16 May 2019
The precision farming market size is tipped to exceed £9 billion by 2025, according to consultancy and research house Global Market Insights.
It is expected to show significant growth over the next six years due to huge support from governments for the adoption of advanced technologies such as AI and the Internet of Things.
These technologies help farmers to manage their resources and give access to real-time information through their smartphones, while offering mobility and ease of use. “Various government initiatives and subsidies, along with investments by private entities in the agriculture sector to improve farm productivity will result in the precision farming market growth,” the report said.
The UK is a case in point. In June 2018, the University of Leeds launched the Smart Farms initiative to encourage farmers to adopt advanced precision farming technologies to improve the productivity of the sector.
It sees the university works with farmers and businesses to develop new solutions. The initiative also followed the UK government’s Industrial Strategy, which focuses developing the sector. The UK government provided around £82 million to researchers and industrialists to jointly work for bringing innovations to the industry.