The precision farming software market is expected to be valued at USD 1,188.7 million by 2022, growing at a CAGR of 14.03% between 2016 and 2022. The major drivers for the growth of the precision farming software market include increasing need of real-time data management through cloud computing, government’s support to adopt modern agricultural techniques, strengthening of intellectual property rights over agricultural innovations, integration of mobile technology with farming techniques, and increasing use of agricultural software for maintaining farm efficiency.
Emerging markets are expected to provide various growth opportunities to the overall precision farming software market. Various geographical regions such as Asia-Pacific (China, Japan, India, Australia, and South Korea) are expected to be among the most lucrative regions that could provide various opportunities for the growth of the precision farming software market. Countries such as India, China, the U.S., and Japan are focusing more on the development of the agriculture industry which utilizes precision farming software such as farm management software, global positioning system (GPS)/global navigation satellite system (GNSS), yield monitors, and agricultural cloud software among others.
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The precision farming software market for cloud-based models in the delivery segment is expected to grow at the highest rate between 2016 and 2022. The increasing adoption of cloud-based software is because of its optimized performance, effective energy utilization, and ease of access.
The precision farming software market for the weather tracking and forecasting application is expected to grow at the highest rate between 2016 and 2022. The adoption rate of weather tracking and forecasting is expected to be high compared to other applications because it is the primary requirement of farmers to know the weather conditions in advance. Weather tracking and forecasting are suitable for cloud-based models as it requires huge weather data to store and process for the forecast.
The precision farming software market in Asia-Pacific (APAC) is expected to grow at the highest rate between 2016 and 2022. The reason for this growth is the increasing government support for precision farming along with the availability of large farmlands. The increasing demand for highly efficient farm production processes coupled with the need for software systems is fostering the growth of the precision farming software market.
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