The precision farming software market is expected to grow at a moderate rate during the forecast period (2019-2025). Precision farming, also known as site-specific crop management or satellite farming that is a farm management concept that utilizes information technology software. The precision farming software is designed to increase the yield which in turn increasesthe revenue of the crops by the use of data-driven insights. This software assists the farming in a better manner by offering information related to the environmental factors, planting schedule and maintenance instructions that could affect the productivity of the crop. In addition, the precision farming software offers analytics features like yield size, expected waste and profit in the market and therefore facilitate farmers to make proper decisions during each growth cycle.
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Significant rise in the demand for food and rising adoption of IoT across the globe are the major factors to contribute towards the growth of the precision farming software market.According to the Food and Agricultural Organization (FAO) of the United Nations (UN), the global population will significantly rise from 6.8 billion in 2009 to 9.5 billion in 2050. Approximately all of such growth is anticipated to occur in developing countries. This would result in the demand for significant food production. For instance, according to the UN, annual cereal production (for food and animal feed) will have to grow from 2.1 billion tons in 2009 to 3 billion tons by 2050.
The agriculture industry and automation suppliers are finding several new opportunities through the use of IoT and digital solutions to improve yields, profits, and farming practices. In addition, the utility of IoT has a wide scope in the field of precision farming as the work of precision farming is to create data through sensors that track vehicles, monitor livestock, and monitor storage areas. Therefore, increasing the focus of farmers on improving productivity, crop yield, and farm efficiency and growing use of web-based software for farming are the major factors to drive market growth.
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Current Market trends covered in the market report:
· Agriculturists and farmers are actively using software and services for the purpose of precision farming across the globe.
· The dearth of human resources with proper technical knowledge and poor internet connectivity in some of the developing economies is a major factor to hamper market growth.
· Robotics and automation in farming is a major opportunity for the growth of precision farming across the globe.
· Mergers & acquisitions and strategic partnerships are the key strategies to remain competitive in the market.
Global Precision Farming Market Software Segmentation
By Application
· Field Mapping
· Yield Monitoring
· Crop Scouting
· Weather Tracking and Forecasting
· Labor Management
· Financial Management
· Inventory Management
· Others (Irrigation Management and Livestock Management)
By Hardware
· Sensing Devices
· Guidance and Steering
· Monitors & Display Devices
· GPS/GNSS Devices
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
