CHICAGO, March 19, 2024 /PRNewswire/ — The precision agriculture software market is projected to reach from 1.7 billion dollars in 2024 until 3.1 billion dollars until 2029; is expected to grow at a CAGR of 12.5% from 2024 to 2029 according to a new report by MarketsandMarkets™. Precision agriculture software uses technological advances such as artificial intelligence, machine learning, and the Internet of Things to provide farmers with superior decision-making and automation tools. This integration of advanced technology increases the effectiveness and efficiency of agricultural practices, encouraging further adoption among technology-savvy farmers.
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Scope of the Precision Agriculture Software Market Report:
Report coverage |
details |
Market revenue in 2024 |
$ HRK 1.7 billion |
Estimated value until 2029 |
$ HRK 3.1 billion |
Growth rate |
Poised to grow at a CAGR of 12.5% |
Market size available for |
2020–2029 |
Estimated period |
2024–2029 |
Prediction units |
Value (million USD/billion) |
Report coverage |
Revenue forecast, competitive landscape, growth factors and trends |
Segments covered |
By delivery model, application, service, technology and region |
Geographical areas covered |
Americas, Asia Pacific, Europe and RoW |
A key market challenge |
Legal, ethical and social barriers related to data ownership, privacy and security |
Key market opportunities |
Initiatives to manage more data and improve data analysis |
Key market drivers |
Increasing focus on increasing food security and agricultural productivity |
By Application: Weather monitoring and forecasting is projected to grow at the highest CAGR during the forecast period.
The increasing integration of weather monitoring and forecasting into precision agriculture software is being driven by various aspects of agriculture, affecting key activities such as planting, irrigation, fertilization and pest control. By incorporating weather data into precision agriculture software, farmers gain a strategic advantage in predicting and mitigating the effects of weather events such as storms, droughts or temperature fluctuations on their crops. Accurate weather forecasts allow farmers to optimize the timing of agricultural activities, planning operations during periods of favorable weather to reduce risks and increase efficiency.
By Delivery Model: Cloud-based delivery model accounting for the highest CAGR over the forecast period.
The scalability, affordability and data integration capabilities of cloud-based precision agriculture software provide farmers with essential tools to optimize their operations, increase productivity and promote sustainability. By harnessing the power of cloud technology, farmers can access real-time insights into their operations, allowing them to make data-driven decisions that drive efficiency and effectiveness. With cloud-based solutions, farmers can easily scale their operations to meet changing demands without the need for extensive infrastructure investments, ensuring flexibility and adaptability.
By Technology: Variable rate technology is projected to register the highest CAGR during the forecast period.
Variable rate technology (VRT) is increasingly becoming a cornerstone of precision agriculture software, driven by several key factors. One such factor is its ability to optimize resource allocation, whereby farmers can strategically apply inputs such as fertilizers, pesticides and water in varying amounts across fields based on specific crop requirements. This customized approach ensures that crops receive exactly the inputs they need, thereby maximizing yields while minimizing input costs and environmental impact. By using VRT, farmers can fine-tune their management practices to suit the unique needs of different areas within their fields, promoting efficient use of resources and sustainable agricultural practices. This targeted application of inputs not only increases productivity, but also reduces waste and environmental damage, aligning with the goals of modern agriculture. As a result, VRT has emerged as a critical tool in precision agriculture software, empowering farmers to optimize their operations and achieve economic and environmental sustainability.
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By Region: Americas to hold higher market share in 2023.
The Americas stands out as the fastest growing sector in the precision agriculture software industry. America benefits from a well-developed data infrastructure and connectivity, which play a key role in enabling the seamless collection, analysis and sharing of data needed for precision agriculture operations. With high-speed internet and widespread mobile networks, farmers in the region have easy access to vital information, enabling them to adopt and effectively use precision agriculture software. This robust connectivity enables real-time data transmission from various sources such as sensors, drones and satellites, providing farmers with accurate and up-to-date information about their fields.
Major players in precision agriculture software companies include Deere & Company (USA), Trimble Inc. (USA), AGCO Corporation (USA), CNH Industrial NV (UK), AgEagle Aerial Systems Inc (USA), KUBOTA Corporation (Japan), Ag Leader Technology (USA), TOPCON CORPORATION (Japan), Climate LLC (USA), TeeJet Technologies (USA).
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SOURCE Markets and Markets