Precision Farming Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Precision Farming Software Market is Segmented by Type (Local or Web-based and Cloud-based), Application (Crop Management, Financial Management, Farm Inventory Management, Personnel Management, Weather Tracking and Forecasting, and Other Applications), 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.

Market Snapshot

Precision Farming Software Market Summary
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 14 %
Precision Farming Software Market Major Players

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Market Overview

The global precision farming software market is anticipated to register a CAGR of 14% during the forecast period 2022-2027.

As an impact of the COVID-19 pandemic, the requirement for digitization in every sector was felt. The market for precision agriculture, including agriculture sensors, farming software, drones, etc., also witnessed the growth of digitization during the COVID-19 pandemic. Many agritech companies came 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. to help farmers remain protected from the impact of adverse price fluctuations of their produce. 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 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 more than 50% 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 and crop both 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. Various sensors in the field, such as satellite and robotic drones, provide data and images, which help farmers make 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 local or web-based and cloud-based software, by application into crop management, financial management, farm inventory management, personnel management, weather tracking and forecasting, and other applications. A detailed geographical analysis covers more than 16 demographics across regions, including North America, Europe, Asia-Pacific, South America, and Africa.

Application
Crop Management
Financial Management
Farm Inventory Management
Personnel Management
Weather Tracking and Forecasting
Other Applications
Type
Local or Web-based
Cloud-based
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Africa
South Africa
Rest of Africa

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Key Market Trends

Decrease in Variable Costs with Increased Productivity

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 costs and enhance productivity. According to a study conducted by MDPI, Basel, Switzerland, it was found that the amount of pesticides and fuel used after adopting precision farming was reduced significantly. Though there would be high fixed costs in the adoption phase, there would be significant reductions in the variable cost. The labor cost goes down by approximately 20%, and the productivity of the farm would increase in the long run. Precision farming is helping the world cater to the problems associated with climate change and the growing population by increasing the productivity and profitability of crops without harming the environment.

Precision Farming Software Market: Productivity Profitability, Euros per metric ton, Wheat, 2020

North America to Dominate the Precision Farming Software Market

North America is one of the most important regions in the world for precision agriculture, apart from Europe and Brazil. Wide Area Augmentation System (WAAS), a GNSS-based solution, is the most popular technology in North America and has achieved 66% of market penetration. The North American market has a high potential for satellite-based devices and equipment. The market growth is primarily accelerated by the increasing demand for real-time kinetic technology, fertilizer and sprayer controllers, robotics, variable rate irrigation, networks, and remote sensing technologies. AgLeader, Agri-vision, Blue River Technologies, Crop Venture Incorporated, Farm Works, and Holland Scientifics are some of the precision agriculture software-based companies located in the US market.

Precision Farming Software Market: Market Size By Region, Global, 2021

Competitive Landscape

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.

Recent Developments

In 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.

In November 2021, CNH Industrial completed its acquisition of 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.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Crop Management

      2. 5.1.2 Financial Management

      3. 5.1.3 Farm Inventory Management

      4. 5.1.4 Personnel Management

      5. 5.1.5 Weather Tracking and Forecasting

      6. 5.1.6 Other Applications

    2. 5.2 Type

      1. 5.2.1 Local or Web-based

      2. 5.2.2 Cloud-based

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Spain

        6. 5.3.2.6 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Rest of Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 AG DNA

      2. 6.3.2 AG Junction

      3. 6.3.3 AG Leader Technology

      4. 6.3.4 AGCO Corporation

      5. 6.3.5 Agribotix

      6. 6.3.6 Bayer CropScience AG

      7. 6.3.7 Case IH Agriculture

      8. 6.3.8 ClearAg Operations

      9. 6.3.9 Conservis Corporation

      10. 6.3.10 Deere & Company

      11. 6.3.11 Fairport Farm Software

      12. 6.3.12 IBM

      13. 6.3.13 Mapshots Inc.

      14. 6.3.14 Raven Industries

      15. 6.3.15 Topcon Positioning Systems

      16. 6.3.16 Trimble Inc.

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. AN ASSESSMENT OF COVID-19 IMPACT ON THE MARKET

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Frequently Asked Questions

The Precision Farming Software Market market is studied from 2017 - 2027.

The Precision Farming Software Market is growing at a CAGR of 14% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

AGCO Corporation, IBM, Farmers edge, Iteris, John Deere are the major companies operating in Precision Farming Software Market.

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