Precision Farming Market Size

Precision Farming Market Size

The global precision farming market was valued at USD 10.5 billion in 2024 and is estimated to register a CAGR of 11.5% between 2025 and 2034.

The increasing global population and the soaring need for food are boosting the precision farming market growth. Because of the projected exponential growth of the world’s population, there will be an urgent need to develop effective and sustainable agricultural technology that will respond to food demand. For example, a report published by the United Nations’ Department of Economic and Social Affairs estimates the world population in 2050 will be 9.8 billion and 11.2 billion by 2100. As the world’s population increases year on year by an estimated 83 million, this trend of global population growth is bound to persist.
 

To stimulate the shift to advanced agricultural technologies, Governments around the globe are providing assistance and paying subsidies to farmers. Some of these programs include offering grants for research and development, policy measures to improve agricultural productivity, and providing farmers with financial incentives.
 

For example, in September 2024, the Government of India declared plans to invest around USD 650 million for the adoption of precision farming. It will use technologies such as IoT, AI, drones, and data analytics organic farming to increase productivity, reduce the use of resources and cut down on impacts to the environment. In this way, by encouraging the adoption of technology that results in cleaner farming methods, governments are reducing the environmental footprint of agriculture while increasing the efficiency of food production.