The "United States Precision Farming Software Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The US precision farming software market (henceforth, referred to as the market studied) was valued at USD 521.9 million in 2019, and is projected to, register a CAGR of 11.1%, during the period of 2020-2025.
By application, crop management occupied the largest market share of 31.6%, in 2019, followed by financial management, and weather tracking and forecasting. Among all the segments categorized by application, the segment for crop management is projected to grow at the highest CAGR of 12.4% over the forecast period.
Key Market Trends
Farm Labor Shortage and Rise in Average Farm Size
The United States has been witnessing an acute shortage of farm laborers, and a survey by the California Farm Bureau has revealed that more than 40% of the farmers have faced a consistent labor shortage, for various farm operations in the state, since the past five years, which has further led to an increased adoption rate of precision farming technologies, for ensuring better management of farm resources. According to the World Bank database, the percentage of employment in agriculture out of total employment fell drastically from 33.2% in 2010 to 28.14% in 2019.
On an average, there was a decline of 22.9% in the field and crop workforce in the United States during 2002-2014, and the average age of immigrant and farmworkers rose from 37.3 years to 41.6 years and 37.4 years to 38.8 years, between 2011 and 2017, thus, signifying the need for substitution of manual laborers. The average farm size is increasing at the rate of two acres per farm since 2016, and the total number of farms declined by 13,000 to 2,029,000 in 2018. The large-holding farmers have, therefore, grown well-positioned to use precision farming software to automatically identify field surroundings and respond to variations.
Crop Management Software Dominates the Market
The precision farming software offering its services under crop management segment was valued at USD 164.8 million in 2019, Over the years, the United States agriculture sector has undergone a transformation driven by technologies, and it seems very promising as it is enabling the primary sector to move to the next level of farm productivity and profitability. In October 2016, the United States Department of Agriculture reported that precision agriculture technologies reported increased net returns and operating profits. For instance, GPS mapping had shown the largest impact on precision agriculture technologies, with an increase in the operating profitability of almost 3% on corn farms. Similarly, the impact of mapping on net returns is almost 2%.
Moreover, guidance systems raised operating profits by 2.5% and net returns by 1.5%, respectively. Thus, the increasing profitability and net returns from the precision agriculture are accelerating the adoption of precision farming technologies, thereby, promoting the adoption of precision farming software over the past few years. A study conducted by USDA in 2017, revealed that yield mapping and Global Positioning System(GPS) software recorded the highest adoption for corn and soybean crops when compared to others in the United States market. The study also mentioned that large farms of over 2,900 acreages, has double the adoption of yield monitoring software, of adoption rate ranging between 70% and 80%.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porters Five Force's Analysis
5 MARKET SEGMENTATION
5.1.1 Crop Management
5.1.2 Financial Management
5.1.3 Farm Inventory Management
5.1.4 Personnel Management
5.1.5 Weather Tracking and Forecasting
5.1.6 Other Application Areas
5.2.1 Local/ Web Based
6 COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Most Adopted Strategies
6.3 Company Profiles
6.3.1 Trimble Inc.
6.3.2 TopCon Corporation
6.3.3 Granular Inc.
6.3.4 IBM Corporation
6.3.5 Deere & Company
6.3.6 AG DNA
6.3.7 AGJunction Inc.
6.3.8 AG Leader Technology Inc.
6.3.9 AGCO Corporation
6.3.10 Bayer CropScience AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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