Dublin, April 09, 2024 (GLOBE NEWSWIRE) -- The "Global Precision Farming Software Market by Delivery Model (On-premises, Cloud-based), Application (Yield Monitoring, Field Mapping, Variable Rate Application, Weather Tracking & Forecasting), Service, Technology and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The Precision Farming Software Market is projected to reach from USD 1.7 billion in 2024 to USD 3.1 billion by 2029; it is expected to grow at a CAGR of 12.5% from 2024 to 2029. Crop scouting serves as a vital component in precision farming, offering real-time, ground-level insights that complement data collected by sensors and drones. By providing immediate, on-the-ground observations, crop scouting empowers farmers to make decisions that are both accurate and timely. 
Additionally, crop scouting plays a crucial role in early issue detection, allowing farmers to identify problems such as pest infestations, diseases, and nutrient deficiencies before they escalate. This early detection enables farmers to take proactive measures to mitigate damage and prevent potential yield losses. Furthermore, the integration of scouting data into precision farming software enhances this proactive approach by enabling targeted interventions tailored to specific areas of the field. By leveraging the insights gained from crop scouting, farmers can implement precise and effective strategies to address issues, optimize resource allocation, and ultimately enhance overall crop health and productivity.
The cloud-based delivery model is projected to grow at the highest CAGR during the forecast period.
The scalability of cloud-based solutions provides farmers with the flexibility to adapt their operations according to their requirements without significant infrastructure investments. This flexibility allows farmers to easily adjust the scale of their operations, whether they are managing a small family farm or a large commercial enterprise, without the need for extensive hardware upgrades. Additionally, the accessibility offered by cloud-based precision farming software enables farmers to monitor and manage their operations from any location with an internet connection. This accessibility empowers farmers to make timely decisions regardless of their physical location, thereby enhancing overall operational efficiency
Variable rate technology is projected to have the highest growth during the forecast period.
Variable rate technology plays a crucial role in facilitating yield maximization by addressing spatial variability within fields and effectively managing various factors such as nutrient deficiencies, pest pressures, and irrigation needs. By utilizing VRT, farmers can tailor their input applications to the specific needs of different areas within their fields, optimizing crop growth and ultimately leading to higher yields and increased profitability. Additionally, VRT contributes to environmental sustainability by reducing over-application of inputs, thereby minimizing environmental impacts such as nutrient runoff and soil erosion. This targeted approach not only conserves resources but also helps protect ecosystems and water quality, promoting long-term sustainability in agriculture.
Asia Pacific region is likely to grow at the highest CAGR.
With the Asia Pacific region hosting a large and expanding population, the demand for food security is escalating, underscoring the critical role of precision farming software. By maximizing yields, enhancing crop quality, and mitigating post-harvest losses, precision farming software plays a pivotal role in meeting this growing demand for food. Moreover, the active promotion of precision farming by governments through subsidies, initiatives, and support programs further highlights its significance in bolstering food security. By incentivizing farmers to adopt precision farming practices, governments aim to increase agricultural productivity, reduce food shortages, and foster rural development. In essence, precision farming software stands as a key solution in addressing the challenges of food security in the Asia Pacific region, offering a pathway towards sustainable agricultural practices and ensuring a reliable food supply for the region's population.
Key Highlights
- Analysis of Key Drivers (Rapid adoption of advanced technologies in precision farming software, Rapid adoption of advanced technologies in precision farming software, Rapid adoption of advanced technologies in precision farming software). Restraints (Rapid adoption of advanced technologies in precision farming software, Requires specialized expertise to navigate effectively). Opportunities (Requires specialized expertise to navigate effectively, Establishing intellectual property benefits on farming innovations, Rising use of AI-based solutions in precision farming software, Adoption of digital technologies in sustainable farming) and Challenges (Legal, ethical and social barriers related to data ownership, privacy and security, Lack of standardization and compatibility among different technologies).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the precision farming software market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the precision farming software market across varied regions
- Market Diversification: Exhaustive information about new software, untapped geographies, recent developments, and investments in the precision farming software market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like Deere & Company, Trimble, AGCO, Raven Industries, AgEagle Aerial Systems Inc, among others in the precision farming software market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 268 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $1.7 Billion |
| Forecasted Market Value (USD) by 2029 | $3.1 Billion |
| Compound Annual Growth Rate | 12.5% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Precision Farming Software Market, 2020-2029 (USD Billion)
- On-Premises Delivery Model to Hold Larger Share of Precision Farming Software Market in 2029
- Guidance Technology to Account for Largest Market Share in 2023
- Yield Monitoring Application to Dominate Precision Farming Software Market During Forecast Period
- Asia-Pacific to Record Highest CAGR in Precision Farming Software Market Between 2024 and 2029
Premium Insights
- Attractive Opportunities for Players in Precision Farming Software Market - Rising Adoption of Advanced Agricultural Technologies to Offer Lucrative Opportunities for Players in Precision Farming Software Market
- Precision Farming Software Market, by Delivery Model - On-Premises Delivery Model to Dominate Market from 2024 to 2029
- Precision Farming Software Market, by Application - Yield Monitoring Application to Hold Largest Market Share in 2029
- Precision Farming Software Market, by Technology - Guidance Technology to Dominate Market Between 2024 and 2029
- Precision Farming Software Market, by Region - Asia-Pacific to Exhibit Highest CAGR in Precision Farming Software Market During Forecast Period
Market Dynamics
Drivers
- Rapid Advancements in AI and ML Technologies
- Increased Adoption of IoT Devices to Collect Real-Time Agricultural Data
- High Emphasis on Enhancing Food Security
Restraints
- High Upfront Costs of Precision Farming Software
- Requirement for High Expertise to Effectively Operate Farming Software
Opportunities
- Establishment of Standardized Agricultural Data Protocols
- Development of Supportive Intellectual Property Frameworks
- Use of AI-Powered Drones in Farming
- Adoption of Digital Technologies to Promote Sustainable Farming
Challenges
- Legal, Ethical, and Social Issues Related to Agricultural Data Ownership, Privacy, and Security
- Lack of Standardization of Agricultural Technologies
Technology Analysis
- Key Technology
- Global Positioning Systems/Global Navigation Satellite Systems
- Data Analytics & Machine Learning
- Complimentary Technology
- Artificial Intelligence
- Adjacent Technology
- Internet of Things (IoT)
Case Study Analysis
- Loacker Deploys Cropin's Smart Farming Solutions to Ensure Sustainable Hazelnut Production
- Accenture Collaborates with Proagrica to Develop User Interfaces and Data Service Platforms for Farmers
- Cropx Technologies Ltd. and Reinke Manufacturing Co. Inc. Develop Water Management Solutions to Boost Sustainable Farming
- AGCO Corporation Develops Innovative Solutions to Integrate Farm Equipment into Single Platform
Companies Profiled
- Deere & Company
- Trimble Inc.
- AGCO
- Raven Industries, Inc.
- Agjunction LLC
- AG Leader Technology
- Ageagle Aerial Systems Inc
- Topcon
- Climate
- Teejet Technologies
- Hexagon
- Abaco S.P.A.
- Precisionhawk
- Ec2Ce
- Descartes Labs Inc.
- Cropx
- Farmers Edge
- Grownetics
- Cropin Technology Solutions Private Limited
- Gamaya
- Fieldbee
- Avmap
- Dickey-John
- Telus
- Muller-Elektronik
For more information about this report visit https://www.researchandmarkets.com/r/8uzsca
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