The meteoric rise of the global precision farming market can be rightly accredited to the rapidly evolving automated solutions that have enhanced agricultural practices followed across the world. These innovative solutions have ensured a marked increase in farm efficiency, higher waste reduction, and have further acted as pivotal proponents to ramp up the overall agricultural productivity. It would be prudent to mention that the rise of numerous start-ups has provided a new ray of hope to the farming sector, whose growth has been perpetually marred by innumerable challenges in the recent times. While observing the transforming landscape of the farming sector, it is quite undeniable that the launch of innovative precision tools by these next-gen start-ups has, in turn, boosted the growth trajectory of the overall precision farming industry. In fact, as per a research report compiled by Global Market Insights, Inc., the estimated y-o-y growth rate of the precision farming market has been cited to stand at an outstanding 14% over the timeframe of 2017-2024.
U.S. Precision Farming Market Size, By Component, 2016 & 2024 ($Mn)
While the competitive spectrum of the precision farming industry consists of numerous top-notch companies, a sizeable portion of the growth of this business space can be attributed to the emergence of start-ups. Following is a brief outline of the contributions of a few major start-ups which have generated waves of anticipation in the precision farming market over the recent years:
In a bid to tackle various impediments such as rising cost of production, fragmented land holdings, restricted employment opportunities, and diminishing natural resources, the farming community across the globe appears keen to readily embrace advanced precision tools which would accelerate the growth prospects of the precision farming industry. In addition to this, numerous regional governments have been undertaking commendable initiatives to combat declining agricultural productivity and augment the rapidly lowering incomes of farmers. Furthermore, a large number of precision farming market participants have been concentrating on releasing novel products to accomplish greater sustainability, reduce environmental loss, and assist the farming fraternity to realize higher financial benefits. Considering the aforementioned statements, the growth potential of the precision farming industry looks promising with the overall business space forecast to surpass USD 10 billion by 2024, as per reliable estimates.