The Insight Partners published latest research study on precision agriculture 2028.
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The global precision agriculture market size is expected to grow from USD 9.02 billion in 2021 to USD 19.72 billion by 2028; it is estimated to grow at a CAGR of 11.8% from 2022 to 2028.
North America dominated the market in 2021 and is expected to continue its dominance during the forecast period.
Increased government initiatives to accelerate the adoption of modern agriculture technologies and enhanced infrastructure are becoming major factors driving the market growth in the region.
The National Institute of Food and Agriculture (NIFA), a part of the US Department of Agriculture, runs geospatial, sensor, and precision technology projects intending to create awareness for precision agriculture. Therefore, the demand for precision agriculture products and services continues to rise in the region, thereby driving market growth.
In Europe, the agriculture sector is heavily dependent on a non-national labor force and requires high numbers of agricultural workers for a limited duration.
Therefore, increasing shortage of laborers across the region is anticipated to drive the demand for precision agriculture because it increases production, reduces labor time, and ensures the effective management of fertilizers and irrigation processes.
Moreover, there is increasing adoption of modern farming techniques in Germany, and most farmers use data collection techniques such as GPS-based area measurement, soil sampling, and fertilizing. These factors are propelling the precision agriculture market growth in Europe.
The precision agriculture market in Asia Pacific is anticipated to grow at the highest growth rate during the forecast period.
Due to the increasing modernization of agriculture in countries such as China, India, and Indonesia, the demand for precision agriculture equipment is growing rapidly in the region.
As crop production is limited due to the depletion of natural resources and environmental degradation, farmers are changing their emphasis to sustainable agriculture practices and implementing an administrative framework to gain complete knowledge about the use and maintenance of precision agriculture equipment.
Therefore, increasing the demand for improved crop nutrition and protection accelerated the adoption of precision agriculture to sustain growth and enhance productivity.
There is an increasing installation of IoT devices in agriculture farms to optimize irrigation scheduling with reduced labor requirements in the field. As a result, a number of connected agricultural devices gained traction and are likely to continue to boost the precision agriculture market growth during the forecast period. ■