Precision Farming Software Global Market Report 2024

The precision farming software market size has grown rapidly in recent years. It will grow from $1.6 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The expansion observed in the historical period can be attributed to several factors, including the rise in average farm size, the growing shortage of farm labor, and the swift adoption of cutting-edge technologies in precision agriculture. These technologies are aimed at reducing labor requirements and enhancing operational efficiency within the agricultural sector.

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%. In the forecast period, growth is anticipated to be driven by increasing government initiatives and regulations promoting the adoption of modern agricultural techniques. Additionally, the escalating strain on the global food supply due to population growth is expected to fuel growth. Moreover, there is a growing embrace of Internet of Things (IoT) devices in farming domains, further contributing to expansion. Major trends in this period include technological integration, advancements, and innovations in technology, as well as rising product innovation aimed at enhancing agricultural practices and sustainability.

Rising agricultural production is anticipated to drive the expansion of the precision farming software market in the foreseeable future. Agricultural production encompasses the cultivation of crops, raising of livestock, and production of various agricultural commodities for human consumption, industrial utilization, or other purposes. Precision farming software plays a pivotal role in agricultural production, aiming to enhance efficiency, productivity, and sustainability throughout the farming process stages. This is achieved through the provision of advanced farm analytics and statistics, facilitating comprehensive visibility into the entire crop production cycle, from soil preparation to harvest. For example, as of January 2023, Agriculture and Agri-Food Canada reported a projected 34.1% increase in Canada's total field crop production compared to 2021. Notably, during the 2022-23 period, wheat production in Canada, excluding durum, surged by 47% compared to the previous period, reaching 28.4 million metric tons, driven by expanded seeded areas and enhanced yields. Hence, the upward trend in agricultural production is a significant driver behind the growth of the precision farming software market.

Leading companies operating within the precision farming software sector are strategically focusing on the development and introduction of technological innovations to cater to evolving agricultural requirements and gain a competitive advantage in the market. Notably, a key area of innovation involves the introduction of advanced precision agriculture displays. These specialized electronic devices or software interfaces serve as essential tools for farmers and agricultural professionals, enabling them to monitor and manage various aspects of farming operations with precision and efficiency. For instance, in October 2022, Trimble, a prominent provider of precision farming solutions based in the United States, launched the Trimble GFX-1060 and GFX-1260, innovative precision agriculture displays. These displays feature an Android-based operating system, enhanced processing power, and compatibility with Trimble NAV-500 and NAV-900 Global Navigation Satellite System (GNSS) receivers, along with the CenterPoint correction service. Additionally, they integrate powerful Precision-IQ software, facilitating comprehensive management of field operations, data collection, and analysis, thereby enhancing overall operational efficiency.

In November 2021, CNH Industrial N.V., a UK-based capital goods company specializing in equipment and services for agriculture and construction sectors, completed the acquisition of Raven Industries Inc. for an undisclosed sum. This strategic acquisition is poised to bolster CNH Industrial's position within the agricultural equipment market by leveraging precision agriculture and digital technologies. The acquisition is expected to enhance innovation capabilities, expedite precision developments, and significantly strengthen the company's competitive positioning and digital strategy. Raven Industries Inc., based in the United States, is renowned for its expertise in developing precision agriculture technologies and offering innovative, high-value products and systems tailored for farmers.

Major companies operating in the precision farming software market report are Deere And Company, CNH Industrial N.V., AGCO Corporation, Trimble Inc., Topcon Positioning Systems Corporation, AgDNA Pty Ltd., Bayer CropScience AG, 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.

North America was the largest region in the precision farming software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision farming software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the precision farming software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Precision farming software encompasses computer programs and applications engineered to enhance agricultural practices through data-driven insights and advanced technology. This software serves multiple purposes, including optimizing agricultural operations, maximizing yields, minimizing inputs, and reducing environmental impact. By providing farmers with real-time data, precision farming software enables precise decision-making for optimized crop management.

The primary delivery models in precision farming software consist of local or web-based options, as well as cloud-based solutions. Local or web-based deployment entails a spectrum of services, from locally installed software to cloud-based solutions. These services encompass system integrators, managed service providers, assisted professional service providers, connectivity service providers, maintenance, software upgrades, and support service providers. Precision farming software leverages various technologies such as guidance technology, remote sensing, and variable-rate technology, and supports diverse applications including yield monitoring, field mapping, crop scouting, weather tracking and forecasting, inventory management, farm labor management, financial management, and others.

The precision farming software market research report is one of a series of new reports that provides precision farming software market statistics, including precision farming software industry global market size, regional shares, competitors with a precision farming software market share, detailed precision farming software market segments, market trends and opportunities, and any further data you may need to thrive in the precision farming software industry. This precision farming software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The precision farming software market consists of revenues earned by entities by providing services such as data analysis and interpretation, consulting and advisory services, field services, and data management. The market value includes the value of related goods sold by the service provider or included within the service offering. The precision farming software market also includes sales of yield monitoring systems, remote sensing tools, and field mapping systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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