Precision Farming Market to Reach $19.69 Billion by 2031, Growing at a 10% CAGR
“Precision Farming Market” in terms of revenue was estimated to be worth USD 9.22 billion in 2023 and is poised to reach USD 19.69 billion by 2031, growing at a CAGR of 10.0% from 2024 to 2031 according to a new report by InsightAce Analytic.
Get Free Access to Demo Report, Excel Pivot and ToC: https://www.insightaceanalytic.com/request-sample/2093
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Precision Farming market are:
• Adoption of advanced technologies such as IoT, Artificial Intelligence, and machine learning in agriculture, facilitating precision farming practices.
• Government initiatives and subsidies are encouraging the adoption of precision farming methods for sustainable agriculture.
• Increasing awareness as well as knowledge among farmers about the benefits of precision farming in optimizing resource utilization and enhancing crop yields.
The following are the primary obstacles to the Precision Farming market's expansion:
• Limited access to advancements and high initial investment costs poses challenges for small-scale farmers
• Concerns related to data privacy as well as cybersecurity in the collection and management of farm data
• The lack of skilled workforce and technical expertise in implementing precision farming techniques
Future expansion opportunities for the global Precision Farming market include:
• Integration of drones and satellite imagery for real-time monitoring and decision-making in precision agriculture.
• Development of affordable and user-friendly precision farming solutions tailored for smallholder farmers in emerging economies.
• Collaborations between technology providers, agricultural machinery manufacturers, and research institutions to innovate and customize precision farming solutions for diverse agricultural landscapes.