The precision farming software market size has grown rapidly in recent years. It will grow from $1.6 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The expansion observed in the historical period can be attributed to several factors, including the rise in average farm size, the growing shortage of farm labor, and the swift adoption of cutting-edge technologies in precision agriculture. These technologies are aimed at reducing labor requirements and enhancing operational efficiency within the agricultural sector.
The precision farming software market size is expected to see rapid growth in the next few years. It will grow to $3.22 billion in 2028 at a compound annual growth rate (CAGR) of 15%. In the forecast period, growth is anticipated to be driven by increasing government initiatives and regulations promoting the adoption of modern agricultural techniques. Additionally, the escalating strain on the global food supply due to population growth is expected to fuel growth. Moreover, there is a growing embrace of Internet of Things (IoT) devices in farming domains, further contributing to expansion. Major trends in this period include technological integration, advancements, and innovations in technology, as well as rising product innovation aimed at enhancing agricultural practices and sustainability.
Rising agricultural production is anticipated to drive the expansion of the precision farming software market in the foreseeable future. Agricultural production encompasses the cultivation of crops, raising of livestock, and production of various agricultural commodities for human consumption, industrial utilization, or other purposes. Precision farming software plays a pivotal role in agricultural production, aiming to enhance efficiency, productivity, and sustainability throughout the farming process stages. This is achieved through the provision of advanced farm analytics and statistics, facilitating comprehensive visibility into the entire crop production cycle, from soil preparation to harvest. For example, as of January 2023, Agriculture and Agri-Food Canada reported a projected 34.1% increase in Canada's total field crop production compared to 2021. Notably, during the 2022-23 period, wheat production in Canada, excluding durum, surged by 47% compared to the previous period, reaching 28.4 million metric tons, driven by expanded seeded areas and enhanced yields. Hence, the upward trend in agricultural production is a significant driver behind the growth of the precision farming software market.
Leading companies operating within the precision farming software sector are strategically focusing on the development and introduction of technological innovations to cater to evolving agricultural requirements and gain a competitive advantage in the market. Notably, a key area of innovation involves the introduction of advanced precision agriculture displays. These specialized electronic devices or software interfaces serve as essential tools for farmers and agricultural professionals, enabling them to monitor and manage various aspects of farming operations with precision and efficiency. For instance, in October 2022, Trimble, a prominent provider of precision farming solutions based in the United States, launched the Trimble GFX-1060 and GFX-1260, innovative precision agriculture displays. These displays feature an Android-based operating system, enhanced processing power, and compatibility with Trimble NAV-500 and NAV-900 Global Navigation Satellite System (GNSS) receivers, along with the CenterPoint correction service. Additionally, they integrate powerful Precision-IQ software, facilitating comprehensive management of field operations, data collection, and analysis, thereby enhancing overall operational efficiency.
In November 2021, CNH Industrial N.V., a UK-based capital goods company specializing in equipment and services for agriculture and construction sectors, completed the acquisition of Raven Industries Inc. for an undisclosed sum. This strategic acquisition is poised to bolster CNH Industrial's position within the agricultural equipment market by leveraging precision agriculture and digital technologies. The acquisition is expected to enhance innovation capabilities, expedite precision developments, and significantly strengthen the company's competitive positioning and digital strategy. Raven Industries Inc., based in the United States, is renowned for its expertise in developing precision agriculture technologies and offering innovative, high-value products and systems tailored for farmers.
Major companies operating in the precision farming software market report are Deere And Company, CNH Industrial N.V., AGCO Corporation, Trimble Inc., Topcon Positioning Systems Corporation, AgDNA Pty Ltd., Bayer CropScience AG, 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.
North America was the largest region in the precision farming software market in 2023. 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. The countries covered in the precision farming software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Precision farming software encompasses computer programs and applications engineered to enhance agricultural practices through data-driven insights and advanced technology. This software serves multiple purposes, including optimizing agricultural operations, maximizing yields, minimizing inputs, and reducing environmental impact. By providing farmers with real-time data, precision farming software enables precise decision-making for optimized crop management.
