Farm Management Software and Data Analytics Market Forecasts to 2028 – Global Analysis By Product (Software, Platform-As-A-Service), Application (Alternative Farming, Aquaculture, Indoor Farming

Farm Management Software and Data Analytics Market Forecasts to 2028 – Global Analysis By Product (Software, Platform-As-A-Service), Application (Alternative Farming, Aquaculture, Indoor Farming

According to Stratistics MRC, the Global Farm Management Software and Data Analytics Market is accounted for $1.27 billion in 2021 and is expected to reach $4.72 billion by 2028 growing at a CAGR of 20.6% during the forecast period. Farm management software and data analytics solutions object to growing the comfort in farm operations for the farmers. This software upsurge transparency in the field and decline the chances of crop failure. Through farm management software, a farmer has complete information on all field activities, which can be managed through software accessed through a mobile phone or a tablet. Some of the primary benefits related to farm management software and data analytic solutions in the agricultural field include yield monitoring and field mapping, crop scouting, weather tracking, and forecasting, irrigation management, and farm economics.

Market Dynamics:

Driver:

Rising Execution of Artificial Intelligence and Machine Learning

In the farm management framework, the major focus is on understanding the environment by analyzing data generated through different farm management equipment such as global positioning systems (GPS), satellite imaging, and in-field sensors. Data management in agriculture plays a vital role as the management decisions are based on the real-time data analysis derived from the farm activities. Artificial intelligence and machine learning are becoming the mainstream technologies for several farming applications, such as precision farming, livestock monitoring, fish farming, and smart greenhouse practices. They manage the data exchanged between hardware equipment and individuals to streamline the farm management process. The diffusion of artificial intelligence and machine learning has enabled real-time access to data that simplifies data management activities such as planning, purchasing, feeding, harvesting, marketing, and inventory control. Real-time data taken from agricultural farms help with analysis and decision-making.

Restraint:

Lack of Technical Knowledge and Advanced Infrastructure

Several farmers see troubles in accepting the method of using this software, agricultural data handling, and its use in decision-making, which acts as a restraining factor for the growth of the farm management software market. Its solutions are used for real-time data analysis of various farming activities to increase profits and reduce the loss. In agriculture management, the use of farm management software solutions requires technical knowledge. The farmer or the grower needs to have a substantial understanding of the process to use this software effectively. Though being economically capable of installing these systems, farmers are not able to use these systems due to the lack of technical know-how. To reduce its impact, different governments and market players are providing training and consultation to the farmers to use these systems with ease. Currently, the impact of this factor is high; as a result, the majority of the farmers are reluctant to adopt this farm management software. The future impact of this restraining factor is expected to reduce considering major market players are coming forward to provide training, consultation, and guidance sessions to the farmers and boost their confidence to use farm management software. Also, the software designers are focusing on providing user-friendly solutions to reduce the complexity of the farm management software systems and minimize the consultation costs for farmers.

Opportunity:

Rapid Implementation of Smart Farming Technologies

Increasing pressure to meet the growing food demand with inadequate resources is one of the foremost aspects accountable for the rising acceptance of cutting-edge technologies, such as artificial intelligence (AI), Internet of Things (IoT), drones, and hyperspectral imaging, by farm owners. The use of these technologies in farming helps increase production; enhance production efficiency; minimize wastage of resources; improve accuracy, and precision, while providing high profitability to farm owners. The combination of IoT and advanced analytics through AI allows farmers to analyze real-time data related to weather conditions, temperatures, moisture, and crop prices in the market. AI technologies are also helping farmers to quickly and accurately pinpoint a problem using drones and robots by identifying anomalies within a field accurately and concisely. Advanced software captures thousands of visible and infrared images of each field and feeds them into an algorithm, which compiles them into a single image of the field to show which areas are damaged or require more nutrients. Once the extent of the problem has been identified in a field, farmers can focus on treating those affected areas; ultimately helping they increase efficiency and productivity.

