Precision farming software market is expected to grow at a moderate rate during the forecast period 2019-2025. Precision farming software is a tool that allows farmers to manage, leverage and track crop yields and revenues. The farmers can utilize such predictive analytical tools to anticipate the expected crop wastes, yield size and revenues. It enables the users to obtain data regarding crop conditions, soil management, and crop rotation guidance. The crucial factors leading to an increase in the growth of the market include the rising adoption of IoT in the agriculture industry and a significant rise in the demand for food. The global demand for food is growing significantly due to significant growth in world population. 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.

Precision farming is being employed to measure inputs and resources and quantify results from both. In addition, it enables farmers to use the highly precise and accurate amount of inputs, whether seeds, fertilizer, water, and chemical controls. Furthermore, integrating imaging and sensors of each crop plant along with real-time data analytics platform enables farmers to reduce waste and improves agricultural output. The technique can identify risk, including soil erosion, salinity and waterlogging. In addition, it allows accurate analysis of certain farm-related variables, such as crop yield, nutrient levels, drainage, and soil moisture. This, in turn, allow farmers to make strategic decisions related to surface water management, investment in farmland and crop rotation to soil repair. This would result in maximizing yield and reduce crop waste. Hence, it plays a vital role to meet the demand for food production and thereby encouraging the users to adopt precision farming software for better agricultural practices.

The global precision farming software market is segmented on the basis of application and hardware. Based on application, the market is further classified into field mapping, yield monitoring, crop scouting, weather tracking and forecasting, labor management, financial management, inventory management, and others. Based on the hardware, the market is further classified into sensing devices, guidance and steering, monitors & display devices, GPS/GNSS devices, and others. For field mapping, the precision agriculture software provides the users with an ability to monitor crop rotations, irrigation, tillage, soil test results, and manure. This software enables to easily monitor precision farming data. It supports to make better farm decisions as it provides strong reports and maps based on the data from planting to harvest. It displays aerial background images and enables to verify which field area is highly profitable. Moreover, the adoption of unmanned aerial vehicles (UAVs) in agriculture has been rising significantly as they are extremely potent in field mapping. This leads to the demand for precision farming software to process all acquired images for making better farm decisions.

Geographically, the global precision farming software market is segmented into four major regions, such as North America, Europe, Asia-Pacific and rest of the world (RoW). North America precision farming software market has been primarily driven by significant demand for innovative agricultural methods in the region. However, Asia-Pacific is estimated to witness optimistic growth due to significant burden to meet the growing demand for food which in turn, is estimated to boost the demand for precision farming software for crop monitoring and improving yield productivity.

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.

Research Methodology

The market study of the global precision farming software market is incorporated by extensive primary and secondary research conducted by the research team at OMR.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity in our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
  
• Authentic public databases, such as the FAO of the United Nations and European Commission.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report is intended for government and private companies for overall market analysis and competitive analysis. The report provides in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

Global Precision farming software Market Research and Analysis by Application

Global Precision farming software Market Research and Analysis by Deployment Model

The Report Covers

• Comprehensive research methodology of the global precision farming software market.
  
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global precision farming software market.
• Insights about market determinants which are stimulating the global precision farming software market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.