Precision Farming Software
PUBLISHED: 2023 ID: SMRC24152
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Precision Farming Software

Precision Farming Software Market Forecasts to 2030 - Global Analysis By Delivery Model (Cloud Based and Local/Web Based), Offering (Hardware, Services and Software), Service Provider, Technology, Application and by Geography

4.7 (45 reviews)
4.7 (45 reviews)
Published: 2023 ID: SMRC24152

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $1517.42 MN

Projected Year Value (2030)

US $3659.31 MN

CAGR (2023 - 2030)

13.4%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America


According to Stratistics MRC, the Global Precision Farming Software Market is accounted for $1,517.42 million in 2023 and is expected to reach $ 3,659.31 million by 2030 growing at a CAGR of 13.4 % during the forecast period. One of the most cutting-edge agricultural practices to acquire popularity in the twenty-first century is precision farming, it is both scientifically and technologically sophisticated and the precise field location of the tractor is established using the GPS. It transmits the signal to a tractor computer equipped with a GIS and a map of the soil's nutrient needs. A variable-rate fertilizer applicator that is mounted to the tractor is instructed to apply the right amount of fertilizer at that precise location by the GIS in coordination with a decision support system. 

Market Dynamics: 

Driver: 

Rising demand in food and resources

The supply of fresh water is one of the resources under demand as a result of the rising demand for food. Furthermore, in the future, it will be necessary to reduce the amount of water used, for instance by cultivating plants with lower water requirements or improving irrigation systems in order to enhance productivity. Therefore, these factors will raise the demand for precision farming.

Restraint:

Lack of expertise in technology

Many farmers are not ready to invest in new agricultural technologies because they lack the necessary knowledge. Additionally, it has been said that farmers' hesitation to invest in agritech is mostly due to their ignorance of how it works. Therefore, a limited rate of market growth is therefore expected. 

Opportunity:

New innovative schemes by government

Governments all around the world are now placing a higher priority on the wellbeing of farmers. Additionally, it implements a range of initiatives to provide assistance for farmers in an effort to boost the agricultural sector and improve farmers' financial situations. As a result, the government has started new initiatives, programs, schemes, and plans to aid all farmers which would lead to a rise in the market for precision farming.

Threat:

Risks associated with security and privacy data

Farmers can be worried about the security and privacy of their data, particularly if it is stored in the cloud or shared with outside service providers. Sharing private information with software providers, such as crop yields, soil composition, and equipment details, may give farmers trouble. Additionally, this may result in an unwillingness to use precision farming software equipment, which might lower agricultural output. Moreover, inadequate security measures can expose agricultural data to hacks, putting confidential data and exclusive farming methods at risk. Furthermore, unauthorized access or data manipulation can impede business operations, damage yields, and diminish consumer confidence in technological solutions. Therefore, this hinders the market's expansion.
Covid-19 Impact

The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The temporary shutdown of several plants and factories has had a detrimental influence on the production, delivery schedules, and sales of goods on the international market. In terms of confirmed cases and reported deaths, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the countries that have been most severely impacted. Additionally, the chances for commercial alliances and collaborations are being impacted by the worldwide travel bans implemented by nations in Europe, Asia-Pacific, and North America.

The software segment is expected to be the largest during the forecast period

It is anticipated that the software segment is expected to hold the largest share since it provides an internet-based computing platform that enables users to request shared processing of resources and data. Additionally, the software is more widely used than other services as it offers a number of benefits, such as data sharing, enhanced performance, the availability of the system across a variety of devices from any location with internet access, and simplicity of use. 

The yield monitoring segment is expected to have the highest CAGR during the forecast period

It is projected that the yield monitoring sector would experience the highest CAGR throughout the forecast period due to the fact that it is the most well-known brand of precision farming software and assists farmers in analyzing field variability and boosting yields. Furthermore, farmers can also use yield monitoring to learn more about the weather, the characteristics of the soil, and fertilizers, all of which can have an effect on overall grain output. Soil monitoring is the most typical application of yield monitoring. Therefore, through soil monitoring, it is possible to identify soil components that are crucial for generating outcomes of the highest standard.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period. Farmers in the area are turning to precision farming software solutions as a result of the rising use of modern farming technologies and the demand for effective farming methods. Additionally, these software systems include tools that help farmers optimize their resources and increase crop productivity, such as crop monitoring, yield forecasts, soil analysis, and automated machinery control. Precision farming software companies have access to a sizable market in the Asia Pacific region due to the region's diverse agricultural landscape, which includes both large-scale commercial farms and smallholder enterprises.

Region with highest CAGR:

North America is expected to witness highest CAGR over the projection period. Precision farming software solutions are becoming more popular among North American farmers due to their use of modern agricultural techniques and a significant emphasis on technology adoption in agriculture. These software platforms give farmers options for improving production and saving expenditures, including real-time data analytics, remote sensing, variable rate technologies, and farm management applications. Furthermore, the growth of the industry in North America is fueled by government assistance in the form of grants, subsidies, and programs supporting precision agriculture and growing public awareness of sustainable agricultural methods.

