The global Precision Farming Market is expected to reach USD 19.69 billion by 2031, growing at a CAGR of 10.0% from 2024 to 2031. The market is driven by the adoption of advanced technologies such as IoT, Artificial Intelligence, and machine learning in agriculture, government initiatives, and increasing awareness among farmers about the benefits of precision farming. However, limited access to advancements, high initial investment costs, and data privacy concerns are hindering the market’s growth. Additionally, the lack of skilled workers and technical expertise in implementing precision farming techniques is a challenge.
The market has several opportunities, including the integration of drones and satellite imagery for real-time monitoring, the development of affordable and user-friendly solutions for smallholder farmers, and collaborations between technology providers, agricultural machinery manufacturers, and research institutions. Key players in the market include Trimble, Deere & Company, AGCO Corporation, and Raven Industries, among others. The North American market is expected to grow with the highest CAGR, driven by government initiatives and a well-developed infrastructure.