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Precision Farming Market to Reach 15,444.94 USD Million by 2028
The Global Precision Farming Market is expected to reach 15,444.94 USD Million by 2028, growing at a CAGR of 12.10% from 2022 to 2028. The increasing government’s support to adopt modern agricultural techniques and increasing use of agricultural software for maintaining farm efficiency is anticipated to augment the growth of the market during the forecast period.
Key Findings:
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The increasing favorable government initiatives are anticipated to augment the growth of the Precision Farming Market in the years to come. Governments from various economies are now focusing on investing in precision agriculture to enhance competitiveness and efficiency. For instance, in February 2022, Minister of Agriculture and Agri-Food, Marie-Claude Bibeau announced up to $875,000 to Ukko Agro Inc. in order to back up the development of an analytics platform. This investment will help advance the cutting-edge technology that modern farm operations need to proactively improve food production sustainability, manage risks to crops, and increase yield. Further, in September 2021, the Agriculture Ministry of India signed five MoUs with CISCO, Ninjacart, Jio Platforms Ltd, ITC Ltd, and NCDEX e-markets Ltd (NeML) to conduct pilot projects to promote digital technology in the farm sector. Additionally, the growing adoption of advanced technologies is also anticipated to support the growth of the market within the estimated timeframe.
However, the high initial capital investment and lack of standardization in the precision farming industry are expected to hamper the growth of the market in the years to come. Moreover, the integration of smartphones with agriculture hardware and software applications along with technologies like big data and artificial intelligence are expected to create immense opportunities for the growth of the market within the forecast period.
North America held the largest shares in 2021. The US held the largest share in North America for the Precision Farming Market. This is attributable to the favorable government initiatives in the agriculture industry in the region. Furthermore, the presence of major companies and the high adoption rate of precision farming software is also expected to fuel the regional growth of the market. Additionally, increasing awareness about the quality of food with the use of precision farming solutions in the region is also expected to support the growth of the Precision Farming Market market in the region.
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Precision Farming Market to Reach 15,444.94 USD Million by 2028
16 Mar 2022
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Precision Farming Market to Reach 15,444.94 USD Million by 2028
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