GIS Software in Agriculture Market In-Depth Analysis & Marginal Revenue Growth
Posted by BIS RSRCH on December 4th, 2020
In order to generate public awareness about their existing and new products and technologies and compete with the competitors’ product portfolio, key players operating in this market have ramped up their product launch activities over the recent years. This has been the most widely adopted strategy by the players in this market. For instance, In October 2019, ESRI launched ArcGIS Online for cloud-based GIS software solutions, which would aim at capturing a larger customer base that can access internet and carry out farm operations. Similarly, in October 2019, Hexagon AB launched GeoMedia, which is an on-cloud GIS software solution for precision agriculture.
The partnerships and collaborations strategy have also been significantly employed for the expansion in the GIS software in agriculture market. With the increasing growth in the global market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, in June 2019, Topcon Corporation partnered with International Business Machine (IBM), a software company, to develop agriculture software integrated by artificial intelligence. Similarly, in June 2019, Pix4D partnered with PrecisionHawk, a drone technology solution provider, to expand agriculture services.
Various government and private research institutes and favorable trade policies are putting in substantial efforts to identify the benefits of these agricultural drone and robot solutions for augmenting global food production. The increase in adoption of sophisticated farming techniques is necessary to bridge the demand and supply gap along with attaining sustainability in the production.
The GIS software in agriculture market comprises major companies providing GIS software and applications for precision farming techniques. These are used for 2D and 3D mapping, data management, and analysis, among others. The software developers in this industry offer a range of products to suit the customers’ needs. This varied range of market participants provides opportunities to other players willing to bear the high risks involved in the industry. This chapter details the latest strategies and developments adopted by the key market players in the GIS software in agriculture market. In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the companies with less capital to expand, bring new products and services to the market, and improve the existing products.
Key players in the GIS software in agriculture market are coming up with new products and various developmental activities in order to generate awareness amongst the farmer community and agricultural stakeholders about their existing and new products and compete with the competitors’ product portfolio.
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For instance, in November 2019, Topcon Corporation launched two agriculture products, cloud-based farm workflow tool for data analytics and cloud services and yield monitoring tool, to provide accurate yield data for conveyor-type harvester.
Procurement of accurate and timely data is of utmost need for farmers globally to undertake precision farming. The use of GIS software is one of the most prominent tools to carry out precision farming as it helps in mapping, analyzing, and forecasting various aspects related to the crop, soil, and water resources. Such widespread acceptance of GIS software in all application fields of farming is making its advent revolutionary.
