Global Precision Agriculture (Farming) Market: Insights & Forecast with Potential Impact of COVID-19 (2020-2024)

Global Precision Agriculture (Farming) Market: Insights & Forecast with Potential Impact of COVID-19 (2020-2024)

The global precision agriculture market is forecasted to reach US$11.36 billion in 2024, growing at a CAGR of 10.9% for the period spanning 2020-2024. The factors such as increasing population, shrinking arable land, shifting farmer demographics in US, emergence of sensors and improving consumer confidence index are expected to drive the market. However, growth of the industry would be challenged by high capital cost and technical & complexity issues. Few notable trends include rising market consolidation activities, growing exposure of internet of things (IoT) in agriculture and increasing demand for drones.

In 2020, the outbreak of COVID-19 pandemic has created an unfavorable impact on the market as the farming practices have decreased rapidly.

The precision agriculture market comprises of three segments namely services, software and hardware. High demand for automatic steering, yield monitoring and variable rate input devices has helped the hardware to remain at top position amongst all the segments in 2019.

The fastest growing regional market is North America owing to high agriculture activities by population in the U.S. and Canada. The U.S. and China are the two largest market and are already well-penetrated at developed market levels.

Scope of the report:

  • The report provides a comprehensive analysis of the global precision agriculture market, segmented into hardware, software and services.
  • The major regional markets (North America, Europe and Asia-Pacific) have been analysed, along with country coverage of US, Canada, China and Japan.
  • The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.
  • The competitive landscape of the market, along with the company profiles of leading players (AGCO Corporation, BASF SE, Raven Industries, Inc., Deere & Company, Trimble Inc. and AgJunction Inc.) are also presented in detail.
Key Target Audience:
  • Precision Agriculture Technology Providers
  • Raw Material/Component Suppliers
  • End Users
  • Consulting Firms
  • Investment Banks
  • Government Bodies & Regulating Authorities


