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Why is Precision Farming in Boom?

The agricultural sector has witnessed significant changes in the recent past due to fluctuating climatic conditions, growing demand for sustainability, and limited availability of arable land.

The rapidly expanding global population, rising food demand, and current challenges like shortage of resources, climate change, and soil erosion have encouraged agricultural companies to develop and launch sustainable farming tools and techniques.

One of the most trending sustainable alternatives to traditional farming practices is precision farming or agriculture. It is a groundbreaking approach that leverages cutting-edge technology and data-driven insights to revolutionize the way crops are cultivated and livestock is raised.

Precision farming is a fundamental shift in the agricultural landscape that helps in increasing productivity and sustainability in crop yield and economic viability for farmers. Farm owners in many parts of the globe are readily accepting novel tools and precision farming solutions to optimize their crop yield, reduce waste, and preserve the environment due to the penetration of the internet and exposure to advanced technologies.

Precise farming enables farmers to monitor and manage their crops and fields at granular levels. It primarily relies on specialized equipment, software, and IT services to collect vast amounts of soil conditions, weather patterns, and crop health data from various sources such as satellites, drones, sensors, and farm equipment.

It helps to protect water quality and reduces the environmental impact of agriculture by reducing the use of chemicals and minimizing runoff. It also allows for better land use management and the preservation of natural habitats.

Precision Farming Market Scenario

The global precision farming market size was USD 9.4 billion in 2023 and is expected to expand at a rapid revenue CAGR of 11% during the forecast period. Factors such as increasing global population, rapid advancements in agricultural technology, favorable government support, and rising consumer demand for sustainable products are expected to drive global market growth between 2024 and 2032.

Moreover, the adoption of precision agriculture is becoming more prevalent as farmers increasingly collaborate by sharing data and best practices through agricultural co-operatives and online platforms. This is another factor expected to foster global market growth in the coming years.

Role of Manufacturers in the Precision Farming Market

Manufacturers play a crucial role in the precision farming market by developing and supplying advanced technologies by developing and supplying advanced technologies and equipment that enable farmers to optimize and enhance their agricultural practices. Here is a list of the top 10 companies changing the dynamics of the agricultural sector.

1. Deere and Company
2. Trimble Inc.
3. AgJunction, Inc.
4. PrecisionHawk
5. Farmers Edge Inc.
6. DroneDeploy
7. Effingham Equity
8. Bayer CropScience AG
9. Granular Inc.
10. BouMatic Robotic B.V

Deere & Company:

Deere & Company, commonly known as John Deere is a well-known American corporation that specializes in manufacturing agricultural, construction, and forestry machinery. John Deere has been a pioneer in the field of precision farming and helps in improving farm productivity and reducing the environmental impact.

The company has developed and marketed GPS-based guidance systems for tractors and other equipment that provide precise guidance for farming operations like planting, harvesting, and spraying. In addition, Deere provides services such as variable rate technology, data management & analytics, connectivity & telematics, farm management software, along with sustainability initiatives.

Trimble Inc.:

Trimble Inc. is an American software and service technology located in Sunnyvale, California well-known for providing technology solutions for a wide range of industries like construction, agriculture, and transportation. The company offers a wide range of advanced tools and solutions for precision farming such as GPS and GNSS technology, irrigation solutions, data analytics and connectivity, farm management software, and remote monitoring.

AgJunction, Inc:

AgJunction, Inc. is a global leader in precision agriculture applications situated in Winnipeg, Canada. The company provides innovative hardware and software applications for precision farming globally and has a broad collection of products and services such as GPS and GNSS technology, farm connectivity, auto-steer systems, and farm connectivity that can help farmers enhance their crop productivity, reduce overall costs, and make informed decisions.

PrecisionHawk:

PrecisionHawk is a commercial drone and drone processing company headquartered in Raleigh, North Carolina that specializes in providing UAV remote sensing and drone applications and services across various sectors such as energy, telecom, and oil & gas. PrecisionHawk is also well-known for its unique and innovative tools and solutions that help farmers make informed decisions and improve their agricultural practices.

Farmers Edge, Inc.:

Farmers Edge, Inc. is a software company based in Winnipeg, Canada, specialized in providing digital agriculture services to help farmers improve their efficiency, increase crop yield, and decrease environmental impact. Farmers Edge collects various types of data from fields, including soil samples, weather data, satellite imagery, and more, and further uses advanced analytics and machine learning algorithms to process the collected data. This helps farmers to identify trends, anomalies, and opportunities to improve their operations.

DroneDeploy:

DroneDeploy is a global provider of cloud-control software solutions and tools for drone mapping, surveying, and data analysis, situated in San Francisco, California. It is designed to assist professionals and businesses across various sectors such as agriculture, mining, construction, and real estate to collect and analyze aerial data.  DroneDeploy provides advanced tools used in precision farming such as aerial imaging, vegetation analysis, field scouting, precision mapping, and data integration to collect valuable data and insights about crops and fields.

Effingham Equity:

Effingham Equity is a US-based agriculture company located in Effingham Illinois, that specializes in agricultural products and services such as hardware and supplies, feeds, livestock, grain development, along with crop protection and agronomy services. Effingham offers a wide range of modern agriculture tools and services such as GPS and GIS technology, data management and analysis, precision planting and harvesting, soil testing and management along with crop scouting and pest management.

Bayer CropScience Ltd:

Bayer CropScience Ltd, a subsidiary of Bayer AG, specifically focuses on developing and marketing products and services related to crop protection, seeds, and crop traits. The company has a wide range of product offerings in precision farming including digital farming solutions, data collection and analysis, decision support systems, field monitoring & automation, and sustainable agriculture.

Granular Inc.

Granular Inc. is a San Francisco-based agricultural software development company that helps farmers make more informed decisions about their operations. The company offers software products and tools that involve features such as field mapping, yield monitoring, inventory management, and financial analysis.

BouMatic Robotic B.V:

BouMatic Robotic B.V. is a Netherlands-based company specializing in precision farming solutions, particularly in the dairy farming sector. The company offers a wide range of modern agriculture products and solutions that involve the use of automated milking robots to help dairy farmers improve the efficiency and productivity of their operations.

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