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Precision Farming Tools Software Market to post 13% CAGR Growth Amid COVID-19 Spread | Technavio

·6-min read

Scope of the report

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201028005785/en/

Technavio has announced its latest market research report titled Global Precision Farming Tools Software Market 2020-2024 (Graphic: Business Wire)

This report provides a detailed analysis of the precision farming tools software market by delivery model (cloud-based and local web-based) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Ag Leader Technology, AgJunction Inc., Agrivi d.o.o., Bayer AG, Deere & Co., Farmers Edge Inc., Pear Agri Ltd., Raven Industries Inc., TELUS Communications Inc., and Trimble Inc. Increasing need for farmers to meet food safety regulations is a key trend in the global precision farming tools software market which will lead to significant market growth. The increasing stringency of regulations regarding food safety has compelled farmers to adopt precision farming tools. This helps them ensure adequate application of required inputs in farms and comply with food safety regulations. All these factors are leading to a positive outlook for the precision farming tools software market.

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Precision Farming Tools Software Market: Segmentation by Geography

The market is segmented into five regions encompassing APAC, Europe, MEA, North America, and South America. North America was the largest market for precision farming tools software in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 34% of the market’s growth will originate from North America during the forecast period. The market in the region is mainly driven by rising awareness about precision farming among farmers. Also, the growing inclination toward technology-based farming practices is significantly contributing to the growth of the precision farming tools software market in North America. The US is the key market for precision farming tools software in North America.

Precision Farming Tools Software Market: Segmentation by Delivery Model

The precision farming tools software market is segmented into two segments based on the delivery model comprising of cloud-based and local web-based delivery models. The market observed high deployment of cloud-based precision farming tools software in 2019. This is due to the benefits of using cloud-based software such as accurate prediction of crop growth stage and easy accessibility of information through connected devices. Also, the cloud-based model offers flexibility and convenience for end-users. These factors are creating significant growth potential in the segment.

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Precision Farming Tools Software Market: Growth Drivers

Rise in demand for proactive control of farm operations will drive market growth. The ongoing digitization of the agriculture industry has increased the use of various advanced software for yield monitoring, field mapping, and crop scouting. Also, advances in wireless in-field communications and the use of sensors in fields is generating huge amounts of data. By integrating this data with the precision farming tools software, farmers can obtain data related to the environment, farm management, and machine data and make well-informed decisions to achieve the desired yield. Thus, the rise in demand for proactive control of farm operations is expected to fuel the growth of the market during the forecast period.

Precision Farming Tools Software Market: Market overview

The precision farming tools software market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Ag Leader Technology, AgJunction Inc., and Agrivi d.o.o. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, high initial investments will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Market Sizing Methodology

Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)

Precision Farming Tools Software Market: Parent Market Overview

Technavio categorizes the global precision farming tools software market as a part of the global application software market within the global IT software market. The parent global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. The global application software market covers companies that are engaged in developing and producing software designed for specialized applications for the business or consumer market. It includes enterprise and technical software, as well as cloud-based software. It excludes companies classified in the interactive home entertainment sub-industry, and companies producing systems or database management software classified in the systems software sub-industry.

Growth in the global application software market will be driven by the increasing adoption of analytics in enterprises.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20201028005785/en/

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