Precision Farming Software Market Size, Share And Revenue And Trends Forecast Report 2024 To 2033

The precision farming software market size has grown rapidly in recent years. It will grow from $1.60 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to rising average farm size, increased shortage of farm labor, increased swift uptake of cutting-edge technologies in precision agriculture aimed at lowering labor.

The precision farming software market size is expected to see rapid growth in the next few years. It will grow to $3.22 billion in 2028 at a compound annual growth rate (CAGR) of 15%. The growth in the forecast period can be attributed to rising initiatives by government, government regulations to adopt modern agricultural techniques, rise in strain on the global food supply owing to increasing population, growing embrace of internet of things (IoT) devices in farming domains. Major trends in the forecast period include technological integration, advancements and innovations in technology, rising product innovation.

Market Overview -
Precision farming software refers to computer programs and applications designed to optimize agricultural practices by utilizing data-driven insights and advanced technology. This is used for a variety of purposes aimed at optimizing agricultural operations and maximizing yields while minimizing inputs and environmental impact, and it empowers farmers with real-time data, enabling precise decision-making for optimized crop management.

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Rising Agricultural Production Fuels Growth In Precision Farming Software Market

Rising agricultural production is expected to propel the growth of the precision farming software market going forward. Agricultural production refers to the process of cultivating crops, raising livestock, and producing other agricultural commodities for human consumption, industrial use, or other purposes. Precision farming software is extensively used in agricultural production to enhance efficiency, productivity, and sustainability across various stages of the farming process. It accomplishes this by offering sophisticated farm analytics and statistics together with full visibility into the whole crop production cycle, from soil preparation to harvest. For instance, in January 2023, according to Agriculture and Agri-Food Canada, a Canada-based government department, Canada's total field crop production is projected to be 34.1% higher than in 2021. In the 2022-23 period, wheat production (excluding durum) in Canada saw a 47% increase compared to 2021-22, reaching 28.4 million metric tons, driven by expanded seeded areas and improved yields. Therefore, rising agricultural production is driving the growth of the precision farming software market.

Competitive Landscape -
Major companies operating in the precision farming software market are Deere And Company, CNH Industrial N.V., AGCO Corporation, Trimble Inc., Topcon Positioning Systems Corporation, AgDNA Pty Ltd., Bayer CropScience Aktiengesellschaft, DTN LLC, The Climate Corporation, Iteris Inc., Granular Inc., SenseFly (Parrot SA), Microdrones GmbH, AG Leader Technology Inc., AG Junction Inc., Taranis Visual Ltd., Farmers Edge Inc., Sentera LLC, Dickey-john Corporation, CropX Ltd., PrecisionHawk Inc., Conservis Corporation, SST Software, Fairport Farm Software, Farmeron Inc., Gamaya SA, Agribotix LLC, Agremo doo, Grownetics Inc., Mapshots Inc.

Trimble Introduces Next-Generation Precision Agriculture Displays To Revolutionize The Precision Farming Market
Major companies operating in the precision farming software market are focusing on introducing technological products, such as advanced precision agriculture displays, to address evolving agricultural needs and gain a competitive edge in the market. Precision agriculture displays are specialized electronic devices or software interfaces used by farmers and agricultural professionals to monitor and manage various aspects of farming operations with precision and efficiency. For instance, in October 2022, Trimble, a US-based provider of precision farming solutions, launched the Trimble GFX-1060 and GFX-1260, innovative precision agriculture displays. These feature an Android-based operating system, enhanced processing power, and are compatible with the Trimble NAV-500 and NAV-900 Global Navigation Satellite System (GNSS) receivers and the CenterPoint correction service. Additionally, it runs with powerful Precision-IQ software to help manage all aspects of field operations and can be used to collect and manage information and data in the field and then analyze that information using farm management software.

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Key Segments -

The precision farming software market covered in this report is segmented -

1) By Delivery Model: Local Or Web based, Cloud Based
2) By Service Provider: System Integrators, Managed Services Providers , Assisted Professional Services Providers, Connectivity services Providers , Maintenance, Software Upgradation And Support Services Providers
3) By Technology: Guidance Technology, Remote Sensing, Variable-Rate Technology
4) By Application: Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking And Forecasting, Inventory Management, Farm Labor Management, Financial Management, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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