The Future of Agriculture: Exploring Growth in the Precision Farming Market
Precision Farming Industry Overview The global precision farming market size was valued at USD 10.50 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 12.8% from 2024 to 2030. The growth of precision farming is attributed to the burgeoning proliferation of the Internet of Things (IoT) along with the use of advanced analytics by farmers. Advanced analytics is a part of data science that uses numerous tools and methods to forecast data and ensure that the crop and soil receive adequate nurturing. This helps farmers to plan their actions accordingly. For a deep understanding of different farming aspects such as irrigation and plowing, numerous technologies such as IoT, GPS , and remote sensing application control are used. IoT helps farmers address various challenges involved in the proper monitoring of crops. It provides real-time data about environment temperature and water content in the soil through sensors p...