Threat:

Managing of Data for Productive Decision-Making

A large amount of data is regularly generated by using farm management software solutions. The data obtained from the farms using agricultural tools is of high importance as it helps farmers in effective decision-making. Management of data of several farm activities is a major challenge for the growth of the market. This data needs to be stored and managed in a proper format to make farming-related decisions such as mapping, variable rate seeding, soil testing, yield monitoring, and historical crop rotation. Once the data is collected data in a raw form, it is sent for processing, and based on context, relevance, and priority; it is presented to the farmer to make decisions. The acceptance of farm management software and other technologies will upsurge if the farmers are provided with easy data management solutions in their day-to-day activities. Many farmers are not aware of the effective use of data for decision-making purposes; hence, it is important to provide farmers and growers with proper data management tools and techniques to acquire, manage, process, and use data effectively.

Software segment is expected to be the largest during the forecast period

Software segment is expected to have largest share during the forecast period, due to the benefits of affordable pricing models, integration, scalability, and accessibility associated with software solutions. Moreover, global IT companies such as IBM are offering software solutions and big data analytics for precision farming techniques.

The Precision Farming segment is expected to have the highest CAGR during the forecast period

The growing demand for protein-rich aqua food is driving the growth of software for precision aquaculture. Moreover, to increase the production of different types of fish, an adequate amount of nutrients as per the requirement must be fed to them. Hence, fish farmers are gradually using farm management software for feeding management to improve fish production. The high market share and growth potential associated with precision farming as an application for farm management software and data analytics is accredited to the wide range of use cases found under this farming type for agricultural software solutions.

Region with highest share:

The growth forecasts of the market in APAC are very high as software is still a nascent technology in many countries in the province, owing to the rapid increase in population and the consequent need to cope with the increasing demand for agricultural products, farmers are adopting it and other advanced agricultural practices in precision agriculture, livestock monitoring, and aquaculture farms.

Region with highest CAGR:

North America is projected to have the highest CAGR, due to government support along with technological advancement has helped in the growth of the market. The larger farms and awareness among the farmers lead to the quick adoption of modern technologies in developed countries compared to the developing nations. This makes the North American province the largest market. Over the years, the United States has been at the forefront in deploying precision technology to farming techniques. With an increase in the average farm size and the shortage of farm laborers, the large-holding farmers are well-positioned to use to gain data-driven insights for optimizing crop yields

Key players in the market:

Some of the key players profiled in the Farm Management Software and Data Analytics Market include 365FarmNet, ABACO Group UK, Ag Leader Technology, AGCO Corporation, AgJunction, AGRIVI, Agroptima, Agworld Pty Ltd, BASF SE, Bushel Inc., CLAAS KGaA mbH, CNH Industrial N.V., CropIn Technology Solutions Private Limited, CropX Inc., Deere & Company, EFC Systems, Farmers Edge Inc., Granular, Inc., Hexagon Agriculture, IBM Corporation, Raven Industries Inc., SourceTrace, The Climate Corporation, Topcon, Trimble Inc.

Key developments:

In March 2020: AgJunction Inc. partnered with GeoSurf Corporation (GeoSurf) and Anhui Zhongke Intelligent Sense and Big Data Industrial Technology Research Institute Co. Ltd (ISTI) to provide precision agriculture solutions in the Asia-Pacific region.

In April 2019: the Climate Corporation signed a partnership agreement with Pinnacle Agriculture Distribution Inc. This partnership agreement may increase the customer base of The Climate Corporation.

In April 2021: Cropin Technology Solutions Private Limited announced that it opened its first international office in Amsterdam as part of its expansion plans. This has opened new markets for the company.

Products Covered:
• Software
• Platform-as-a-Service

Applications Covered:
• Alternative Farming
• Aquaculture
• Indoor Farming
• Livestock Monitoring and Management
• Precision Farming

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances