Precision Farming Market Skyrockets to $26.44 Billion by 2031

According to an exhaustive report by The Insight Partners, the Precision Farming Market is experiencing significant growth, driven by growing demand for agricultural robots. The market, valued at $9.87 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 13.1% during 2023–2031.

Precision farming assists in decreasing the overall usage of pesticides, water, fertilizers, and herbicides. Besides this, it helps improve the productivity, profitability, quality, and sustainability of the yields. As it lessens labor inputs and production costs, the demand for precision farming is rising globally, fueling the precision farming market growth.

The growing adoption of smartphones, along with the easy accessibility of internet services across the globe, represents one of the major factors supporting the precision farming growth of the market. Also, the increasing dependency on low power wide area (LPWA), Wi-Fi services, and wireless sensor technologies for enhancing agricultural output is boosting the market growth. Moreover, the growing integration of the Internet of Things (IoT) in precision farming for increasing yield and evading the adverse effects of climate change is propelling the market's growth. Further, introducing numerous systems and devices, such as sensing and monitoring devices, farm management systems, and control and automation systems in precision farming, contributes to the growth of the market.