The primary delivery models in precision farming software consist of local or web-based options, as well as cloud-based solutions. Local or web-based deployment entails a spectrum of services, from locally installed software to cloud-based solutions. These services encompass system integrators, managed service providers, assisted professional service providers, connectivity service providers, maintenance, software upgrades, and support service providers. Precision farming software leverages various technologies such as guidance technology, remote sensing, and variable-rate technology, and supports diverse applications including yield monitoring, field mapping, crop scouting, weather tracking and forecasting, inventory management, farm labor management, financial management, and others.
The precision farming software market research report is one of a series of new reports that provides precision farming software market statistics, including precision farming software industry global market size, regional shares, competitors with a precision farming software market share, detailed precision farming software market segments, market trends and opportunities, and any further data you may need to thrive in the precision farming software industry. This precision farming software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The precision farming software market consists of revenues earned by entities by providing services such as data analysis and interpretation, consulting and advisory services, field services, and data management. The market value includes the value of related goods sold by the service provider or included within the service offering. The precision farming software market also includes sales of yield monitoring systems, remote sensing tools, and field mapping systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The precision farming software market size is expected to see rapid growth in the next few years. It will grow to $3.22 billion in 2028 at a compound annual growth rate (CAGR) of 15%. In the forecast period, growth is anticipated to be driven by increasing government initiatives and regulations promoting the adoption of modern agricultural techniques. Additionally, the escalating strain on the global food supply due to population growth is expected to fuel growth. Moreover, there is a growing embrace of Internet of Things (IoT) devices in farming domains, further contributing to expansion. Major trends in this period include technological integration, advancements, and innovations in technology, as well as rising product innovation aimed at enhancing agricultural practices and sustainability.
Rising agricultural production is anticipated to drive the expansion of the precision farming software market in the foreseeable future. Agricultural production encompasses the cultivation of crops, raising of livestock, and production of various agricultural commodities for human consumption, industrial utilization, or other purposes. Precision farming software plays a pivotal role in agricultural production, aiming to enhance efficiency, productivity, and sustainability throughout the farming process stages. This is achieved through the provision of advanced farm analytics and statistics, facilitating comprehensive visibility into the entire crop production cycle, from soil preparation to harvest. For example, as of January 2023, Agriculture and Agri-Food Canada reported a projected 34.1% increase in Canada's total field crop production compared to 2021. Notably, during the 2022-23 period, wheat production in Canada, excluding durum, surged by 47% compared to the previous period, reaching 28.4 million metric tons, driven by expanded seeded areas and enhanced yields. Hence, the upward trend in agricultural production is a significant driver behind the growth of the precision farming software market.
Leading companies operating within the precision farming software sector are strategically focusing on the development and introduction of technological innovations to cater to evolving agricultural requirements and gain a competitive advantage in the market. Notably, a key area of innovation involves the introduction of advanced precision agriculture displays. These specialized electronic devices or software interfaces serve as essential tools for farmers and agricultural professionals, enabling them to monitor and manage various aspects of farming operations with precision and efficiency. For instance, in October 2022, Trimble, a prominent provider of precision farming solutions based in the United States, launched the Trimble GFX-1060 and GFX-1260, innovative precision agriculture displays. These displays feature an Android-based operating system, enhanced processing power, and compatibility with Trimble NAV-500 and NAV-900 Global Navigation Satellite System (GNSS) receivers, along with the CenterPoint correction service. Additionally, they integrate powerful Precision-IQ software, facilitating comprehensive management of field operations, data collection, and analysis, thereby enhancing overall operational efficiency.
In November 2021, CNH Industrial N.V., a UK-based capital goods company specializing in equipment and services for agriculture and construction sectors, completed the acquisition of Raven Industries Inc. for an undisclosed sum. This strategic acquisition is poised to bolster CNH Industrial's position within the agricultural equipment market by leveraging precision agriculture and digital technologies. The acquisition is expected to enhance innovation capabilities, expedite precision developments, and significantly strengthen the company's competitive positioning and digital strategy. Raven Industries Inc., based in the United States, is renowned for its expertise in developing precision agriculture technologies and offering innovative, high-value products and systems tailored for farmers.
