The global precision farming software market is expected to grow with the CAGR of approximately 14.5% during the forecast period. Technological advancement is one of the major factors boosting the demand for the market. With the introduction of GPS (Global Positioning Systems), remote sensing (RS) and geographic information systems (GIS), farmers can now increase water management models as well as nutrient recommendation towards the site-specific situations of every field. Extensive variations in soil properties, nutrient and water availability happen across high number of fields. Though, the ability to relate site-specific nutrient and irrigation management to suit temporally and spatially inconstant situations can surge application efficacies, decline environmental impacts, advances yields. However, lack of standardization in the precision farming and lack of technical awareness among farmers are acting as major restraints for the market growth. Although, increasing application of cloud technology in agriculture sector and integration of mobile technologies with agricultural techniques are offering better scope for the market in near future. The market is facing some critical challenges such as high initial investment and lack of technical professionals. Geographically, North America is the major region for the market. North America is growing due to high awareness among farmers to use advanced technologies for farming in the region. Asia Pacific is expected to grow high in the forecast period due to growing demand for such software in China, India etc. to meet the global food demand by enhancing productivity. The presence of major players such as Trimble Inc., Deere & Co, Bayer AG, Raven Industries and so on are making market highly attractive for farmers as these companies make efforts to provide effective innovations solutions to consumers across the globe.
The global precision farming software market has been segmented on the basis of application and delivery model. According to application, the market is further categorized into field mapping, financial management, weather tracking & forecasting, inventory management, yield monitoring, farm labor management, irrigation management and others. Yield monitoring application is one of the major application segments for the market in 2015. It is broadly used application with precision farming software as it plays a crucial role in knowing the field variability and support farmers in enhancing their yields. In addition, weather tracking and forecasting is also one of the vital parameters among precision farming software, as such application eases up-to-date information on usual climatic conditions i.e. rain, temperature, solar radiation, wind speed and direction etc. The weather tracking software comprises desktop weather software for several weather applications. It helps in taking preventive measures which protects a farmer’s family or business. According to delivery model, the market is further categorized into local/web based and cloud based. The web-based software held major share in 2016. Web-based software is prevalent as they are simple to maintain and update. Such software supports in storage of data on updated, secure enterprise class servers. The local/web-based software is being formed in programming languages which are supported by browser.
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