According to our latest study on "Precision Farming Market Size and Forecast (2021-2031), Global and Regional Share, Trend, and Growth Opportunity Analysis - by Offering and Application," the precision farming market was valued at US$ 9.87 billion in 2023 and is expected to reach US$ 26.44 billion by 2031; it is estimated to record a CAGR of 13.1% from 2023 to 2031.

Rising Government Support for Modernizing Agricultural Practices to Provide Lucrative Opportunities for Precision Farming Market Growth During Forecast Period

Governments of various countries are taking initiatives to modernize agricultural practices such as precision farming. For instance, the European Commission's new Common Agricultural Policy (CAP) introduced eco-schemes to incentivize farmers to adopt more environmentally conscious and climate-friendly practices. CAP is responsible for the shift to a sustainable food system and assists European farmers during this process of shifting. Similarly, the Government of India also launched several schemes to promote the use of modern farming technology. For example, the National Food Security Mission (NFSM) provides financial assistance to farmers for the purchase of modern agricultural implements. The scheme is aimed at promoting mechanization as well as boosting productivity in the agricultural sector. Also, in April 2024, the US Department of Agriculture (USDA) announced to invest US$ 1.5 billion in partner-driven conservation and climate solutions through the Regional Conservation Partnership Program (RCPP) as part of President Biden's Investing in America agenda. As of July 2, 2024, the USDA is accepting proposals that will help farmers, ranchers, and forest landowners adopt and expand conservation strategic initiatives to prevent the deterioration of natural resources while tackling the climate crisis. These projects can save farmers money, create new revenue streams, and increase productivity. Thus, rising government support and schemes for modernizing agricultural practices fuel the precision farming market growth.

Key Findings of Precision Farming Market Study:

In France, EOS Data Analytics (EOSDA), a global leader in AI-powered satellite image analysis, introduced EOSDA Crop Monitoring, an advanced online platform for precision agriculture using satellite technology, in 2023. The company is offering local farmers the opportunity to monitor up to 300 hectares of fields at no cost. This strategic move reflects EOSDA's commitment to entering the French agricultural market and supporting the government's efforts to promote sustainable and precise farming practices. The agricultural sector in France is renowned as one of the world's foremost producers, contributing ~2% to the nation's GDP and employing nearly 3% of its population. It is continuously embracing modern advancements, particularly precision agriculture technologies, to stay abreast of current trends and technologies.

On November 11, 2023, AGCO agreed to acquire digital assets from FarmFacts GmbH, a prominent provider of Farm Management Information Software (FMIS) based in Pfarrkirchen, Germany. FarmFacts specializes in developing software tailored for farmers and service providers, enabling them to create field action plans from prescription maps to guidance line creation. Their products, such as the NEXT Farming AG Office application and the NEXT Farming Live data platform, offer customized solutions that include documentation, fertilizer requirements for site-specific management, and connections to major farm equipment terminals. This acquisition significantly enhances AGCO's FMIS offering and software development capabilities, further strengthening its ability to meet the data management needs of farmers globally. Thus, such developments are expected to drive the precision farming market in Germany.

Precision farming in Australia provides numerous advantages, such as increased yields, cost reduction, improved environmental outcomes, and enhanced efficiency, productivity, quality, profitability, and sustainability of agricultural production. This approach involves gathering, organizing, and interpreting soil data, which then informs the delivery of targeted solutions directly to farm machinery. By doing so, growers can achieve improved yields, reduced costs, and better environmental outcomes. Moreover, in December 2023, CropX Technologies, a leading global provider of digital agricultural technology solutions, such as the CropX agronomic farm management system, revealed its acquisition of Green Brain, a well-known digital irrigation management solutions provider located in Adelaide, Australia. This strategic move significantly widens CropX's presence in Australia and consolidates its position as a top player in the global digital precision agriculture industry.

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