Precision Farming Software Market valued at US $1058.77 Billion in 2022, is expected to reach a value of US $3103.89 Billion in 2030, growing at a CAGR of 14.39%.
The primary goals of precision agricultural equipment are to increase crop output and profitability. The information provided by the precision farming software is useful in determining the best time to plant a crop, how to care for it, and how the environment may affect it. Predictive analytics capabilities in precision agricultural software, such as projected waste, yield size, and profitability in relation to market prices, assist farmers and producers in making the best decisions possible at each stage of the growth cycle.
The Internet of Things (IoT) and farmers' use of advanced analytics are both credited with fostering the expansion of precision agriculture. Data science includes advanced analytics, which employs a variety of tools and techniques to forecast data and guarantee that the crop and soil are given the proper care. This enables farmers to appropriately plan their course of action.
A contemporary method of managing farms and agriculture known as "precision agriculture" makes use of information technology to make sure that soil and crops are given the exact nutrients they require for optimum health and yield. Precision farming aims to assure profitability, sustainability, and environmental preservation. Satellite agriculture, as-needed farming, precision farming, and site-specific crop management are all terms used in the precision agriculture sector (SSCM). IT support services, specialised tools, and equipment are necessary for precision agriculture. The strategy makes use of real-time data regarding crop, soil, and air quality as well as other pertinent details like labour prices, equipment availability, and hyper-local weather forecasts.
The growth of this industry is significantly influenced by organisations that conduct agricultural research and relevant associations. The constantly expanding need for food and agricultural byproducts, as well as the widespread use of cloud computing technology to help with farm data management, are the key drivers of market expansion. The integration of mobile technology with various farming techniques and a solidified IPR regime related to recent agricultural breakthroughs are the main reasons that will propel the market's expansion. However, high capital expenditure, the need for substantial land holdings, and field unpredictability are the issues that would restrain the expansion of the market for precision software and services.
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Segmental Analysis Of Global Precision Farming Software Market:
Based on Delivery Model:
- Local or Web-Based
- Cloud-Based
- Software as a Service (SaaS)
- Platform as a service (PaaS)
Based On Application:
- Yield Monitoring
- Field Monitoring
- Crop Scouting
- Weather Tracking and Forecasting
- Inventory Management
- Farm Labour Management
- Financial Management
- Others
Key Market Players:
Ag Leader Technology; AgJunction Inc.; CropMetrics LLC; Trimble Inc.; AGCO Corporation; Raven Industries Inc.
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