Farm Management Software Market Size To Worth USD $5.1 billion by 2028 | CAGR of 11.1%

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. 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.

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.

Browse 189 market data Tables and 83 Figures spread through 319 Pages and in-depth TOC on "Farm Management Software Market"

https://www.marketsandmarkets.com/Market-Reports/farm-management-software-market-217016636.html

Market Dynamics:

Driver: Increasing implementation of big data analytics in agriculture

Big data provides farmers with granular data on rainfall patterns, water cycles, fertilizer requirements, and more. Farm operators tend to make smarter decisions in aspect of crop health, growth, monitoring and appropriate harvest time for better profitability. Data analytics facilitates ease in precision agriculture or smart farming, which helps in cutting-down costs and increase yields. Big data helps in boosting the agricultural supply chain's efficiency by providing effective tracking and optimization options for delivery truck routes. This makes the food delivery cycle convenient to track from producer to market. It makes sure that food will not go to waste in the process.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=217016636

Restraint: Requirement of high initial capital investment

According to the majority of farmers, farm management solutions are not cost-effective, and the cost required for hardware, software, and integration services is too high. The GPS technology-enabled devices for navigation and mapping applications are expensive, and the integration of guidance and sensing devices with farm management software and databases requires high initial investments.

Opportunity: Increasing use of drones and remote sensing for farm management

With the assistance of drones, farmers can track the crop density, moisture, water requirement and fertilizer requirement across the field remotely. They can also keep track of crop health, and growth with high precision. The accurate satellite data with higher resolution helps to deliver better results. Drones are also helpful in identifying the presence of pests, insects, and any irregularity in the fields. It can also track the invasion of rhodes and pests, which can be prevented by applying insecticide in hazardous areas using drones while reducing the likelihood of direct exposure leading to chemical poisoning.

Challenge: Large presence of fragmented farms in developing countries

There are over 570 million farms around the world, and 95% of all these farms are less than 5 hectares in size. Developing countries such as India, China, and African countries account for a large number of fragmented farmlands. India is characterized by small farms, as more than 80% of farms in the country are less than 5 acres in size. Farmers in these countries are reluctant to use farm management software solutions mainly due to high initial investment for implementing farm management software solutions, low ROI, availability of cheap labor, and limited adoption of modern farming practices such as precision farming, smart greenhouse, and livestock monitoring.

Raven Industries (US) is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies. The company offers a wide range of products to help farmers improve yield. Services offered by the company include high-speed infield internet connectivity and cloud-based data management. The company is mainly focusing on product launches, mergers, acquisitions, and collaborations. It has a very strong hold on the North American market. In 2020, this geography accounted for ~89% of its revenue. The company could use its strong product portfolio, brand image, and distribution channels to strengthen its presence in the emerging markets of the Asia Pacific, Latin America, and the Rest of the World (RoW) and reap benefits through new revenue channels. The company has limited sales and distribution network and focuses only on the North American market. The company can focus on other markets, such as Europe, APAC, and Latin America, to sustain its position in the farm management software market.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=217016636

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.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.