Key players in the market

Some of the key players in the Precision Farming Software Market include Deere & Company, Agjunction, Inc., Iteris, Inc., AG Leader Technology, Dickey-John Corporation, The Climate Corporation, Auroras S.R.L, Trimble Inc, SST Development Group Inc., Raven Industries Inc., Conservis Corporation, Farmers Edge Inc., Topcon Positioning Systems, Inc., Granular, Inc., Grownetics, Inc., IBM, AGCO Corporation, Reed Business Information Ltd, Agrivi Ltd and i.Agri Limited.

Key Developments:

In January 2022, AGCO, Agriculture Company, a global manufacturer and distributor of agricultural machinery and precision agriculture technologies, has acquired Appareo Systems, LLC, a software engineering, hardware development, and electronic manufacturing leader.

In January 2022, John Deere introduced a fully autonomous tractor. The machine combined Deere's 8R tractor, TruSet-enabled chisel plow, GPS guidance system, and new advanced technologies, which will help the company expand its footprint in the precision agriculture field.

Delivery Models Covered:
• Cloud Based
• Local/Web Based

Offerings Covered:
• Hardware
• Services
• Software

Service Providers Covered:
• System Integrators   
• Assisted Professional Services Providers   
• Maintenance  
• Managed Services Providers   
• Software Upgradation  
• Support Services Providers   
• Connectivity Services Providers   

Technologies Covered:
• Guidance Technology  
• Variable-Rate Technology  
• Remote Sensing
  
Applications Covered:
• Yield Monitoring   
• Crop Scouting   
• Inventory Management   
• Financial Management   
• Field Mapping   
• Weather Tracking and Forecasting   
• Farm Labor Management   
• Irrigation Management   
• Other Applications 
  
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary           
            
2 Preface           
 2.1 Abstract          
 2.2 Stake Holders          
 2.3 Research Scope          
 2.4 Research Methodology          
  2.4.1 Data Mining         
  2.4.2 Data Analysis         
  2.4.3 Data Validation         
  2.4.4 Research Approach         
 2.5 Research Sources          
  2.5.1 Primary Research Sources         
  2.5.2 Secondary Research Sources         
  2.5.3 Assumptions         
            
3 Market Trend Analysis           
 3.1 Introduction          
 3.2 Drivers          
 3.3 Restraints          
 3.4 Opportunities          
 3.5 Threats          
 3.6 Technology Analysis          
 3.7 Application Analysis          
 3.8 Emerging Markets          
 3.9 Impact of Covid-19          
            
4 Porters Five Force Analysis           
 4.1 Bargaining power of suppliers          
 4.2 Bargaining power of buyers          
 4.3 Threat of substitutes          
 4.4 Threat of new entrants          
 4.5 Competitive rivalry          
            
5 Global Precision Farming Software Market, By Delivery Model           
 5.1 Introduction          
 5.2 Cloud Based          
  5.2.1 Platform as a service(PaaS)         
  5.2.2 Software as a service(SaaS)         
 5.3 Local/Web Based          
            
6 Global Precision Farming Software Market, By Offering           
 6.1 Introduction          
 6.2 Hardware          
 6.3 Services          
 6.4 Software          
            
7 Global Precision Farming Software Market, By Service Provider           
 7.1 Introduction          
 7.2 System Integrators          
 7.3 Assisted Professional Services Providers          
 7.4 Maintenance          
 7.5 Managed Services Providers          
 7.6 Software Upgradation          
 7.7 Support Services Providers          
 7.8 Connectivity Services Providers          
            
8 Global Precision Farming Software Market, By Technology           
 8.1 Introduction          
 8.2 Guidance Technology          
 8.3 Variable-Rate Technology          
 8.4 Remote Sensing          
            
9 Global Precision Farming Software Market, By Application           
 9.1 Introduction          
 9.2 Yield Monitoring          
 9.3 Crop Scouting          
 9.4 Inventory Management          
 9.5 Financial Management          
 9.6 Field Mapping          
 9.7 Weather Tracking and Forecasting          
 9.8 Farm Labor Management          
 9.9 Irrigation Management          
 9.10 Other Applications          
            
