Precision Farming Market expected to grow strongly by 2024 Precision Farming Market-Fractovia

Global Precision Farming Market
surpass $10bn by 2024: Fractovia.org
to
The Precision Farming Market is set to grow from its current market value of more
than $3.4 billion to over $10 billion by 2024; driven by rising demand for food due to
rapidly increasing population and increasing investment in agriculture technology.
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.
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:
•
After establishing a rather formidable reputation in the epicenter of the global
precision agriculture arena i.e. Israel, CropX has now built advanced software
systems for adaptive irrigation which has been receiving massive applause
across the U.S. Reportedly, the Tel Aviv based agro-analytics firm places high-
tech sensor stations on large farms as per the directives given by a GPS-
enabled smartphone app which further transmits data regarding soil condition.
Moreover, the system not only informs farmers about the amount of fertilizer,
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