Precision Farming Software & Services Market Size, Share, Growth, and Industry Growth by Type (Software and Services) By Application (Yield Monitoring, Field Mapping, Crop Scouting and Weather Tracking & Forecasting) Regional Forecast By 2031

Updated On: 20 November 2023

Precision Farming Software & Services Market Report Overview

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The global precision farming software & services market size is expected to be USD 1.38706 billion in 2022, as per our research, the market is projected to touch USD 5.639 billion by 2031, exhibiting a CAGR of 14.89% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with precision farming software & services experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

As-needed farming, precision agriculture, site-specific crop management, and satellite agriculture are other terms for the same practice. An agricultural management idea known as "site-specific crop management" is focused on monitoring, reacting to, and detecting crop variability within and between individual plants.

Using the most recent tools and approaches to research, precision farming software and services are being utilized to change agricultural extension in developing nations. The sustainability, preservation, and economic viability of the environment are the aims of precision agriculture.

IT services, software, and certain hardware are required for precision farming software & services. The information is then used by predictive analytics software to provide advice on how to maintain the soil, choose the best times to sow, rotate crops, and harvest.

COVID-19 Impact: Mobility and Lockdown Limitations to Impede the Growth

The market for precision agricultural software and services experienced a slight decline during the pandemic, which was accompanied with mobility and lockdown limitations. The precision farming software & services sector was hampered by a supply chain interruption that caused a scarcity of equipment.

LATEST TRENDS

"Increasing Number of Telematics Applications in Agriculture to Propel the Market Demands"

It is expected that the market would continue to expand alongside the increasing number of telematics applications in agriculture. The Global Navigation Satellite System (GNSS), which is used by tracking devices to use telematics services, may be used to indicate the location of the equipment. Major agricultural equipment manufacturers are using telematics services for their machinery to increase farm productivity, save operating costs, and increase profitability. Environmental effect can also be decreased through improved management.

Tractor sensors and other field monitoring devices are equipped with telematics technology, which is used to collect and transmit data from agricultural equipment. During the projected period, the market is anticipated to expand due to the growing usage of telematics systems by agricultural equipment manufacturers.

In the future years, drones are also expected to revolutionize the agriculture sector because to developments in automation and GPS guidance. We believe that drone use will increase as a result of their capacity to accurately examine the soil at the start of the crop cycle and spot a plant that is contaminated with bacteria or fungus.

Precision Farming Software & Services Market Segmentation

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• By Type Analysis

By type, market is segmented into software and services. The software segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into yield monitoring, field mapping, crop scouting and weather tracking & forecasting. The yield monitoring segment will lead the global share through 2031.

DRIVING FACTORS

"Use of Variety of Technologies and Sensor Technology to Impel the Market"

The market for precision farming software and services is expanding due to the quick adoption of IoT in the agricultural industry. These technologies may include artificial intelligence, mobile devices, the Internet of Things, and data usage by farmers.

Precision agriculture uses a variety of technologies, including electromagnetic, photoelectric, remote sensing data, ultrasounds, conductivity, texture measurements of temperature, etc. It has been extensively reported that sensor technology is used to provide data on soil qualities, plant fertility, and water status.

"Increased Use of Smartphones and Cloud- Based Technology to Drive the Market Growth"

Software will usually be needed to complete a variety of tasks involving precision agriculture technologies, including information layer mapping, display-controller interfacing, farm accounting of inputs per field, pre- and post-processing data analysis and interpretation, farm accounting of inputs per area, and many others.

The increased usage of smartphones, technological applications, and cloud-based technology to reduce human labor and losses are the elements propelling the development of precision farming software and services. Market expansion is being driven by the increased need to enhance food production in government projects and the availability of farmland to expand the use of new technology in agriculture.

RESTRAINING FACTORS

"Farmer’s Low Adoption Rate of New Technology is to Hinder the Market"

During the study period, market growth is probably going to be constrained by farmers' low adoption rates of new technologies. The lack of strict regulations and restrictions on the sharing of data might be to blame for this. Due to the lack of proven agronomic models for Variable Rate Technology (VRT) to make investment decisions, farmers also need impartial consultancy and advising services. Independent services are also not connected to co-ops, governmental organizations, or farmer groups, where farmers may obtain additional information to help them make better judgments.

Precision Farming Software & Services Market Regional Insights

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"North America’s Global Precision Farming Software & Services Market Share to Grow Exponentially with the Forecast Period"

Due to the growing use of advanced agricultural tools and technologies including steering, farm management software, guidance systems, and sensors, North America has been seen to hold the lion's share of the global precision farming software & services.

Due to the significant concentration of essential manufacturers of precision agricultural high technologies and the widespread use of these technologies in the region, the USA dominates the market in this area. With considerable development potential for precision agriculture technology in the Eastern Europe region, the European market for these products quietly continues.

The precision farming software & services market is predicted to grow as a result of the presence of key agricultural producing nations in this area, including Indonesia, India, China, Argentina, and Brazil.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• AGCO Corporation (U.S.)
• Deere & Company (U.S.)
• The Climate Corporation (U.S.)
• Ag Junction, Inc. (Canada)
• Dickey- John Corporation (U.S.)
• Raven Industries Inc. (U.S.)
• Trimble, Inc. (U.S.)
• Farmers Edge Inc. (Canada)
• Topcon Positioning Systems, Inc. (U.S.)
• Conservis Corporation (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.