotal role in enhancing productivity, reducing environmental footprints, and promoting the adoption of smart farming technologies, supporting a resilient and sustainable global agricultural ecosystem.

Recent Developments in the Precision Agriculture Market

• In May 2024, AGCO Corporation announced the official opening of The Fendt Lodge in Jackson, Minnesota, on May 1, 2024. This state-of-the-art facility will serve as the brand's North American headquarters, providing a venue for product launches, customer and dealer engagements, and a dedicated visitors center.
• In March 2024, CNH Industrial N.V. announced its commitment to enhancing rural connectivity in Latin America. The company aims to streamline farming operations and boost productivity by utilizing its extensive suite of precision technology solutions. These advanced technologies, designed to save time, reduce costs, and optimize resources, depend on robust internet connectivity. With a network of over 190 provider partners across 144 countries, CNH Industrial N.V. ensures seamless product connectivity and comprehensive coverage to support its equipment worldwide.
• In January 2024, Bayer AG unveiled its Climate FieldView digital farming platform enhancements for the 2024 crop season. The updates include advanced functionalities in FieldView Plus, newly tailored features within the FieldView Premium subscription tier, and significant improvements to the platform's in-cab experience.

Market Demand Drivers: Rising Adoption of Precision Irrigation Technologies

The rising adoption of precision irrigation technologies is a significant market driver in the global precision agriculture sector. As farmers increasingly confront challenges such as climate change and resource scarcity, the benefits of precision irrigation become more pronounced. Key behavioral factors, including perceived economic benefits, environmental consciousness, and perceived compatibility with existing practices, influence farmers' decisions to embrace these technologies.

For instance, in January 2024, Netafim, in partnership with Regrow Ag, introduced drip irrigation systems for rice cultivation, reducing water consumption by 70% and nearly eliminating methane emissions. These advancements align with global sustainability goals, encouraging farmers to transition to climate-smart practices. The ability to secure carbon credits through these technologies further accelerates their adoption, fostering resilience in agricultural systems and positioning precision irrigation as a critical component in modern, sustainable farming.

Market Challenges: Growing Concerns Over Data Security

Data security concerns significantly restrain the precision agriculture market, as farmers and agricultural enterprises remain cautious about potential data breaches. Precision agriculture systems collect extensive data on farm operations, including crop performance and resource usage, raising fears of unauthorized access or data theft. This apprehension can hinder the adoption of digital technologies as stakeholders prioritize safeguarding their proprietary agricultural information.

In 2020, a ransomware attack on a major U.S. agricultural cooperative disrupted operations, exposing the vulnerabilities of digital systems in precision agriculture. This incident underscored the significant risks of data breaches and cyberattacks, prompting heightened caution among farmers and agribusinesses. Consequently, skepticism toward adopting precision agriculture technologies that collect and store sensitive farm data has grown as stakeholders focus on protecting their information from potential threats.

Market Opportunities: Partnerships with Agri-Tech Startups

Collaborations with agri-tech startups present a significant growth opportunity for the precision agriculture market. These partnerships enable established companies to harness innovative solutions developed by startups, including advanced technologies such as AI-driven analytics, IoT-enabled devices, and precision farming tools. By integrating these innovations into their offerings, larger firms can enhance their product portfolios and maintain a competitive edge in the market.

Such partnerships also enable faster market entry, tailored solutions for specific agricultural challenges, and the scalability of new technologies to a wider audience. For instance, in 2021, Deere & Company acquired Blue River Technology to integrate its cutting-edge machine learning and computer vision capabilities into Deere's agricultural machinery. This strategic move significantly bolstered Deere's precision agriculture offerings, enhancing crop monitoring accuracy and resource efficiency. As a result, this collaboration became instrumental in driving the adoption of advanced precision agriculture technologies, solidifying Deere & Company's position as a leader in agricultural innovation.

Key Market Players and Competition Synopsis

The companies that are profiled in the precision agriculture market have been selected based on inputs gathered from primary experts who have analyzed company coverage, product portfolio, and market penetration.

