What Has Been The Evolution of the Precision Farming Software Market in Recent Years?
The precision farming software market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant expansion in the market size of precision farming software. It is projected to increase from $1.84 billion in 2024 to an estimated $2.12 billion in 2025, with a compound annual growth rate (CAGR) of 15.1%.
The growth experienced during the historical period can be linked to factors such as the enlargement of average farm sizes, a sharp decrease in farm labor availability, and the swift adoption of innovative technologies in precision agriculture, designed with the aim of reducing labor.
What Are the Future Growth Projections for the Precision Farming Software Market?
The precision farming software market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the market size of precision farming software is predicted to undergo swift expansion. By 2029, it is projected to reach a net worth of $3.71 billion, signalling a compound annual growth rate (CAGR) of 15.0%.
The boost within the prediction span could be due to the escalating initiatives from the government, governmental policies encouraging the use of contemporary agricultural practices, the strain on worldwide food resources due to the growing population, and the increased adoption of internet of things(IoT) technologies in the agricultural sector. Leading trends within the forecast duration encompass the incorporation of technology, breakthroughs, and upgrades in technology, and heightened product innovation.
What Are The Core Factors Supporting Growth In The Precision Farming Software Market?
The precision farming software market is forecasted to expand in tandem with the growth of agricultural production. The term 'agricultural production' relates to the cultivation of crops, the raising of livestock, and the production of other agricultural commodities for consumption, industrial purposes, or other uses. Precision farming software plays a crucial role in agricultural production, improving efficiency, productivity, and sustainability at various phases of the farming procedure. The software accomplishes these objectives by offering comprehensive farm analytics and statistics coupled with total visibility throughout the entire crop production process, from preparing the soil to harvesting. For illustration, Agriculture and Agri-Food Canada, a governmental entity in Canada, stated in January 2023 that the nation's total production of field crops is predicted to be 34.1% greater than it was in 2021. During the 2022–23 period, Canada's production of wheat (excluding durum) rose by 47% compared to 2021–22, totalling 28.4 million metric tons, owing to increased seeded areas and enhanced yields. As a result, it's evident that the growth of the precision farming software market is being propelled by increasing agricultural production.
What Are The Major Segments Within The Global Precision Farming Software Market?
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
Subsegments:
1) By Local Or Web-Based: Installed Software, Web-Based Applications
2) By Cloud-Based: SaaS (Software As A Service), PaaS (Platform As A Service)
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How Are Emerging Trends Reshaping The Dynamics Of The Precision Farming Software Market?
Leading companies in the precision farming software market are prioritizing the development of tech-savvy products like advanced precision agriculture displays to meet changing agricultural requirements and establish a competitive advantage. Precision agriculture displays are unique electronic devices or software interfaces used by farmers and agriculture experts to accurately and efficiently oversee various areas of farming operations. For example, Trimble, a company from the US known for providing precision farming solutions, unveiled the Trimble GFX-1060 and GFX-1260, pioneering precision agriculture displays, in October 2022. These devices boast an Android-based operating system, upgraded processing capacity, and work with the Trimble NAV-500 and NAV-900 Global Navigation Satellite System (GNSS) receivers and the CenterPoint correction service. Furthermore, it is equipped with robust Precision-IQ software that aids in handling all facets of field operations and proves useful in gathering and managing field data, which can be further evaluated using farm management software.
Who Are the Key Players In The Precision Farming Software Market?
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.
What Is The Most Dominant Region In The Precision Farming Software Market?
North America was the largest region in the precision farming software market in 2024. 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.
