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North America to Lead the Global Precision Farming Market, Followed by Europe
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North America leads the precision farming market with a 12% CAGR, driven by labor costs and demand for produce. IoT and ML drive future growth.
Rising labor costs, low availability of skilled labor, and surging demand for farm produce will propel the global precision farming market to a stupendous 12% CAGR from 2019 to 2029. Government support to adopt modern farming techniques will give traction to the global market for precision farming. Farmers are upgrading conventional methods to precision farming due to the substantial cost savings offered by machined farming methods.
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With strong support from the scientific community, precision farming services will take over conventional methods of farming in various countries and in varied capacities. Global warming is causing a rapid change in weather patterns. Weather unpredictability is further coaxing farmers to look for solutions in precision farming technologies. The need for optimal production amid scarcity of resources is propelling the demand for precision farming.
Key Takeaways of Precision Farming Market Study
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Global Precision Farming Market: In-Depth Assessment on Key Segments
The global precision farming market is segmented on the basis of application, technology, end use and region.
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IoT to Widen Growth Avenues
Internet of Things (IoT) and machine learning (ML) will penetrate the precision farming market through 2029. Smart devices capable of monitoring farms and ensuring timely yield will garner stellar sales for manufacturers. Predictive maintenance services that help farmers plan maximum outputs is a future growth factor. Market players must invest in research and development of products that facilitate frictionless upgradation of conventional farming methods to precision farming.
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The post North America to Lead the Global Precision Farming Market, Followed by Europe appeared first on The Cloud Tribune.
The article discusses the growth of the precision farming market, led by North America and followed by Europe.
Rising labor costs, demand for farm produce, and government support drive the market.
IoT and machine learning are key technologies influencing the precision farming market.
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