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Precision Farming Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
“Projected to grow at a CAGR of around 11% the precision farming market is expected to witness a significant growth over the forecast period owing to advancement in agricultural industry and cost reduction�
24 April 2019, Projected to grow at a CAGR of around 11% the precision farming market is expected to witness a significant growth over the forecast period owing to advancement in agricultural industry and cost reduction. Precision farming helps in managing the variability within the fields to best utilize the resources, decreasing production cost and minimizing the impact on environment. The precision farming techniques helps improve the economic and environmental sustainability of crop production. It involves helping farmers across the world to maximize the effectiveness of crop inputs. T he growing interest in information processing and automated data acquisition is to develop the farming technique for improved farm management which in turn is to fuel the market growth in next few years. The effectiveness and benefits of using precision farming techniques is highly dependent on the capabilities of the technology being used. Precision farming prevents soil degradation in cultivable land and reduces the chemical use in crop production. Furthermore, it helps in efficient use of water resources and dissemination of modern farm practices to improve quality, quantity and reduced cost of production in agricultural crops. The above aforementioned points are to drive the industry growth over the forecast period. The increasing application of this farming on arable land, fruits & vegetables and viticulture sectors, and precision livestock farming is to fuel the market growth over next eight years. The advancements in technologies used currently such as global positioning system (GPS), sensor technologies, GIS and variable-rate technologies are to have a positive impact on the industry over the forecast period. Moreover, increasing global demand for food on account of growing population is to fuel the market growth over the period of time.
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