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Precision farming - The future of agriculture

In a tech-driven world, farming is evolving. Valued at $6 Billion in 2020, the precision farming sector is set for phenomenal growth, reaching an estimated $18 Billion by 2031. This data comes courtesy of Persistence Market Research. 

The changing global climate compels farmers to embrace advanced farming methods, placing precision farming at the forefront. This method promises optimized production, enabling farmers to achieve more with fewer resources. 

Driving this booming industry are factors like rising global food needs, shifting climate patterns, and the merging of tech with farming practices. A prime example is Greeneye Technology from Tel Aviv. Their 2021 innovation, an AI-driven precision spraying tech, boasts of minimizing herbicide usage by a staggering 78%, with a 95% accuracy in weed detection. 

The growth potential of this sector is further underlined by OneSoil's recent acquisition of $5 million in funding. This tech-agriculture blend company, with support from investors PortfoLion and Almaz Capital, aims to mark its presence strongly in Europe and America. 

Emerging markets, notably India and China, are anticipated to experience a significant boost in precision farming adoption. These regions are brimming with possibilities, offering fertile ground for both industry giants and fresh entrants. 

As per a Persistence Market Research analyst, while North America already holds a lion's share of the market (45% in 2020), the future global precision farming scenario is shaping up to be both vibrant and diversified.

Source : wisconsinagconnection

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