MARKET ANALYSIS

PRECISION FARMING MARKET TO GROW TO USD 15.6 BILLION BY 2030

The precision farming market is expected to grow further due to the growing adoption of global positioning system (GPS), guidance, and remote sensing technologies by farmers and growers. The precision farming market is expected to grow from USD 8.5 billion in 2022 to USD 15.6 billion by 2030, at a CAGR of 7.9%, according to the latest report by MarketandMarkets. The report states the market’s growth can be attributed to the benefits of climate service initiatives that enables farmers to effectively deal with climate-related disasters, improve food security, and enable real-time decision-making in agriculture production.