Precision farming software market to reach $1,188.7 million by 2022

According to a newly published report, the precision farming software market, in terms of value, is expected to grow from USD 463.8 Million in 2015 to USD 1,188.7 Million by 2022, at a CAGR of 14.03% between 2016 and 2022. The major drivers for the precision farming software market include increasing need of real-time data management through cloud computing, the government’s support to adopt modern agricultural techniques, and strengthening of intellectual property rights over agricultural innovations. Other important driving factors are integration of mobile technology with farming techniques and increasing use of agricultural software for maintaining farm efficiency.

The precision farming software market for cloud-based delivery model is expected to grow at the highest rate between 2016 and 2022. The precision farming software market is divided into two delivery models, namely, on premises, and cloud based. The adoption rate of cloud-based delivery model is expected to be high compared to the on-premise model because this model has advantages such as data sharing, ability to access systems on a variety of devices from any location that has Internet service, optimized performance, and ease of access.

The yield monitoring application is expected to hold the largest share of the precision farming software market between 2016 and 2022. 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. Yield monitoring provides farmers the information about weather conditions, soil properties, and fertilizers, which may affect the overall grain production. 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.

The Americas held the largest share of the precision farming software market in 2015. The demand for advanced agricultural solutions is expected to drive the growth of the precision farming software market in this region. Farmers or growers in this region are increasingly adopting advanced farming systems, farm management software, mobile applications, cloud services, imagery services, and data analytics services. The precision farming market in Asia-Pacific (APAC) is expected to grow at the highest rate between 2016 and 2022. APAC has large farmlands and a high population growth, which contributes to the high growth rate of precision farming software market in this region.

The major research and development companies in precision farming software market are Deere & Co. (U.S.), Granular, Inc. (U.S.), Trimble, Inc. (U.S.), and Agrivi Ltd. (U.K.), which develop agricultural software according to the farmer’s requirements. The precision farming software ecosystem includes software providers such as Trimble, Inc. (U.S.), iAgri (New Zealand), and Observant (Australia); service providers; device vendors; farm management software solution and application providers; and end users.