High Cloud Computing Espousal in Agriculture Boosts the Adoption of Precision Farming Software
The precision agriculture tools are mainly designed to maximize yield and revenue related to crops. The precision farming software assists with the information such as ideal planting schedule, maintenance instructions, and environmental factors that could impact a given crop. Precision agriculture software often offers predictive analytics features, such as expected waste, yield size, and profitability in relation to market values, which helps farmers and growers to make optimal decision throughout each growth cycle.
The various research organizations and associations play a vital role in the development of precision farming software market. This market is mainly driven by the growing population with the increasing demand for food. As the world’s population grows, farmers will need to produce more and more food. For instance, according to the Population Reference Bureau (PRB), global human population is expected to grow by 75 million annually or with 1.1% per year. With this, the world population is expected to reach 9.9 billion in 2050, an increase of 33% from an estimated 7.4 billion in 2017. As the world`s population grows, demand for the food increases subsequently. Therefore, the large farms are increasingly exploiting precision farming to increase yields, reduce waste, and mitigate the economic and food security risks.
Further, the other factors, such as high penetration of cloud computing technology in the farm data management, integration of mobile technology with farming techniques, increasing use of agriculture software for maintaining farm efficiency, and the large number of government bodies and associations which are supporting the precision farming are expected to fuel the growth of precision farming software market. However, the high initial capital investment hinders the growth of the market to some extent. The high-speed internet connectivity and integration of smartphone with agriculture hardware and software applications are the factors that will offer the growth opportunities in the precision farming software market.
The global precision farming software market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2025– by delivery model (local/web based and cloud based), application (yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, financial management, and others), and service provider (system integrator, managed services providers, connectivity services providers, assisted professional services providers, and maintenance, software upgradation, and support services providers). This study also evaluates industry competitors and analyzes the market at regional and country level.
Based on the delivery model, local/web-based delivery model commanded the largest share of the precision farming software market in 2018. However, the cloud-based delivery model is expected to grow at the fastest CAGR during the forecast period of 2019-2024. The fastest growth of this segment is mainly attributed to the various advantages, such as data sharing, optimized performance, and ability to access system on a variety of devices from any location that has internet service and ease of access. Cloud based delivery model is an internet-based computing model that provides shared processing of resources and data to user on demand.
Based on application, yield monitoring application commanded the largest share of the precision farming software market in 2018. Yield monitoring is the most widely used application in precision farming software, as this application plays a key role in understanding the field variability and helps farmers in maximizing yields. It provides information about the weather conditions, soil properties, and fertilizers, which may affect the overall production. Owing to these, the adoption of yield monitoring application is consistently increasing worldwide.
This research report analyzes major geographies and provides comprehensive analysis of North America (the U.S., Canada, and Mexico), Europe (Germany, U.K., France, Italy, The Netherlands, and RoE), Asia-Pacific (China, India, Japan, Australia, and RoAPAC), Latin America (Brazil Argentina, and RoLATAM), and the Middle East & Africa. North America captured a significant share in 2018, while Asia Pacific is expected to register the fastest CAGR during the forecast period. The fastest growth of the region in the forecast period will be mainly due to large area under agriculture cultivation and growing population.
The key players operating in the global precision farming software market research report are Trimble, Inc., i.Agri Limited., Observant, Deere & Co, Granular, Inc., Agrivi Ltd., Monsanto Company, Raven Industries, Inc., Dickey-John Corporation, Ag Leader Technology, AgJunction, CNH Industrial NV, and SST Development Group. The Key players have focused on new product launches, agreements, acquisitions, expansions, and collaborations. These strategies have helped them to augment their geographic footprints, increase customer base, and bring diversity in their product basket to cater the unmet needs of customer.
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