Precision Farming Software Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 14.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Precision Farming Software Market Analysis
- The precision farming software market is projected to register a CAGR of 14 % during the forecast period.
- There is a need for digitization in every sector in order to cut costs and enhance productivity. The market for precision agriculture, including agriculture sensors, farming software, drones, etc., is also getting digitized to support the agricultural business. To help farmers remain protected from the impact of adverse price fluctuations of their produce, many agritech companies are coming up with innovative models for easing farming practices by focusing more on wireless platforms to enable real-time decision-making with respect to yield monitoring, crop health monitoring, field mapping, irrigation scheduling, harvesting management, etc.
- Increasing awareness about the benefits of precision agriculture in optimizing agricultural production has resulted in a great boom in the precision agriculture market. With the growing food demand, owing to the ever-increasing population, adopting precision agriculture tools is inevitable for farmers. The advancements and innovations in technology are the major factors driving the precision agriculture market, since they help farmers maximize their yield and minimize losses with efficient use of resources. North America is the largest and most mature market for precision agriculture, followed by Europe. Together, these two regions constitute a major share of the precision agriculture software market globally.
Precision Farming Software Market Trends
This section covers the major market trends shaping the Precision Farming Software Market according to our research experts:
Farm Labor Shortage and Rise in Average Farm Size
The world has been witnessing an acute shortage of farm laborers. As per the database published by the World Bank, there has been an approximately 18% decline in employment in agriculture over the last decade. For the past ten years, farmers have faced a consistent labor shortage for various farm operations, which has led to an increased adoption rate of precision farming technologies, ensuring better farm resource management.
Furthermore, the average farm size in the United States has constantly been increasing since 2017. At the same time, the total number of farms declined by approximately 1.5% to 2,012,050 in 2021 as compared to 2017. The large-holding farmers have, therefore, grown well-positioned to use precision farming software to automatically identify field surroundings and respond to variations. As a result, the shortage of farm labor and rising average farm size are expected to drive the adoption rate of precision farming technologies among farmers. This boosts the overall precision farming software market during the forecast period.
North America to Dominate the Precision Farming Software Market
North America is one of the most important regions in terms of the precision farming software market. The farmers in the region are well-educated and increasingly adopting advanced farming systems, mobile applications, cloud services, farm management software, imagery services, and data analytics services. Furthermore, North America has received the major share of the precision agriculture market due to the increasing adoption of high-level agricultural equipment and solutions, such as steering, sensors, and guidance systems.
The country leads the market in this region due to the presence of many critical manufacturers of high technologies. Wide Area Augmentation System (WAAS), a GNSS-based solution, is the most popular technology in North America and has achieved 66% market penetration. The North American market has a high potential for satellite-based devices and equipment. The increasing demand for real-time kinetic technology, fertilizer and sprayer controllers, robotics, variable rate irrigation, networks, and remote sensing technologies primarily accelerates market growth. Deere & Company, Trimble, Inc., AgJunction, Inc., and Raven Industries are some precision agriculture software-based companies in the US market.
Precision Farming Software Industry Overview
The market is highly fragmented, with various small and medium-sized companies and a few big players, resulting in stiff competition. This is one of the major factors for the fragmented nature of the market. The major players in the market include AGCO Corporation, IBM, John Deere, Bayer CropScience AG, and Fairport Farm Software. Furthermore, these players are focusing on constant R&D and expanding their geographical presence. New product launches, partnerships, and expansions are the major strategies adopted by these players.
Precision Farming Software Market Leaders
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AGCO Corporation
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IBM
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John Deere
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Bayer CropScience AG
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Fairport Farm Software
*Disclaimer: Major Players sorted in no particular order
Precision Farming Software Market News
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.
November 2021: CNH Industrial acquired Raven Industries, a leading precision agriculture technology company in the United States, for USD 1.2 billion. This acquisition is expected to help the company invest and innovate in groundbreaking precision agriculture technology.
May 2021: John Deere announced the acquisition of autonomous driving technology-based startup Bear Flag Robotics for USD 250 million. This acquisition is expected to help both companies deliver advanced technological solutions to farmers.
Precision Farming Software Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope Of The Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Application
5.1.1 Crop Management
5.1.2 Financial Management
5.1.3 Farm Inventory Management
5.1.4 Personnel Management
5.1.5 Weather Tracking and Forecasting
5.1.6 Other Applications
5.2 By Type
5.2.1 Local or Web-based
5.2.2 Cloud-based
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Africa
5.3.5.1 South Africa
5.3.5.2 Rest of Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 AG DNA
6.3.2 AG Junction
6.3.3 AG Leader Technology
6.3.4 AGCO Corporation
6.3.5 Agribotix
6.3.6 Bayer CropScience AG
6.3.7 Case IH Agriculture
6.3.8 ClearAg Operations
6.3.9 Conservis Corporation
6.3.10 Deere & Company
6.3.11 Fairport Farm Software
6.3.12 IBM
6.3.13 Mapshots Inc.
6.3.14 Raven Industries
6.3.15 Topcon Positioning Systems
6.3.16 Trimble Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Precision Farming Software Industry Segmentation
Precision agriculture software is a farm management software that uses information technology and ensures that the soil and crop receive the optimum amount of nutrients needed to maximize production, thereby increasing the crop yield. This approach helps the user receive real-time information about plant health, soil requirements, weather predictions, and the labor cost incurred to complete a particular task in the field.
The Precision Farming Software Market is Segmented by Application (Crop Management, Financial Management, Farm Inventory Management, Personnel Management, Weather Tracking and Forecasting, and Other Applications), Type (Local or Web-based and Cloud-based), and Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers the market size and forecasts in terms of value (USD thousand) for all the above segments.
| By Application | |
| Crop Management | |
| Financial Management | |
| Farm Inventory Management | |
| Personnel Management | |
| Weather Tracking and Forecasting | |
| Other Applications |
| By Type | |
| Local or Web-based | |
| Cloud-based |
| By Geography | ||||||||
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Precision Farming Software Market Research FAQs
What is the current Precision Farming Software Market size?
The Precision Farming Software Market is projected to register a CAGR of 14% during the forecast period (2024-2029)
Who are the key players in Precision Farming Software Market?
AGCO Corporation, IBM, John Deere, Bayer CropScience AG and Fairport Farm Software are the major companies operating in the Precision Farming Software Market.
Which is the fastest growing region in Precision Farming Software Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Precision Farming Software Market?
In 2024, the North America accounts for the largest market share in Precision Farming Software Market.
What years does this Precision Farming Software Market cover?
The report covers the Precision Farming Software Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Precision Farming Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Precision Farming Software Industry Report
Statistics for the 2024 Precision Farming Software market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Precision Farming Software analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
