“The increasing need for data management through cloud computing and government’s support for modern agricultural techniques drive the growth of the precision farming software market”
The precision farming software market is expected to grow from USD 463.8 million in 2015 and is expected to reach USD 1,188.7 million by 2022, at a CAGR of 14.03% between 2016 and 2022. Precision farming software is mainly driven by growing demand for real-time data management through cloud computing, government’s support to adopt modern agricultural techniques, and strengthening of intellectual property rights over agriculture innovations. Other factors such as mobile technology integration with farming techniques and growing use of agricultural software for farm efficiency have further contributed to the overall market growth. Precision farming software is going to be the modern way of agriculture that people across the world would adopt. The major restraining factor for the precision farming software market is the high initial investment and the lack of technical awareness among farmers.
“Cloud-based delivery model is expected to grow at highest rate between 2016 and 2022”
Cloud-based delivery model is an Internet-based computing model that provides shared processing of resources and data to users on demand. Currently, cloud-based delivery model is at its nascent stage; however, this model is expected to grow rapidly in the coming years. The advantages offered by cloud-based precision farming software are data sharing, ability to access systems on a variety of devices from any location that has Internet service, optimized performance, and ease of access.
“Yield monitoring application held the largest share of the precision farming software market in 2015”
Yield monitoring is the most widely used application in precision farming software, as this application plays a vital role in understanding the field variability and helps farmers in maximizing their yields. Soil monitoring is the major application of yield monitoring. Soil monitoring is used to detect soil parameters that are needed for an efficient yield production.
“Precision farming software market in Asia-Pacific expected to grow at the highest rate between 2016 and 2022”
Asia-Pacific (APAC) is one of the bright prospective markets in precision farming software. APAC has large farmlands and a high population growth rate. APAC has a huge regional spread which comprises countries such as China, Japan, India, Australia, South Korea, and Rest of APAC. Precision farming software market in APAC is in its initial stages of adoption and expected to grow at a double-digit rate between 2016 and 2022. Currently, the countries in the APAC region, specifically India, Australia, China, and Japan have the highest growth rate and highest share in the precision farming software market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key experts. The breakup of the profiles of primary participants is as follows:
• By Company Type: Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 –25%
• By Designation: C-Level Executives – 75% and Managers – 25%
• By Geography: Americas – 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Companies that provide a range of customized solutions to customers are expected to emerge as the game changers.
The key players in the precision farming software market profiled in the report are as follows:
1. Deere & Company (U.S.)
2. Trimble, Inc. (U.S.)
3. AgJunction, Inc. (U.S.)
4. Raven Industries, Inc. (U.S.)
5. AG Leader Technology (U.S.)
6. SST Development Group, Inc. (U.S.)
7. DICKEY-john Corporation (U.S.)
8. Topcon Positioning Systems, Inc. (U.S.)
9. The Climate Corporation (U.S.)
10. Iteris, Inc. (U.S.)
11. Conservis Corp. (U.S.)
12. Farmers Edge, Inc. (Canada)
This report covers the precision farming software market based on delivery model, application, services, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations associated with the precision farming market.
Key Benefits of Buying the Report
The report would help the market leaders or new entrants in the following ways:
1. This report segments the overall market comprehensively and provides the closest approximations of the overall precision farming software market size and that of the subsegments across different applications and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them with information on the key drivers, restraints, challenges, and opportunities in the precision farming software market.
3. This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the precision farming software market. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions in the precision farming software market.