Global Statistics Representing Farm Management Software Market Scenario
Farm management software manages the production activities and operations of farms. It automates the recording and storage of data, facilitates the monitoring of all farm activities, and streamlines work schedules. Farm management software helps farmer to improve production and increase the profit rates of their crops by giving them access to analytics on their specific crops, environmental conditions, and finances. Medium and large commercial farms are relying on solutions to maximize the efficiency of the management process.
Increasing awareness regarding benefits of organic food and their subsequently growing consumption is a key factor which is driving the growth of farm management software market. According to The Food and Agriculture Organization (FAO), there will be 60% increase in the demand for agricultural products by 2050, representing an approximate increase by 1% per year, as the global population is likely to reach 9 billion by 2050. In addition to this, increasing uptake of healthy food is further boosting the growth of the market.
Growing population in emerging countries is expected to rise the demand for agricultural products such as vegetables and fruits. Therefore, for the efficient management of farm, demand for farm management software is increasing. Moreover, shift from traditional farming methods to modern farming methods, further driving the growth of farm management software market in coming years. Farmers focus is increasing on crop yield, productivity, and farm efficiency is projected to provide impact on the farm management software market.
Farm management software market was valued USD 820.56 million in 2017 and expected to grow at CAGR 13.2 % during the forecast period 2019–2026.
Farm management software market is segmented into agriculture type, deployment type, and by service type.
On the basis of agriculture type, farm management software market is segmented into precision farming and smart greenhouse. Precision farming is expected to hold the largest market share in the farm management software market over the forecast period–2026. It involves the use of IoT and ICT for preserving resources and optimizing yields. Both hardware and software tools are used to analyse naturally occurring conditions in every field and are treated accordingly.
By deployment model, market is segmented into web-based, cloud-based. Adoption of cloud-based solutions is estimated to reduce costs pertaining to administering and purchasing servers, software licensing, backups, and security.
On the basis of Services, farm management software market is segmented into system integration & consulting, maintenance & support, assisted professional services, and managed services. Managed service is expected to remain dominant in the farm management software market, owing to higher use of this service among the farms.
Key Target Audience
By geography, farm management software market is segmented into North America, Europe, Asia Pacific and the LAMEA.
North America is projected to witness a significant growth in the farm management software market as the large number of software provider are present in this region. Also, supporting regulations implemented by government is anticipated to propel the farm management software market in this region.
Europe is expected to grow at significant growth rate, due to growing adoption of cloud computing in real-time farm data management in this region. The primary function of agriculture remains food production, but it also contributes to, for example, energy production. Considering both agriculture's contribution to food production, demand for farm management software is high in European region.
The Asia Pacific is expected to witness the highest CAGR growth with India, China & Japan at the forefront. Companies in this region are heavily investing in research and development to produce new technology to improve productivity. In addition, the demand for farm management software is expected to increase in this region because most of the countries in this region depend on agriculture for their livings.
Agriculture plays significant role in the Middle East and Africa regional economic development. However, it is the most water-scarce and dry region in the world, therefore demand for farm management software is high in this region, as it optimizes and manages all the resources and enhance productivity.
Key Market Players
Some of the key market players in the farm management software market are Deere & Company, Trimble Inc., AG Junction, Inc., Raven Industries, Inc., Iteris, Inc., AG Leader Technology Inc., Dickey-John Corporation, SST Development Group, Inc., and Topon position System.
Farm Management Software Market
By Agriculture Type
By Deployment Model
Why Buy This Report Right Now?
In May 2018, Raven Industries, Inc. and Farmers Edge, a global leader in decision agriculture announced marketing and collaboration agreement. These two companies are likely to work together to develop new precision agriculture technologies.
Farm management software market is currently experiencing a swift growth in all the product formats including precision farming and in smart greenhouse. Many companies are moving upstream and extending their offering to insurance and advisory services. The shortage of food along with growing population is compelling governments to seek different ways of increasing food production.
Our report covers the farm management software market insights, focusing on recent developments in the market in different regions and development strategies of the companies. Moreover, following sections are specifically covered in the report.