At 14.5% CAGR, Asia Pacific Precision Farming Market is Projected to be Worth US$ 6,907.72 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific precision farming market   was valued at US$ 2,335.28 million in 2023 and is expected to reach US$ 6,907.72 million by 2031, registering a CAGR of 14.5% from 2023 to 2031. Adoption of advanced analytics & IoT and increasing reliance on smartphones are among the critical factors attributed to drive the Asia Pacific precision farming market growth.

Farmers depend on broadband and wireless networks to obtain information about specific industry-directed knowledge-sharing initiatives, including farming-related progressive solutions. Agriculture mobile apps can be used for collecting data, recording crop scouting activities, tracking machine performance, and controlling drones. As a result, there is an increasing reliance on smartphones to access agriculture mobile apps, such as Digi-Star’s Grain Tracker, Just In Time Plant Nutrient Calculator, AgDNA, and Cropalyser. These apps are widely used in precision farming. For example, the John Deere Connect Mobile app is utilized to help optimize, monitor, and improve machine performance. The app automatically connects to the machine through a Wi-Fi network and documents and displays machine performance and agronomic data about machine activities. It works in collaboration with the GreenStar 3 2630 or Generation 4 4600 CommandCenter displays. Also, the Connect Mobile app can wirelessly send data to the John Deere Operations Center by utilizing cellular service using the grower’s cellular data plan or a Wi-Fi network with internet access. Thus, the increasing reliance on smartphones to perform advanced agricultural practices drives the precision farming market.

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

By offering, the Asia Pacific precision farming market  is segmented into hardware, software, and services. The hardware segment held 61.6% share of Asia Pacific precision farming market share in 2023, amassing US$ 1,439.13 million. It is projected to garner US$ 4,431.94 million by 2031 to register 15.1% CAGR during 2023–2031.

In application, the Asia Pacific 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 30.6% share of Asia Pacific precision farming market share in 2023, amassing US$ 715.13 million. It is projected to garner US$ 2,238.24 million by 2031 to register 15.3% CAGR during 2023–2031.

Based on country, the Asia Pacific precision farming market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 27.4% share of Asia Pacific precision farming market in 2023. It was assessed at US$ 639.40 million in 2023 and is likely to hit US$ 2,015.82 million by 2031, registering a CAGR of 15.4% during 2023–2031.

Key players operating in the Asia Pacific precision farming market are Ag Leader Technology, AGCO Corp, CNH Industrial NV, CropX Inc, Deere & Co, 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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