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The global precision farming software market was valued at USD 993.24 million in 2019 and is anticipated to register a CAGR of 16.7% during the forecast period(2020-2025).
- Increasing awareness about the benefits of precision agriculture, in optimizing agricultural production, has resulted in a great boom in the precision agriculture market. With the growing food demand, owing to the increasing population, the adoption of precision agriculture tools is inevitable for farmers. The advancements and innovations in technology are the major factors driving the precision agriculture market, helping the farmers maximize their yield and minimize losses with efficient use of resources.
- North America is the largest and mature market for precision agriculture, followed by Europe. Together, these two regions constitute more than 50% of the precision agriculture software market, globally.
Key Market Trends
Decreasing skilled labor in agriculture
Precision farming is a way of farming in which internet of things (IOT), softwares, and other technlologies are used to utilize farm inputs in an productive way to cut the cost. According to International Labor Organization, Globally, in 2016, 28.81% of human resource were engaged in agriculture are skilled. This has reduced to 28.40% in 2017 which further decreased to 28.26% in 2016. As precision agriculture needs skilled labor who are at acute shortage of availability, presicion farmers admire and tend to consume softwares that can be productive with the current challenge. This scenario is one of the major factors that pendulate the market forward.
North America to Dominate the Global Precision Farming Software Market
North America is one of the most important regions in the world for precision agriculture apart from Europe and Brazil. Wide Area Augmentation System (WAAS), a GNSS based solution, is the most popular technology in North America. The segment has 66% of market penetration. A large potential for satellite-based devices and equipment lies in the North American Market. The market growth is primarily accelerated by the increasing demand for Real-Time Kinetic technology, fertilizer and sprayer controllers, robotics, variable rate irrigation, networks and remotes sensing technologies.AgLeader, Agri-vision, Blue River Technologies, Crop Venture Incorporated, Farm Works, Holland Scientifics are some of the precision agriculture software-based companies based in the United States market.
The results of the market share analysis indicate that the market is highly fragmented with various small and medium-sized companies and a few big players, resulting in stiff competition in the market. This is one of the major factors for the fragmented nature of the market.
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