Precision Farming Software Market worth $3.1 billion by 2029 - Exclusive Report by MarketsandMarkets™
The increasing integration of weather tracking and forecasting into precision farming software is driven by various facets of farming, influencing critical activities such as planting, irrigation, fertilization, and pest management.
CHICAGO, March 19, 2024 /PRNewswire/ -- The Precision Farming Software Market is projected to reach from USD 1.7 billion in 2024 to USD 3.1 billion by 2029; it is expected to grow at a CAGR of 12.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. Precision farming software leverages technological advancements such as artificial intelligence, machine learning, and IoT to provide farmers with cutting-edge tools for decision-making and automation. This integration of advanced technology enhances the effectiveness and efficiency of farming practices, driving further adoption among tech-savvy farmers.
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Browse in-depth TOC on "Precision Farming Software Market"
161 – Tables
57 – Figures
275 – Pages
Precision Farming Software Market Report Scope:
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Report Coverage |
Details |
|
Market Revenue in 2024 |
$ 1.7 billion |
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Estimated Value by 2029 |
$ 3.1 billion |
|
Growth Rate |
Poised to grow at a CAGR of 12.5% |
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Market Size Available for |
2020–2029 |
|
Forecast Period |
2024–2029 |
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Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Delivery Model, Application, Service, Technology and Region |
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Geographies Covered |
Americas, Asia Pacific, Europe, and RoW |
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Key Market Challenge |
Legal, ethical and social barriers related to data ownership, privacy and security |
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Key Market Opportunities |
Initiatives to manage greater amount of data and enhance data analysis |
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Key Market Drivers |
Growing focus on enhancing food security and agricultural productivity |
By Application: Weather tracking and forecasting is projected to grow at the highest CAGR during the forecast period.
The increasing integration of weather tracking and forecasting into precision farming software is driven by various facets of farming, influencing critical activities such as planting, irrigation, fertilization, and pest management. By incorporating weather data into precision farming software, farmers gain a strategic advantage in anticipating and mitigating the effects of weather events such as storms, droughts, or temperature fluctuations on their crops. Accurate weather forecasts empower farmers to optimize the timing of farming activities, scheduling operations during periods of favorable weather to minimize risks and maximize effectiveness.
By Delivery Model: Cloud-based delivery model to account for the highest CAGR during the forecast period.
The scalability, accessibility, and data integration capabilities of cloud-based precision farming software provide farmers with essential tools to optimize their operations, enhance productivity, and promote sustainability. Leveraging the power of cloud technology, farmers can access real-time insights into their operations, empowering them to make data-driven decisions that drive efficiency and effectiveness. With cloud-based solutions, farmers can easily adjust the scale of their operations to meet changing demands without the need for extensive infrastructure investments, ensuring flexibility and adaptability.
By Technology: The variable rate technology is projected to register the highest CAGR during the forecast period.
Variable rate technology (VRT) is increasingly becoming a cornerstone of precision farming software, driven by several pivotal factors. One such factor is its capacity for optimized resource allocation, wherein farmers can strategically apply inputs like fertilizers, pesticides, and water at varying rates across fields based on specific crop requirements. This tailored approach ensures that crops receive precisely the necessary inputs, thereby maximizing yields while minimizing input costs and environmental impact. By leveraging VRT, farmers can fine-tune their management practices to match the unique needs of different areas within their fields, promoting efficient resource utilization and sustainable agricultural practices. This targeted application of inputs not only enhances productivity but also reduces waste and environmental harm, aligning with the goals of modern agriculture. As a result, VRT has emerged as a critical tool in precision farming software, empowering farmers to optimize their operations and achieve both economic and environmental sustainability.
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By Region: Americas to hold larger market share in 2023.
The America stands out as the swiftest expanding sector in the precision farming software industry. America benefits from a well-developed data infrastructure and connectivity, which play a crucial role in facilitating the seamless collection, analysis, and sharing of data required for precision farming operations. With high-speed internet and widespread cellular networks, farmers in the region have easy access to vital information, enabling them to adopt and utilize precision farming software effectively. This robust connectivity allows for real-time data transmission from various sources such as sensors, drones, and satellites, providing farmers with accurate and up-to-date information about their fields.
The major players in the precision farming software companies include Deere & Company (US), Trimble Inc. (US), AGCO Corporation (US), CNH Industrial N.V. (UK), AgEagle Aerial Systems Inc (US), KUBOTA Corporation (Japan), Ag Leader Technology (US), TOPCON CORPORATION (Japan), Climate LLC (US), TeeJet Technologies (US).
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