Precision agriculture means using new technologies and methods to increase the efficiency and productivity of farms. With the rapid penetration of the Internet and smartphones, farmers’ use of wireless technologies and the Internet of Things has increased. Of course, the role of government policies should not be neglected; one policy can be offering financial support packages to encourage manufacturers to use new equipment. Monitoring systems, remote farm management, and control are among the issues that have had a positive impact on the market size.
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Market / Industry segment of precision agriculture
|Base Year||Market size(B$)||Duration(YEAR)||CAGR(%)||Source Name|
|2020||4.7||7||13%||Grand view research|
|2020||5.48||7||13%||PR news wire|
Influencing factors that changes market size of precision agriculture
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors lead to changes in the value of the market size, which is provided by direct and reverse drivers in the market of precision agriculture.
- Government support
- Climatic conditions
- Acceptance of technology by farmers
- Internet penetration
- Natural disasters
- Increased urbanization
- Pest attacks
This market may also be threatened by following risks:
In all different markets and industries, the risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is the identification of risks in the market in order to perform risk management. The market of precision agriculture may also be threatened by the following risks:
- Manufacturing risk
- Technology risk
- Legislation risk