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Global Precision Farming Software Market Analysis by Delivery Mode, Application, Service Providers, Region and segments forecast till 2033
Market Overview
The Global Precision Farming Software Market valued at USD 1058.77 million in 2022, is expected to reach a value of USD 3103.89 million in 2033, growing at a CAGR of 14.39%.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 1058.77 million |
Market Forecast in 2033 | USD 3103.89 million |
CAGR % 2023-2033 | 14.39% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | AG Leader Technology; AgJunction Inc.; CropMetrics LLC; Trimble Inc.; AGCO Corporation; Raven Industries Inc. |
Global Precision Farming Software Market- Description
Precision farming is one of the most scientifically advanced and technologically advanced methods of sustainable agriculture that has gained traction in the twenty-first century. Consider the following scenario A farmer drives his GPS (Global Positioning System) guided tractor to his field. The GPS detects the tractors exact location within the field. It delivers the signal to a tractor computer with a GIS that stores the soil nutrient demand map.
The GIS, in collaboration with a Decision Support System, determines the specific fertilizer required for that spot and then directs a variable rate fertilizer applicator, which is attached to the tractor, to apply the appropriate dose at that precise position. All of this happens in a split second before the tractor drives any further.
This is what precision farming (PF) means to large producers in the United States and Europe. As a result, the first thought that comes to mind is that this system is not suitable for emerging countries, particularly India, where farmers are impoverished, agriculture is primarily subsistence, and land holdings are modest. The expansion of the Internet of Things (IoT) and the application of advanced analytics by farmers are both contributing to the growth. Advanced analytics, a branch of data science that uses a variety of tools and techniques to forecast data and guarantee the proper care of crops and soil is driving the market growth. Crop production is being hampered by several issues, including the loss of natural resources and the degradation of the environment.
Key Trends of Global Precision Farming Software Market:
Adoption of IoT (Internet of Things):
The Internet of Things (IoT), software, artificial intelligence, big data, and other technologies are used to efficiently utilize farm inputs to reduce costs and increase output. Precision agriculture necessitates specialized personnel, which is in short supply, thus precision farmers revere and prefer software that can be productive in the face of present obstacles. This circumstance is one of the most important drivers driving the Market forward.
Data Breaches and Security Concerns:
The security and privacy of the video content shared across various platforms can present major concerns for companies. Furthermore, organizations are concerned about copyright and Digital Rights Management (DRM) due to the risk of misappropriation, information leakage, and data breaches. In 2020, the healthcare, finance, manufacturing, information, and public sectors experienced the highest number of data breaches. To overcome such constraints, organizations must restructure their precision farming strategy before using these solutions.
Segmental Analysis of Global Precision Farming Software Market:
Based on Delivery Model:
Local or Web-Based
Cloud-Based
Software as a Service (SaaS)
Platform as a service (PaaS)
Based On Application:
Yield Monitoring
Field Monitoring
Crop Scouting
Weather Tracking and Forecasting
Inventory Management
Farm Labour Management
Financial Management
Others
The yield monitoring segment accounted for the largest revenue share of 44.11% and is expected to continue its dominance over the forecast period as it helps the farmers to make decisions about their fields. The segment is further segregated into on-farm yield monitoring and off-farm yield monitoring.
Based On Service Provider:
Systems Integrators
Managed Services Providers
Assisted Professional Services Providers
Connectivity Services Providers
Maintenance, Software Upgradation and Support Service Providers
Global Precision Framing Software Market: Geographical Analysis
The Global Precision Farming Software Market is further segmented into five major countries- North America, Europe, Latin America, Asia-pacific and Middle East and Africa.
North America accounted for the largest revenue share of 45.09%. The region is an early adopter of technologies. Factors such as increasing government initiatives that support the adoption of modern agriculture technologies and developed infrastructure have contributed to the high revenue of the regional market. For instance, the National Institute of Food and Agriculture (NIFA)-part of the U.S. Department of Agriculture-conducts geospatial, sensor, and precision technology programs to create awareness among farmers. In partnership with Land-Grand universities, NIFA helps farmers develop robust sensors, associated software, and instrumentation for modelling, observing, and analyzing a wide range of complex biological materials and processes.
Global Precision Farming Software Market: Recent Developments
In December 2018, AgJunction Inc. entered into a partnership with Mahindra and Mahindra Ltd. With this agreement, both the companies agreed to prepare a statement of work for the future development of products for the farmers.
Global Precision Farming Software Market: Key Companies
AG Leader Technology
AgJunction Inc.
CropMetrics LLC
Trimble Inc.
AGCO Corporation
Raven Industries Inc.
Others
Global Precision Farming Software Market: Regional Scope
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of Middle East and Africa
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