Overview and Scope
Precision farming software refers to computer programs and applications designed to optimize agricultural practices by utilizing data-driven insights and advanced technology. This is used for a variety of purposes aimed at optimizing agricultural operations and maximizing yields while minimizing inputs and environmental impact, and it empowers farmers with real-time data, enabling precise decision-making for optimized crop management.
Sizing and Forecast
The precision farming software market size has grown rapidly in recent years. It will grow from $1.60 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to rising average farm size, increased shortage of farm labor, increased swift uptake of cutting-edge technologies in precision agriculture aimed at lowering labor.
The precision farming software market size is expected to see rapid growth in the next few years. It will grow to $3.22 billion in 2028 at a compound annual growth rate (CAGR) of 15%. The growth in the forecast period can be attributed to rising initiatives by government, government regulations to adopt modern agricultural techniques, rise in strain on the global food supply owing to increasing population, growing embrace of internet of things (IoT) devices in farming domains. Major trends in the forecast period include technological integration, advancements and innovations in technology, rising product innovation.
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The precision farming software market covered in this report is segmented –
1) By Delivery Model: Local Or Web based, Cloud Based
2) By Service Provider: System Integrators, Managed Services Providers , Assisted Professional Services Providers, Connectivity services Providers , Maintenance, Software Upgradation And Support Services Providers
3) By Technology: Guidance Technology, Remote Sensing, Variable-Rate Technology
4) By Application: Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking And Forecasting, Inventory Management, Farm Labor Management, Financial Management, Other Applications
North America was the largest region in the precision farming software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision farming software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising agricultural production is expected to propel the growth of the precision farming software market going forward. Agricultural production refers to the process of cultivating crops, raising livestock, and producing other agricultural commodities for human consumption, industrial use, or other purposes. Precision farming software is extensively used in agricultural production to enhance efficiency, productivity, and sustainability across various stages of the farming process. It accomplishes this by offering sophisticated farm analytics and statistics together with full visibility into the whole crop production cycle, from soil preparation to harvest. For instance, in January 2023, according to Agriculture and Agri-Food Canada, a Canada-based government department, Canada’s total field crop production is projected to be 34.1% higher than in 2021. In the 2022–23 period, wheat production (excluding durum) in Canada saw a 47% increase compared to 2021–22, reaching 28.4 million metric tons, driven by expanded seeded areas and improved yields. Therefore, rising agricultural production is driving the growth of the precision farming software market.
Key Industry Players
Major companies operating in the precision farming software market are Deere And Company, CNH Industrial N.V., AGCO Corporation, Trimble Inc., Topcon Positioning Systems Corporation, AgDNA Pty Ltd., Bayer CropScience Aktiengesellschaft, DTN LLC, The Climate Corporation, Iteris Inc., Granular Inc., SenseFly (Parrot SA), Microdrones GmbH, AG Leader Technology Inc., AG Junction Inc., Taranis Visual Ltd., Farmers Edge Inc., Sentera LLC, Dickey-john Corporation, CropX Ltd., PrecisionHawk Inc., Conservis Corporation, SST Software, Fairport Farm Software, Farmeron Inc., Gamaya SA, Agribotix LLC, Agremo doo, Grownetics Inc., Mapshots Inc.
The precision farming software market report table of contents includes:
1. Executive Summary
2. Precision Farming Software Market Characteristics
3. Precision Farming Software Market Trends And Strategies
4. Precision Farming Software Market – Macro Economic Scenario
5. Global Precision Farming Software Market Size and Growth
…..
32. Global Precision Farming Software Market Competitive Benchmarking
33. Global Precision Farming Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Precision Farming Software Market
35. Precision Farming Software Market Future Outlook and Potential Analysis
36. Appendix
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