Precision Farming Market Worth $16.35 Billion By 2028 | CAGR: 13.1%
The global Precision Farming Market size is anticipated to reach USD 16.35 billion by 2028, according to a new
report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.1% over the forecast period.
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 involves maintenance services and managed services. Additionally, it
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 drive demand for precision
farming over the projected period. Telematics services include tracking devices using the Global Navigation Satellite
System (GNSS) to show the position of the equipment for management purposes. Major manufacturers of
agriculture equipment are adopting telematics services for their equipment to improve farm efficiency, thereby
reducing the cost of agricultural operations and maximizing profitability. Additionally, improved management can
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 market growth.
Furthermore, with advancements in GPS guidance and automation, drones are poised to transform the agriculture
industry. 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