Driven by the ongoing efforts to overcome the inefficiencies related to conventional farming practices, the market is likely to present lucrative opportunities for precision farming companies in coming 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.

The current market landscape features the presence of over 90 players that claim to offer more than 300 hardware in the precision farming market. Majority (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. Majority (43%) of the precision farming hardware have temperature sensors, followed by water sensors (35%). It is worth highlighting that there are five companies that claim to offer systems that possess all types of sensors for precision farming; notable examples of such sensors (in alphabetical order) include Beacon sensor (developed by Soiltech Wireless), Meteobot Pro (developed by Prointegra) and SOKOL-M (developed by Escort Monitoring Systems). Further, most (25%) of the precision farming hardware are used for weather tracking, followed by yield monitoring (24%).

The growing preference for digitalization of farming is evident from the rise in partnership activity; it is worth highlighting that more than 55% of the deals were forged in the last three year

Over the past few years, players engaged in the precision farming domain have entered into various agreements, in order to expand and diversify their respective product portfolios. During our research, we came across several collaborations that have been undertaken by various stakeholders in  precision farming domain, during the period 2020-2024 (till January). It is worth noting that over the past few years, an inconsistent trend in partnership activity in this domain has been observed. However, a significant increase has been witnessed in 2023, wherein 31% agreements were signed in precision farming domain. Notable examples of agreements include (in reverse chronological order) collaborations between Augmenta and Metalfor (March 2023), Agro Intelligence and Vantage Atlantique Méditerranée (AM) (August 2022), and Deere & Company and TATA (June 2022). Product / technology integration agreement (28%) emerged as the most popular type of partnership model adopted by players in the precision farming domain. Furthermore, majority of the intracontinental partnerships (27%), have been signed by players based in North America.

Foreseeing the lucrative potential of players, number of investors have made investments over usd 13 million in order to aid start-ups to enhance their r&d efforts in the precision farming domain

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. Companies engaged in the domain of precision farming have raised a significant amount of capital through venture capital rounds (56%). It is worth highlighting that several players in this domain have managed to secure significant capital through other equity as well.

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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