Product ID: SQMIG45F2042
Global Precision Farming Market Size, Share, Growth Analysis, By Offering(Hardware, Software), By Technology(Guidance Technology, Remote Sensing Technology), By Application(Yield Monitoring, Field Mapping) - Industry Forecast 2024-2031
Report ID:
SQMIG45F2042 |
Region:
Global |
Published Date: April, 2024
Pages:
241
|
Tables:
98 |
Figures:
76
Global Precision Farming Market Insights
Global Precision Farming Market size was valued at USD 8.85 billion in 2019 and is poised to grow from USD 9.8 billion in 2023 to USD 22.09 billion by 2031, growing at a CAGR of 10.7% during the forecast period (2024-2031).
Precision farming, also known as precision agriculture, is a modern farming technique that utilizes technology to optimize crop yields, reduce waste, and enhance sustainability. It involves the use of advanced tools such as GPS, sensors, drones, and data analytics to monitor and manage crop production processes with precision. The main goal of precision agriculture on a global scale is to satisfy the market demand for the most productive and sustainable farming models. Not only has there been an increase in the world population, but also arable land is shrinking and thus there is more pressure on the agricultural sector to increase productivity without damaging nature. One of the biggest benefits of precision farming is the fact that it addresses those challenges through the process of helping farmers to make data-based decisions, optimizing resource usage and increasing the general performance of the farm. Several factors are found to as a cause of the increasing market of precision farming. It should be noted that the most significant challenge in this regard include: the emergence and progressive use of digital farming technologies, the growing demand for food production stimulated by population growth, and the need to respond to palpable effects of climate change, such as crop yield reduction. Moreover, the government programmes aimed at promoting eco-friendly agriculture and the emergence of innovative IoT and AI technologies are some of the factors behind the rise of the market.
Even though precision farming has great prospect, still, it is confronted with certain difficulties. High initial investment required for technology acquisition, particularly of small-scale farmers, can be a barrier or entry as well. However, the misgivings about data protection and security as well as the awareness and technical know-how gap among some farmers and areas are some of the concerns that market growth faces.
The problem of precision farming is the contact between different technologies and platforms. Integrating heterogeneous systems and handling interoperation between the hardware and software components can prove complex. Moreover, diversity in environmental factors, together with the need for customized solutions for various kinds of crops and areas, keep presenting a dilemma for precision farming to be adopted on a wide scale. Despite the challenges, the precision farming market presents significant opportunities for growth and innovation. Advancements in machine learning and AI algorithms offer the potential to further optimize farming operations and improve decision-making processes. Moreover, the increasing availability of satellite imagery and remote sensing data opens new possibilities for precision agriculture applications, such as real-time monitoring and predictive analytics.
US Precision Farming Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Precision Farming Market Report Snapshots
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