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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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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The major companies in the market include Deere & Co., Trimble, Inc., E.I. du Pont de Nemours, and Co., Farmers Edge, Inc. and Raven Industries, Inc. These players are adopting various strategies, such as merger and acquisitions, product launches and collaboration to expand market share. For instance, in August 2017, E.I. du Pont de Nemours and Co. signed an agreement to acquire Granular, Inc., a provider of agricultural software and analytical tools. Dupont is highly focusing on the development of advanced solutions that enable farmers to build sustainable, strong businesses. In addition, this would enable to develop a digital agriculture ecosystem to encourage sharing of information and services. This acquisition will support the business to connect growers, private and public data and analytics that would enable the company to advance the vision for the more sustainable and digitally connected agriculture industry.
Global Precision Farming Software Market- 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
Global Precision Farming Software Market- Regions
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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