Precision Farming Market Exhibiting At A CAGR Of 12.6% From 2023 To 2030: Grand View Research Inc.Posted by Neha Bora on December 19th, 2023 San Francisco, 19 Dec 2023: The Report Precision Farming Market Size, Share & Trends Analysis Report By Offering (Hardware, Software, Services), By Application (Yield Monitoring, Weather Tracking, Field Mapping, Crop Scouting), By Region, And Segment Forecasts, 2023 - 2030 The global precision farming market size is anticipated to reach USD 24.09 billion by 2030, registering a CAGR of 12.6% over the forecast period, according to a new report by Grand View Research, Inc. Precision farming, also known as site-specific crop management or satellite farming, is a farm management concept that uses information technology to ensure optimum health and productivity of crops. The precision farming technique largely depends on specialized equipment such as sensing devices, antennas and access points, and automation and control systems. It also includes maintenance and managed services. The process also incorporates a broad range of technologies such as bio-engineering, robotics and automation, imagery and sensors, and big data. The growing number of applications for telematics in agriculture is anticipated to supplement the growth of the market. Telematics services include tracking devices that deploy the Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes. Major agriculture equipment manufacturers are adopting telematics services for their equipment to improve farm efficiency, thereby reducing the cost of agricultural operations and maximizing profitability. Improved management can also help reduce environmental impact. Telematics technology is used to capture and transfer data from the farm equipment through sensors installed on tractors and other field monitoring equipment. The increasing adoption of telematics systems by agricultural equipment companies is expected to drive the growth of the market during the forecast period. Furthermore, with GPS guidance and automation advancements, drones are poised to transform the agriculture industry in the forthcoming years. The ability of drones to precisely analyze the soil at the beginning of the crop cycle and detect a plant infected with bacteria or fungus is anticipated to propel the growth of the drone segment. However, the low rate of technology adoption among farmers is likely to hamper market growth during the study period. This may be due to factors such as the absence of stringent standards and limitations on the exchange of data. Furthermore, farmers lack independent consulting and advisory services owing to the absence of validated agronomic models for Variable Rate Technology (VRT) to make decisions on investments. In addition, independent services are not linked to co-operatives, government bodies, and farmer associations where farmers can get additional information to make better decisions. Access Research Report of Precision Farming Market @ https://www.grandviewresearch.com/industry-analysis/precision-farming-market Precision Farming Market Report Highlights
Precision Farming Market Report Scope
List of Key Players of the Precision Farming Market
Access Press Release of Precision Farming Market @ https://www.grandviewresearch.com/press-release/global-precision-farming-market Like it? Share it!More by this author |