Global Farm Management Software Market - 2022-2029

Global Farm Management Software Market - 2022-2029

Market Overview

The global farm management software is valued at USD XX million in 2021 and is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Farm management software optimizes, centralizes, and manages the activities and processes that have emerged on farms. Farmers can be more effective in their responsibilities and everyday farm activities by using farm management software. Farm management software keeps track of company expenditures and farm budgets by monitoring and recording various farm activities, such as monitoring and analyzing agricultural activities. It also helps with agricultural financial management, such as accounting software, agricultural planning, procurement efficiency, budgeting, and marketing. Furthermore, it aids farmers in keeping track of and monitoring agricultural output capabilities, resulting in market expansion. Software solutions and big data analytics for precision agricultural practices are available from global IT businesses like IBM.

Market Dynamics:

Increasing implementation of artificial intelligence and machine learning for real-time farm data management

The farm management software market is rising as agricultural operations expand, and the demand for real-time data for decision-making grows. Artificial intelligence and machine learning are becoming a ubiquitous technology in precision farming, animal monitoring, fish farming, and smart greenhouse operations, to name a few. The key focus is on understanding the environment by evaluating data collected by diverse farm management equipment such as global positioning systems (GPS), satellite imagery, and in-field sensors in the farm management framework. Data management in agriculture plays a significant role as the management decisions are based on the real-time data analysis produced from farm activities. Artificial intelligence and machine learning have enabled real-time data access, making data management tasks like planning, purchasing, feeding, harvesting, marketing, and inventory control much easier. Data collected in real-time from agricultural farms aid in analysis and decision-making.

Market Segmentation:

Precision aquaculture segment is expected to register the highest CAGR during the forecast period

By application, the farm management software market for precision aquaculture is expected to grow at the fastest rate during the forecast period. Farm management software for precision aquaculture is growing in response to the growing demand for protein-rich aqua food. Additionally, in order to promote the production of various types of fish, the appropriate amount of nutrients must be supplied to them. As a result, to boost fish productivity, fish farmers are increasingly employing farm management software for feeding management. Farm management software for precision aquaculture applications is predicted to grow as a result of these causes.

Data analytics services is expected to witness significant growth during the forecast period. The increasing need for real-time data management through cloud computing, government support to encourage adoption of modern agricultural techniques, and increasing use of agriculture software to maintain farm efficiencies are some of the major factors fostering the growth of the market. Small farms segment for farm management software market is expected to witness higher CAGR growth during the forecast period. Farmers in small farms are rapidly adopting farm management software and other advanced agricultural techniques as the cost of such advanced technologies has reduced significantly in recent years.

Geographical Penetration:

North America is expected to dominate the global farm management software market

In developed countries, larger farms and greater farmer awareness lead to faster adoption of contemporary technologies than in poor countries. As a result, North America is the largest market for farm management software solutions, with Europe holding the second-highest market share. Companies such as Deere & Company, for example, provide software to operate agricultural equipment, including tractors, allowing farmers to perform precision farming. For many years, the United States has been at the forefront of applying precision farming technology to farming operations. According to a report by the US Department of Agriculture's Economic Research Service, large-holding farms are more likely to use smart agriculture technologies and software. Large-holding farmers are ideally positioned to leverage agricultural software to acquire data-driven insights for maximizing crop yields, increasing average farm size and labor scarcity. In addition, to automate and automate agriculture, the Canadian government has spent USD 49.5 million in the Canadian Agri-Food Automation and Intelligence Network (CAAIN). The CAAIN is improving farming solutions by bolstering artificial intelligence, robotics, and precision agriculture. As a result, large-scale farms, a high rate of farmer adoption, and government initiatives are expected to enhance the market growth during the projected period.

Competitive Landscape:

The global farm management software market is fragmented. The global farm management software market is competitive and comprises numerous regional and international competitors. Companies are primarily concerned with growing their enterprises and implementing mergers and acquisitions, expansions, and new product development. AgJunction Inc., for example, teamed up with GeoSurf Corporation (GeoSurf) and Anhui Zhongke Intelligent Sense and Big Data Industrial Technology Research Institute Co. Ltd (ISTI) in March 2020 to provide precision agriculture solutions in the Asia-Pacific area. The Climate Corporation and Pinnacle Agriculture Distribution Inc. inked a collaboration agreement in 2019. The Climate Corporation's customer base may grow due to this collaboration agreement. Syngenta finalized the acquisition of the Cropio Group's key assets in 2019, an Ag-Tech firm that provides end-to-end software solutions for imaging, record keeping, and equipment tracking.

COVID-19 Impact:

Negative impact on the global farm management software market

Key companies have manufacturing facilities and corporate offices are located throughout Asia Pacific, Europe, North America, and the rest of the world. These companies' farm management software products are purchased by a variety of stakeholders for a variety of purposes. COVID-19 had an impact not just on the operations of the numerous farm management software manufacturers but also on their suppliers and distributors. Farm management software demand is projected to be negatively impacted and slightly stagnate in the short term due to a failure in export shipments and poor domestic demand in contrast to pandemic levels. During the first half of 2020, the major players in this market saw an impact on order intakes for farm management software.

Why Purchase the Report?

Understand the current market scenario and viability of global farm management software market over the forecast period

Visualize the composition of the global farm management software market in terms of type, application, and farm size to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global farm management software market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

The global farm management software market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:

Agricultural Technology Companies

Farm Robotics and Automation Companies

Farming Communities

Industry Investors

Education & Research Institutes

Research Professionals