Global Precision Farming Software Market- Overview
Precision agriculture or farming is defined as a farming management concept that is based on observing, measuring and responding to inter and intra-field variability in crops.
The first conceptual work on Precision farming software and practical applications go back in the late 1980s, and the goal of precision farming software is to define a decision support system for whole farm management with the goal of optimizing returns on inputs while with the preservation of resources.
Precision farming software uses modern technologies that includes, satellite imagery or field mapping in order to improve crop quality and profitability. Also, it optimizes the use of traditional resources.
Key market trends- Growth determinant and Challenges
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth is the expanding proliferation of the Internet of Things (IoT) with the use of advanced analytics by the farmers over the forecast period.
Additionally, technological advancements have also unfolded numerous opportunities for the market growth. It includes, vertical farming with smart designs in order to maximize yields and also reduce waste.
Also, other factors that have boosted the market growth over the forecast period includes, adoption of sustainable farming technologies, such as, better education and training for farmer, availability of financial resources, and also high demand for organic food.
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Segmental analysis of the market
Based on Offering
- Hardware
- Software
- Services
The hardware segment has dominated the market growth over the forecast period. The hardware segment is further segmented into automation and control systems, sensing devices, antennas, and access points. These have played a major role in helping farmers, which has further boosted the market growth.
Based on Application
- Yield Monitoring
- Field Mapping
- Crop Scouting
- Weather Tracking & Forecasting
- Irrigation Management
- Inventory Management
- Farm labor Management
The yield monitoring segment has dominated the market growth over the forecast period. it is further segmented into on-farm and off-farm. The segment helps the farmers to make decisions about their fields. The on-farm yield monitoring has allowed farmers to obtain real-time information during harvest and create a historical spatial database.
North America is anticipated to amplify at a considerable CAGR
The Global Precision Farming Software Market is segmented into 5 main regions namely, North America, Europe, Asia Pacific, South America, and Middle east and Africa. Among these, North America has dominated the market growth over the forecast period. This is because of certain factors that includes, rising government initiatives supporting the adoption of modern agriculture technologies and developed infrastructure over the forecast period.
Key market players
Some of the prominent companies operating in the market are Ag Leader Technology; AgJunction Inc.; CropMetrics LLC; Trimble Inc.; AGCO Corporation; Raven Industries Inc.
Major questions answered in this report
- what is the growth rate of the Global Precision Farming Software market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- The Global Precision Farming Software market is projected to expand at a CAGR of 14.39% over the forecast period.
- The expanding proliferation of the IoT is aiding market progression.
- The yield monitoring segment is poised to expand significantly over the forecast period.
- North America has dominated the regional market sphere over the forecast period.
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