Agricultural Software Market Growth
The Business Research Company recently released a comprehensive report on the Global Agricultural Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The agricultural software market size has grown steadily in recent years. It will grow from $21.68 billion in 2023 to $22.63 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to increased food demand, increased demand for agricultural products, government subsidies and support, increased urbanization, increased farm size and complexity.
The agricultural software market size is expected to see steady growth in the next few years. It will grow to $27.20 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to growth in the agriculture sector, growing population, growing demand for sustainable agriculture, increase productivity and efficiency, growing demand for livestock products. Major trends in the forecast period include demand for advanced farming solutions, adoption of cloud-based agricultural software, adoption of smart agriculture systems, investments in agricultural technology, advancements in artificial intelligence.
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Market Drivers and Trends:
The growing demand for food is expected to propel the growth of the agricultural software market going forward. The demand for food is attributed to population growth, dietary preferences, economic development, and changing lifestyles. The agricultural software enhances the productivity, efficiency, and sustainability of farming practices by increasing food production and helping to meet the growing demand for food worldwide. For instance, according to the Food and Agriculture Organization (FAO), an Italy-based specialized agency of the United Nations that leads international efforts to defeat hunger and improve nutrition and food security, by the year 2050, there will be a need to increase food production by 60% to provide enough food for a global population of 9.3 billion people. Therefore, the growing demand for food is driving the growth of the agricultural software market.
Major companies operating in the agricultural software market are focused on developing advanced solutions, such as data visualization and mapping solutions, to help farmers increase yields and governments address food security issues. A data visualization and mapping solution is a software tool or platform that allows users to visually represent and analyze data using maps, charts, graphs, and other graphical elements. For instance, in August 2022, OneSoil, a Switzerland-based company that offers agriculture software, launched OneSoil Map, a powerful new data visualization and mapping solution. This solution combines proprietary AI with satellite imagery, providing live data and rich insights to understand the state of crops in fields worldwide. This digital tool helps farmers remotely monitor the state of crops, quickly detect field issues, and work with productivity zones. OneSoil facilitates precision farming, addressing farmers’ need to allocate resources strategically for enhanced yields and sustainability. Farmers can intelligently manage field productivity zones, minimizing environmental impact and mitigating food security challenges, particularly in regions prone to droughts, floods, or other disasters, by leveraging data-driven insights provided by OneSoil. OneSoil’s solutions offer a valuable tool for optimizing agricultural practices in such areas.
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Major Key Players of the Market:
Bayer AG, Deere & Company, CNH Industrial N.V., Hexagon Agriculture, Trimble Inc., Raven Industries Inc., The Climate Corporation, Iteris Inc., Solinftec Inc., Granular Inc., Proagrica, AG Leader Technology, CropIn Technology Solutions Pvt. Ltd., AgroVision B.V., Farmers Edge Inc., Decisive Farming Corp., Agworld Inc., CropX Inc., Topcon Agriculture, Conservis Corporation, FarmLogs Inc., AgJunction Inc., AgriWebb Pty Ltd., FieldView, OnFarm Systems Inc
Agricultural Software Market 2024 Key Insights:
• The agricultural software market size is expected to see steady growth in the next few years. It will grow to $27.20 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• The Role Of Agricultural Software In Meeting The Global Demand For Food
• Advancements In Artificial Intelligence Revolutionize The Agriculture Software Market
• North America was the largest region in the agricultural software market in 2023
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