1. Market Overview
1.1 Introduction
1.2 Types
Table 1: Components of Precision Agriculture
1.3 Key Technologies
Table 2: Technologies Used in Precision Farming
1.4 Advantages
2. Impact of COVID-19
2.1 Introduction
2.2 Decline in Global GDP Growth
Table 3: Global GDP Growth Rate (2005-2020)
2.3 Change in Organic Traffic
Table 4: Organic Traffic Growth or Decline due to COVID-19 (2020)
2.4 Disruption of Supply Chain
Table 5: Manufacturing PMI of Selected Countries (March 2020)
3. Global Precision Agriculture Market Analysis
3.1 Global Precision Agriculture Market Value
Table 6: Global Precision Agriculture Market Value (2015-2019)
3.2 Global Precision Agriculture Market Value Forecast
Table 7: Global Precision Agriculture Market Value Forecast (2020-2024)
3.3 Global Precision Agriculture Market Value by Segments
Table 8: Global Precision Agriculture Market Value by Segments (2019)
3.3.1 Global Precision Agriculture Hardware Market Value
Table 9: Global Precision Agriculture Hardware Market Value (2015-2019)
3.3.2 Global Precision Agriculture Hardware Market Value Forecast
Table 10: Global Precision Agriculture Hardware Market Value Forecast (2020-2024)
3.3.3 Global Precision Agriculture Software Market Value
Table 11: Global Precision Agriculture Software Market Value (2015-2019)
3.3.4 Global Precision Agriculture Software Market Value Forecast
Table 12: Global Precision Agriculture Software Market Value Forecast (2020-2024)
3.3.5 Global Precision Agriculture Services Market Value
Table 13: Global Precision Agriculture Services Market Value (2015-2019)
3.3.6 Global Precision Agriculture Services Market Value Forecast
Table 14: Global Precision Agriculture Services Market Value Forecast (2020-2024)
3.4 Global Precision Agriculture Market Value by Applications
Table 15: Global Precision Agriculture Market Value by Applications (2019)
3.5 Global Precision Agriculture Market Value by Region
Table 16: Global Precision Agriculture Market Value by Region (2019)
4. Regional Precision Agriculture Market Analysis
4.1 North America
4.1.1 North America Precision Agriculture Market Value
Table 17: North America Precision Agriculture Market Value (2015-2019)
4.1.2 North America Precision Agriculture Market Value Forecast
Table 18: North America Precision Agriculture Market Value Forecast (2020-2024)
4.1.3 North America Precision Agriculture Market Value by Segments
Table 19: North America Precision Agriculture Market Value by Segments (2019)
4.1.4 North America Precision Agriculture Market Value by Country
Table 20: North America Precision Agriculture Market Value by Country (2019)
4.1.5 The U.S. Precision Agriculture Market Value
Table 21: The U.S. Precision Agriculture Market Value (2015-2019)
4.1.6 The U.S. Precision Agriculture Market Value Forecast
Table 22: The U.S. Precision Agriculture Market Value Forecast (2020-2024)
4.1.7 Canada Precision Agriculture Market Value
Table 23: Canada Precision Agriculture Market Value (2015-2019)
4.1.8 Canada Precision Agriculture Market Value Forecast
Table 24: Canada Precision Agriculture Market Value Forecast (2020-2024)
4.2 Europe
4.2.1 Europe Precision Agriculture Market Value
Table 25: Europe Precision Agriculture Market Value (2015-2019)
4.2.2 Europe Precision Agriculture Market Value Forecast
Table 26: Europe Precision Agriculture Market Value Forecast (2020-2024)
4.3 Asia-Pacific
4.3.1 Asia-Pacific Precision Agriculture Market Value
Table 27: Asia-Pacific Precision Agriculture Market Value (2015-2019)
4.3.2 Asia-Pacific Precision Agriculture Market Value Forecast
Table 28: Asia-Pacific Precision Agriculture Market Value Forecast (2020-2024)
4.3.3 Asia-Pacific Precision Agriculture Market Value by Country
Table 29: Asia-Pacific Precision Agriculture Market Value by Country (2019)
4.3.4 China Precision Agriculture Market Value
Table 30: China Precision Agriculture Market Value (2015-2019)
4.3.5 China Precision Agriculture Market Value Forecast
Table 31: China Precision Agriculture Market Value Forecast (2020-2024)
4.3.6 Japan Precision Agriculture Market Value
Table 32: Japan Precision Agriculture Market Value (2015-2019)
4.3.7 Japan Precision Agriculture Market Value Forecast
Table 33: Japan Precision Agriculture Market Value Forecast (2020-2024)
5. Market Dynamics
5.1 Growth Drivers
5.1.1 Increasing Population
Table 34: Global Population (2018/2030/2050)
5.1.2 Shrinking Arable Land
Table 35: Global Arable Land (2000/2010/2020)
5.1.3 Shifting Farmer Demographics in US
5.1.4 Emergence of Sensors
5.1.5 Improving Consumer Confidence Index
Table 36: Consumer Confidence Index in US and Europe (2015-2019)
5.2 Key Trends and Developments
5.2.1 Rising Market Consolidation Activities
Table 37: Global Precision Agriculture Market Consolidations (2017-2019)
5.2.2 Growing Exposure of Internet of Things (IoT) in Agriculture
Table 38: Global Internet of Things (IoT) Market (2019-2024)
5.2.3 Increasing Demand for Drones
5.3 Challenges
5.3.1 High Capital Cost
5.3.2 Technical and Complexity Issues
6. Competitive Landscape
6.1 Global Precision Agriculture Market
6.1.1 Key Players – Revenues and Market Cap Comparison
Table 39: Key Players – Revenues and Market Cap Comparison
7. Company Profiles
7.1 AGCO Corporation
7.1.1 Business Overview
Table 40: AGCO Corp Product Description
7.1.2 Financial Overview
Table 41: AGCO Corp Net Sales and Net Income (2015-2019)
Table 42: AGCO Corp Net Sales by Segment (2019)
Table 43: AGCO Corp Net Sales by Region (2019)
7.1.3 Business Strategies
7.2 BASF SE
7.2.1 Business Overview
7.2.2 Financial Overview
Table 44: BASF Sales and Net Income (2015-2019)
Table 45: BASF Sales by Segment (2019)
Table 46: BASF Sales by Region (2019)
7.2.3 Business Strategies
7.3 Raven Industries, Inc.
7.3.1 Business Overview
7.3.2 Financial Overview
Table 47: Raven Net Sales and Net Income (2016-2020)
Table 48: Raven Net Sales by Segments (2020)
7.3.3 Business Strategies
7.4 Deere & Company
7.4.1 Business Overview
Table 49: John Deere Segment Overview
7.4.2 Financial Overview
Table 50: John Deere Net Sales and Net Income (2015-2019)
Table 51: John Deere Net Sales by Segments (2019)
Table 52: John Deere Net Sales by Region (2019)
7.4.3 Business Strategies
7.5 Trimble Inc.
7.5.1 Business Overview
7.5.2 Financial Overview
Table 53: Trimble Revenues and Net Income (2015-2019)
Table 54: Trimble Revenues by Segments (2019)
Table 55: Trimble Revenues by Region (2019)
7.5.3 Business Strategies
7.6 AgJunction Inc.
7.6.1 Business Overview
7.6.2 Business Strategies

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