Major companies operating in the precision farming software market report are Deere And Company, CNH Industrial N.V., AGCO Corporation, Trimble Inc., Topcon Positioning Systems Corporation, AgDNA Pty Ltd., Bayer CropScience AG, 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.
North America was the largest region in the precision farming software market in 2023. 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. The countries covered in the precision farming software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Precision farming software encompasses computer programs and applications engineered to enhance agricultural practices through data-driven insights and advanced technology. This software serves multiple purposes, including optimizing agricultural operations, maximizing yields, minimizing inputs, and reducing environmental impact. By providing farmers with real-time data, precision farming software enables precise decision-making for optimized crop management.
The primary delivery models in precision farming software consist of local or web-based options, as well as cloud-based solutions. Local or web-based deployment entails a spectrum of services, from locally installed software to cloud-based solutions. These services encompass system integrators, managed service providers, assisted professional service providers, connectivity service providers, maintenance, software upgrades, and support service providers. Precision farming software leverages various technologies such as guidance technology, remote sensing, and variable-rate technology, and supports diverse applications including yield monitoring, field mapping, crop scouting, weather tracking and forecasting, inventory management, farm labor management, financial management, and others.
The precision farming software market research report is one of a series of new reports that provides precision farming software market statistics, including precision farming software industry global market size, regional shares, competitors with a precision farming software market share, detailed precision farming software market segments, market trends and opportunities, and any further data you may need to thrive in the precision farming software industry. This precision farming software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The precision farming software market consists of revenues earned by entities by providing services such as data analysis and interpretation, consulting and advisory services, field services, and data management. The market value includes the value of related goods sold by the service provider or included within the service offering. The precision farming software market also includes sales of yield monitoring systems, remote sensing tools, and field mapping systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Precision Farming Software Market Characteristics3. Precision Farming Software Market Trends And Strategies32. Global Precision Farming Software Market Competitive Benchmarking33. Global Precision Farming Software Market Competitive Dashboard34. Key Mergers And Acquisitions In The Precision Farming Software Market
4. Precision Farming Software Market - Macro Economic Scenario
5. Global Precision Farming Software Market Size and Growth
6. Precision Farming Software Market Segmentation
7. Precision Farming Software Market Regional And Country Analysis
8. Asia-Pacific Precision Farming Software Market
9. China Precision Farming Software Market
10. India Precision Farming Software Market
11. Japan Precision Farming Software Market
12. Australia Precision Farming Software Market
13. Indonesia Precision Farming Software Market
14. South Korea Precision Farming Software Market
15. Western Europe Precision Farming Software Market
16. UK Precision Farming Software Market
17. Germany Precision Farming Software Market
18. France Precision Farming Software Market
19. Italy Precision Farming Software Market
20. Spain Precision Farming Software Market
21. Eastern Europe Precision Farming Software Market
22. Russia Precision Farming Software Market
23. North America Precision Farming Software Market
24. USA Precision Farming Software Market
25. Canada Precision Farming Software Market
26. South America Precision Farming Software Market
27. Brazil Precision Farming Software Market
28. Middle East Precision Farming Software Market
29. Africa Precision Farming Software Market
30. Precision Farming Software Market Competitive Landscape And Company Profiles
31. Precision Farming Software Market Other Major And Innovative Companies
35. Precision Farming Software Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Precision Farming Software Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on precision farming software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for precision farming software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The precision farming software market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Delivery Model: Local Or Web based; Cloud Based2) 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.
Key Companies Mentioned: Deere And Company; CNH Industrial N.V.; AGCO Corporation; Trimble Inc.; Topcon Positioning Systems Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Deere And Company
- CNH Industrial N.V.
- AGCO Corporation
- Trimble Inc.
- Topcon Positioning Systems Corporation
- AgDNA Pty Ltd.
- Bayer CropScience AG
- 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.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | April 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 1.84 Billion |
Forecasted Market Value ( USD | $ 3.22 Billion |
Compound Annual Growth Rate | 15.0% |
Regions Covered | Global |
No. of Companies Mentioned | 30 |