Precision farming is a farm management technique that utilizes information technology (IT) to gather real-time data related to weather, farm, soil fertility, crop yield etc. This data is then analyzed and is used to improve productivity and optimize crop yield.

Major factors driving growth of the global precision farming market are increasing food demand, increasing adoption of big data, and increasing government investments towards adoption of modern farming techniques. In addition, increasing penetration of internet of things (IoT) in agriculture sector is another factor further driving growth of the target market. Major factors hampering growth of the global market is high initial cost of devices and low adoption of precision farming in developing and underdeveloped countries owing to lack of awareness and lack of technical expertise.

The global precision farming market is segmented on the basis of component, application, and region. On the basis of component, the global market is segmented into hardware, software, and services. The hardware segment accounts for highest market share, while the software segment is expected to witness significant growth over the forecast period.

On the basis of application, the global market is segmented into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, inventory management, farm labor management, and others. The yield monitoring segment accounts for highest share in terms of revenue and is expected to witness considerable growth over the forecast period.

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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market accounts for highest market share in the global market; whereas the Asia Pacific precision farming market is expected to witness highest growth over the forecast period.

Key players in the global market are Deere & Company, Trimble Navigation Limited, AGCO Corporation, AJ Junction Inc., Ag Leader Technology, CropMetrics LLC, Topcon Positioning Systems, Inc., Precision Planting Inc., Delaval Corporation, DICKEY-john Corporation, Agribotix LLC, and other prominent players.

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