Farm Management Software Market worth $5.1 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 24, 2023 /PRNewswire/ -- The global farm management software market is estimated to grow from USD 3.0 billion in 2023 to USD 5.1 billion by 2028 at a CAGR of 11.1% during 2023–2028 according to a new report by MarketsandMarkets™. The market growth for farm management software is driven with rising usage of on-cloud systems for farm management, increased usage of sky drones and remote sensing for real-time farm data management, increased food demand with continuously increasing population across the globe. Another key driving factors are the rising implementation of AI and IoT in agriculture. The increased use of skydrones, remote sensing, and big data analytics in digital agriculture has boosted the demand and growth of this market. Initiatives taken up by government support in order to encourage agricultural techniques, livestock monitoring, to boost up the farm efficiency is further propelling the growth of this market.
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The production planning segment to hold the largest market share by 2028
The production planning of the farm management software market is estimated to register largest market share in 2028. Farmers are extensively using farm management software for monitoring and data analytics applications to formulate data-driven strategies to maximize profits. Data pertaining to production processes, crops, and equipment is collected with the help of sensors. This data is stored in the cloud, and data analytics solutions generate insights with that data. Farm owners can leverage these insights and make important decisions about their farms.
The data analytics services segment to register higher CAGR during the forecast period
Based on offering, farm management software market for data analytics services is projected to register the highest CAGR during the forecast period. The farm management software market for the on-cloud delivery model is expected to show attractive growth during the forecast period. The increasing adoption of cloud-based software, owing to its optimized performance, effective energy utilization, and ease of access, is a major factor driving the growth of the market. The cloud-based delivery model is gaining traction since several start-up companies use cloud computing to provide their services. The increased demand for data management in agricultural farms with the help of cloud computing in order to maintain farm efficiencies prove to be a driving factor that fosters the growth of this market.
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Americas held largest share of the farm management software market in 2022
Americas has an established market for farm management software due to awareness among farmers about IoT, AI, big data analytics, high usage and acceptance of monitoring device operations through heavy internet usage in US and Canada. Another driving factor is the higher technological advancement and high adoption of agriculture technology by farm operators. Farmers in the US are highly aware and have been adopting modern agricultural practices since the early 1990s. The penetration of technologies such as IoT, GPS devices, smart camera systems, and precision irrigation systems for monitoring farms in the US is relatively high. Most of the large players in the farm management software market are based in the US, and the average farm size in the country is also large.
Key players in the farm management software market include Trimble Inc. (US), Raven Industries (US), Topcon (US), Granular Inc. (US), AGRIVI (UK), AgJunction Inc. (US), Farmers Edge Inc. (Canada), Agworld (US), Deere & Company (US), IBM Corporation (US), SST Software (US), Climate LLC (US), Microsoft Corporation (US), Afimilk Ltd. (Israel), Iteris (US), GEA Farm Technologies (Ukraine), CropX Inc.(Israel), Conservis (US), Cropio (Ukraine), CropIn (India), ec2ce (Spain), Gamaya (Switzerland), Connecterra B.V. (Netherlands), Aquabyte (US), and Eruvaka Technologies (India). These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.
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