Some of the prominent names in this market are:

• Accenture
• AGRIVI
• Bayer
• X (Alphabet Inc.)
• Amazon Web Services
• IBM Corporation
• BASF
• Microsoft
• Farmers Edge Inc.
• The Toro Company
• AGCO Corporation
• CNH Industrial
• Ag Leader Technology
• KUBOTA
• Deere & Company
• Hexagon
• Topcon
• YANMAR Holdings
• TeeJet Technologies

Key Attributes:

Report Attribute	Details
No. of Pages	249
Forecast Period	2024 - 2034
Estimated Market Value (USD) in 2024	$9.86 Billion
Forecasted Market Value (USD) by 2034	$22.49 Billion
Compound Annual Growth Rate	8.5%
Regions Covered	Global

Key Topics Covered:

1 Markets

1.1 Trends: Current and Future Impact Assessment

1.1.1 Rapid Integration of Data Analytics and Cloud Computing

1.1.2 Increasing Requirement for Crop Yield

1.2 Supply Chain Overview

1.3 Research and Development Review

1.4 Regulatory Landscape

1.5 Impact of Key Enabling Technologies on the Farming Ecosystem

1.6 Market Dynamics: Overview

1.6.1 Market Drivers

1.6.1.1 Rising Adoption of Precision Irrigation Technologies

1.6.1.2 Increasing Number of Pest Variant Drives Demand for Smart Monitoring Technologies

1.6.2 Market Restraints

1.6.2.1 Growing Concerns Over Data Security

1.6.2.2 Limited Network Connectivity

1.6.3 Market Opportunities

1.6.3.1 Partnerships with Agri-Tech Startups

1.6.3.2 Customization for Specialty Crops

1.7 Agriculture Drone and Robot Market

2 Application

2.1 Application Summary

2.2 Precision Agriculture Market (by Application)

2.2.1 Field Monitoring

2.2.2 Crop Forecasting

2.2.3 Precision Planting

2.2.4 Precision Spraying

2.2.5 Precision Fertilization

2.2.6 Precision Irrigation

2.2.7 Farm Management

2.3 Precision Agriculture Market (by Function)

2.3.1 Farm Management

2.3.2 Field Management

2.3.3 Fleet Management

2.4 Precision Agriculture Market (by Farm Produce)

2.4.1 Field Crops

2.4.2 Permanent Crops

2.4.3 Other Farm Produce

3 Products

3.1 Product Segmentation

3.2 Product Summary

3.3 Precision Agriculture Market (by Technology)

3.3.1 Guidance Technology

3.3.2 Sensing Technology

3.3.3 Variable Rate Application Technology

3.3.4 Data Analytics and Intelligence

3.4 Precision Agriculture Market (by Product)

3.4.1 Hardware Systems

3.4.1.1 Automation and Control Systems

3.4.1.1.1 Displays or Yield Monitors

3.4.1.1.2 Flow and Application Rate Control Valves

3.4.1.1.3 Handheld Computers/Mobile Devices

3.4.1.2 Sensing and Navigation Systems

3.4.1.2.1 Sensing Systems

3.4.1.2.2 Global Positioning System (GPS)/Global Navigation Satellite System (GNSS)

3.4.1.2.3 Guidance and Steering Systems

3.4.1.3 Indoor Farming Equipment

3.4.1.3.1 Climate Control Systems

3.4.1.3.2 LED Grow Lights

3.4.2 Software

3.4.2.1 Farm Operation Management Software

3.4.2.2 Hardware Control Application Software

3.4.2.3 Data and Predictive Analytics Software

3.4.3 Support Services

3.4.3.1 Integration and Deployment

3.4.3.2 Maintenance and Repair

4 Regions

5 Markets - Competitive Benchmarking & Company Profiles

5.1 Next Frontiers

5.2 Geographic Assessment

5.3 Precision Agriculture Software and Services Provider

For more information about this report visit https://www.researchandmarkets.com/r/8zmlkf

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