The global precision farming market is to reach US$ 20.36 Bn by 2032. The scarcity of resources, along with unpredictable weather patterns, is driving greater demand for precision farming equipment, according to a Fact.MR analyst.
A recently revamped Fact.MR report states that the global precision farming market is poised to register a 13% Compound Annual Growth Rate (CAGR) from 2022 to 2032, reaching US$ 20.36 Bn by the end of the assessment period.
The report states farmers are transitioning from traditional farming practices to precision farming due to the significant cost advantages afforded by mechanical agricultural technologies.
From 2017 to 2021, the industry experienced an uptick at a CAGR of 12%. Precision farming services, with significant backing from the scientific community, will replace traditional agricultural practices in a variety of nations and capabilities.
Weather patterns are rapidly changing as a result of global warming. Unpredictability in the weather is further enticing farmers to seek answers in precision agricultural technologies. The need for precision farming is being driven by the requirement for optimal productivity in the face of limited resources.