Precision Farming Software Market Study For 2022 To 2030 Providing Information On Key Players, Growth Drivers And Industry Challenges

Precision Farming Software Market is valued at US $1058.77 Billion in 2022 and is projected to reach a value of US $3103.89 Billion in 2030 expanding at a CAGR of 14.39% over the forecast period of 2022-2030.

Global Precision Farming Software Market: Overview

Precision agriculture or farming is defined as a farming management concept that is based on observing, measuring and responding to inter and intra-field variability in crops.

The first conceptual work on Precision farming software and practical applications go back in the late 1980s, and the goal of precision farming software is to define a decision support system for whole farm management with the goal of optimizing returns on inputs while with the preservation of resources. Precision farming software uses modern technologies that includes, satellite imagery or field mapping in order to improve crop quality and profitability. Also, it optimizes the use of traditional resources.

The Internet of Things (IoT) and farmers' use of advanced analytics are both credited with fostering the expansion of precision agriculture. Data science includes advanced analytics, which employs a variety of tools and techniques to forecast data and guarantee that the crop and soil are given the proper care. This enables farmers to appropriately plan their course of action.

A contemporary method of managing farms and agriculture known as "precision agriculture" makes use of information technology to make sure that soil and crops are given the exact nutrients they require for optimum health and yield. Precision farming aims to assure profitability, sustainability, and environmental preservation. Satellite agriculture, as-needed farming, precision farming, and site-specific crop management are all terms used in the precision agriculture sector (SSCM). IT support services, specialised tools, and equipment are necessary for precision agriculture. The strategy makes use of real-time data regarding crop, soil, and air quality as well as other pertinent details like labour prices, equipment availability, and hyper-local weather forecasts.

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Segmental Analysis Of The Market:

Based on Offering
• Hardware
• Software
• Services
The hardware segment has dominated the market growth over the forecast period. The hardware segment is further segmented into automation and control systems, sensing devices, antennas, and access points. These have played a major role in helping farmers, which has further boosted the market growth.

Based on Application
• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Farm labor Management
The yield monitoring segment has dominated the market growth over the forecast period. it is further segmented into on-farm and off-farm. The segment helps the farmers to make decisions about their fields. The on-farm yield monitoring has allowed farmers to obtain real-time information during harvest and create a historical spatial database.

North America is anticipated to amplify at a considerable CAGR

The Global Precision Farming Software Market is segmented into 5 main regions namely, North America, Europe, Asia Pacific, South America, and Middle east and Africa. Among these, North America has dominated the market growth over the forecast period. This is because of certain factors that includes, rising government initiatives supporting the adoption of modern agriculture technologies and developed infrastructure over the forecast period.

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Key Market Players:

Some of the prominent companies operating in the market are Ag Leader Technology; AgJunction Inc.; CropMetrics LLC; Trimble Inc.; AGCO Corporation; Raven Industries Inc.

Major Questions Answered In This Report:

• what is the growth rate of the Global Precision Farming Software market?
• What are the primary growth determinants of the market?
• Which are the major regions constitutes the geographical landscape of the market?
• Which are the prominent companies operating in the market?

Key Takeaways From The Report:

• The Global Precision Farming Software market is projected to expand at a CAGR of 14.39% over the forecast period.
• The expanding proliferation of the IoT is aiding market progression.
• The yield monitoring segment is poised to expand significantly over the forecast period.
• North America has dominated the regional market sphere over the forecast period.

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This release was published on openPR.