10 Global Precision Farming Software Market, By Geography           
 10.1 Introduction          
 10.2 North America          
  10.2.1 US         
  10.2.2 Canada         
  10.2.3 Mexico         
 10.3 Europe          
  10.3.1 Germany         
  10.3.2 UK         
  10.3.3 Italy         
  10.3.4 France         
  10.3.5 Spain         
  10.3.6 Rest of Europe         
 10.4 Asia Pacific          
  10.4.1 Japan         
  10.4.2 China         
  10.4.3 India         
  10.4.4 Australia         
  10.4.5 New Zealand         
  10.4.6 South Korea         
  10.4.7 Rest of Asia Pacific         
 10.5 South America          
  10.5.1 Argentina         
  10.5.2 Brazil         
  10.5.3 Chile         
  10.5.4 Rest of South America         
 10.6 Middle East & Africa          
  10.6.1 Saudi Arabia         
  10.6.2 UAE         
  10.6.3 Qatar         
  10.6.4 South Africa         
  10.6.5 Rest of Middle East & Africa         
            
11 Key Developments           
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures          
 11.2 Acquisitions & Mergers          
 11.3 New Product Launch          
 11.4 Expansions          
 11.5 Other Key Strategies          
            
12 Company Profiling           
 12.1 Deere & Company          
 12.2 Agjunction, Inc.          
 12.3 Iteris, Inc.          
 12.4 AG Leader Technology          
 12.5 Dickey-John Corporation          
 12.6 The Climate Corporation          
 12.7 Auroras S.R.L          
 12.8 Trimble Inc          
 12.9 SST Development Group Inc.          
 12.10 Raven Industries Inc.          
 12.11 Conservis Corporation          
 12.12 Farmers Edge Inc.          
 12.13 Topcon Positioning Systems, Inc.          
 12.14 Granular, Inc.          
 12.15 Grownetics, Inc.          
 12.16 IBM          
 12.17 AGCO Corporation.          
 12.18 Reed Business Information Ltd          
 12.19 Agrivi Ltd          
 12.20 i.Agri Limited          
            
List of Tables            
1 Global Precision Farming Software Market Outlook, By Region (2021-2030) ($MN)           
2 Global Precision Farming Software Market Outlook, By Delivery Model (2021-2030) ($MN)           
3 Global Precision Farming Software Market Outlook, By Cloud Based (2021-2030) ($MN)           
4 Global Precision Farming Software Market Outlook, By Platform as a service(PaaS) (2021-2030) ($MN)           
5 Global Precision Farming Software Market Outlook, By Software as a service(SaaS) (2021-2030) ($MN)           
6 Global Precision Farming Software Market Outlook, By Local/Web Based (2021-2030) ($MN)           
7 Global Precision Farming Software Market Outlook, By Offering (2021-2030) ($MN)           
8 Global Precision Farming Software Market Outlook, By Hardware (2021-2030) ($MN)           
9 Global Precision Farming Software Market Outlook, By Services (2021-2030) ($MN)           
10 Global Precision Farming Software Market Outlook, By Software (2021-2030) ($MN)           
11 Global Precision Farming Software Market Outlook, By Service Provider (2021-2030) ($MN)           
12 Global Precision Farming Software Market Outlook, By System Integrators (2021-2030) ($MN)           
13 Global Precision Farming Software Market Outlook, By Assisted Professional Services Providers (2021-2030) ($MN)           
14 Global Precision Farming Software Market Outlook, By Maintenance (2021-2030) ($MN)           
15 Global Precision Farming Software Market Outlook, By Managed Services Providers (2021-2030) ($MN)           
16 Global Precision Farming Software Market Outlook, By Software Upgradation (2021-2030) ($MN)           
17 Global Precision Farming Software Market Outlook, By Support Services Providers (2021-2030) ($MN)           
18 Global Precision Farming Software Market Outlook, By Connectivity Services Providers (2021-2030) ($MN)           
19 Global Precision Farming Software Market Outlook, By Technology (2021-2030) ($MN)           
20 Global Precision Farming Software Market Outlook, By Guidance Technology (2021-2030) ($MN)           
21 Global Precision Farming Software Market Outlook, By Variable-Rate Technology (2021-2030) ($MN)           
22 Global Precision Farming Software Market Outlook, By Remote Sensing (2021-2030) ($MN)           
23 Global Precision Farming Software Market Outlook, By Application (2021-2030) ($MN)           
24 Global Precision Farming Software Market Outlook, By Yield Monitoring (2021-2030) ($MN)           
25 Global Precision Farming Software Market Outlook, By Crop Scouting (2021-2030) ($MN)           
26 Global Precision Farming Software Market Outlook, By Inventory Management (2021-2030) ($MN)           
27 Global Precision Farming Software Market Outlook, By Financial Management (2021-2030) ($MN)           
28 Global Precision Farming Software Market Outlook, By Field Mapping (2021-2030) ($MN)           
29 Global Precision Farming Software Market Outlook, By Weather Tracking and Forecasting (2021-2030) ($MN)           
30 Global Precision Farming Software Market Outlook, By Farm Labor Management (2021-2030) ($MN)           
31 Global Precision Farming Software Market Outlook, By Irrigation Management (2021-2030) ($MN)           
32 Global Precision Farming Software Market Outlook, By Other Applications (2021-2030) ($MN)           
            
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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