Precision Farming Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global precision farming software market is anticipated to register a CAGR of 16.7% during the forecast period (2021-2026). As an impact of COVID-19, the requirement of digitization in every sector was felt. The market for precision agriculture including agriculture sensors, farming software, drones, etc also witnessed growth and felt the need during the COVID-19 pandemic. Many agritech companies came up with innovative models for easing the 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, and harvesting management, etc for helping the farmers from adverse price fluctuations of their produces. 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 increasing population, the adoption of precision agriculture tools is inevitable for farmers. The advancements and innovations in technology are the major factors driving the precision agriculture market, helping the farmers maximize their yield and minimize losses with efficient use of resources. North America is the largest and mature market for precision agriculture, followed by Europe. Together, these two regions constitute more than 50.0% of the precision agriculture software market, globally.

Scope of the Report

Precision agriculture software is a farm management software that uses information technology and ensures that soil, as well as crop, receive the optimum amount of nutrients needed to maximize the production, thereby increasing the crop yield. This approach helps the user to receive real-time information about plant health, soil requirements, weather predictions, and cost of labor incurred to complete a particular task in the field. Various sensors in the field, such as satellite and robotic drones provide data and images, which help farmers take immediate decisions on providing fertilizers, water, or crop protection chemicals needed by the crop, for normal functioning. The global precision farming software market is segmented by type into on-farm based and cloud-based software, by application into Crop Management, Financial Management, Farm Inventory Management, Personnel Management, Weather Tracking and Forecasting, and others. A detailed geographical analysis covers more than 16 demographics across the regions (North America, Europe, Asia Pacific, South America, and the Rest of the World).

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Key Market Trends

Decreasing skilled labor in agriculture

Precision farming is a way of farming in which the internet of things (IoT), software, artificial intelligence, big data, and other technologies are used to utilize farm inputs in a productive way to cut cost and enhance productivity. According to International Labor Organization, Globally, in 2016, 28.8% of human resources were engaged in agriculture are skilled. This has reduced to 28.4% in 2017 which further decreased to 28.6% in 2018. As precision agriculture needs skilled labor who are in an acute shortage of availability, precision farmers admire and tend to consume software that can be productive with the current challenges. This scenario is one of the major factors that pendulate the market forward.

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