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
Estimated Year Value (2023)
US $1517.42 MN
Projected Year Value (2030)
US $3659.31 MN
CAGR (2023 - 2030)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
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
Highest Growing Market
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.
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.
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.
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.
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.
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.
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
Service Providers Covered:
• System Integrators
• Assisted Professional Services Providers
• Managed Services Providers
• Software Upgradation
• Support Services Providers
• Connectivity Services Providers
• Guidance Technology
• Variable-Rate Technology
• Remote Sensing
• Yield Monitoring
• Crop Scouting
• Inventory Management
• Financial Management
• Field Mapping
• Weather Tracking and Forecasting
• Farm Labor Management
• Irrigation Management
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
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
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• Competitive Benchmarking
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Table of Contents
1 Executive Summary
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
3 Market Trend Analysis
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
5.2 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
7 Global Precision Farming Software Market, By Service Provider
7.2 System Integrators
7.3 Assisted Professional Services Providers
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
8.2 Guidance Technology
8.3 Variable-Rate Technology
8.4 Remote Sensing
9 Global Precision Farming Software Market, By Application
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
10.2 North America
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
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
11.5 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.
12.17 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
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