At 13.4% CAGR, North America Precision Farming Market is Projected to be Worth US$ 9,699.79 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America precision farming market was valued at US$ 3,551.76 million in 2023 and is expected to reach US$ 9,699.79 million by 2031, registering a CAGR of 13.4% from 2023 to 2031. Advanced precision farming techniques and increasing reliance on smartphones are among the critical factors attributed to drive the North America precision farming market growth.

Advanced farming techniques such as vertical farming with intelligent designs, vertically stacked layers, utilizing door environment and advanced technologies, increase yields and reduce waste. Additionally, climate, soil, and water sensors are placed across the fields to aid farmers in monitoring their crops and gaining real-time information. These sensors help farmers obtain a high yield with minimal crop wastage. Also, these sensors are widely adopted in the pharmaceutical, healthcare, agriculture, and automotive industries for various applications. Further, owing to the augmented use of soil monitoring sensors among farmers worldwide, ground-based monitoring systems will be used for precision farming. In addition, the implementation of technologies such as global positioning systems (GPS) and geographic information systems (GIS) is growing across various industries. In precision agriculture, GPS technology helps perform various tasks such as mapping irrigation systems and fields, soil testing in specific field areas, variable rate application (VRA) for precise seed and fertilizer application, and tractor driving with a parallel steering system. Similarly, GIS offers farmers access to records such as maps of soil surveys and traits of plants grown in the region. Also, GIS helps obtain information about farming progress from aerial photographs and satellite imagery. It compares and adjusts data layers to analyze various farm management choices. Thus, considering the above parameters, the advanced precision farming techniques are driving the market and more advancement and anticipated to drive the market in the coming years.

On the contrary, data privacy and security concerns hamper the growth of North America precision farming market.

By offering, the North America precision farming market is segmented into hardware, software, and services. The hardware segment held 62.6% share of North America precision farming market share in 2023, amassing US$ 2,221.75 million. It is projected to garner US$ 6,314.51 million by 2031 to register 13.9% CAGR during 2023-2031.

In application, the North America precision farming market is segmented into yield monitoring, crop scouting, field mapping, inventory management, weather tracking and forecasting, and others. The yield monitoring segment held 27.5% share of North America precision farming market share in 2023, amassing US$ 977.77 million. It is projected to garner US$ 2,823.07 million by 2031 to register 14.2% CAGR during 2023-2031.

Based on country, the North America precision farming market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 76.8% share of North America precision farming market in 2023. It was assessed at US$ 2,729.17 million in 2023 and is likely to hit US$ 7,628.00 million by 2031, registering a CAGR of 13.7% during 2023-2031.

Key players operating in the North America precision farming market are Ag Leader Technology, AGCO Corp, AgJunction LLC, CNH Industrial NV, CropX Inc, Deere & Co, DICKEY-john, TeeJet Technologies, Topcon Corp, and Trimble Inc, among others.

• In 2024: Deere & Company announced it agreed with SpaceX to provide cutting-edge satellite communications (SATCOM) service to farmers. Utilizing the industry leading Starlink network, this solution will allow farmers facing rural connectivity challenges to fully leverage precision agriculture technologies. This partnership, an industry first, will enable John Deere customers to be more productive, profitable, and sustainable in their operations as they continue to provide food, fuel, and fiber for their communities and a growing global population.

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