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Forestry Software Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Forestry Software Global Market Report 2024
According to The Business Research Company's, The forestry software market size has grown rapidly in recent years. It will grow from $1.07 billion in 2023 to $1.28 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to increasing demand for sustainable forestry solutions, the rising adoption of big data in forestry, growing need for data-driven decision making in forestry operations, increasing focus on sustainability and environmental protection.
The forestry software market size is expected to see rapid growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to rising need for operational efficiency, increasing demand for real-time monitoring, integration of GIS and remote sensing, awareness of carbon sequestration. Major trends in the forecast period include increased integration of artificial intelligence (AI) and machine learning (ML) algorithms for advanced data analysis, growing adoption of internet of things (iot) devices, development of blockchain technology, adoption of virtual reality (VR) and augmented reality (AR) solutions, expansion of cloud-based solutions.
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Market Drivers and Trends:
The increased demand for forest products is expected to propel the growth of the forestry software market going forward. Forest products refer to a broad range of forest materials, including wood and non-wood resources. Forest products offer environmental benefits compared to non-renewable alternatives such as concrete, steel, and plastic, including environmental sustainability and carbon sequestration awareness. Forestry software empowers forest managers with the tools and insights needed to optimize forest resources, improve operational efficiency, ensure regulatory compliance, and promote sustainable forest management practices, thereby contributing to the increased production of forestry products. For instance, in 2021, according to the United States International Trade Commission, a US-based government agency, the value of U.S. domestic exports of forest products rose by $5.9 billion (18.2 percent) to $38.0 billion from 2020 to 2021. Therefore, increased demand for forest products is driving the growth of the forestry software market.
Major companies operating in the forestry software market are developing cloud-based log settlement solutions to streamline and automate the process of tracking, valuing, and settling log transactions. This innovative approach enhances efficiency, accuracy, and transparency in forestry operations. Cloud-based log settlement solutions offer forestry companies a scalable, secure, and cost-effective approach to managing log procurement, measurement, valuation, and payment processes, ultimately enhancing operational efficiency, transparency, and compliance in the forestry supply chain. For instance, in July 2023, Trimble, a US-based software company, launched a new cloud-based version of Log Inventory and Management System (LIMS) called LIMS PRO. This new cloud-hosted solution is designed to improve operational visibility and efficiency for small- and medium-sized forest product companies. This enables smaller forestry companies to realize productivity and growth gains previously only accessible to large enterprises. This is achieved by digitizing lumber supply chain workflows and providing features like mobile ticketing, real-time reconciliation, and automated invoicing.
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Major Key Players of the Market:
Trimble Inc., Forest Information Technology Systems Inc., Environmental Systems Research Institute Inc., Forest Green Rovers Ltd., EcoPlan Consulting, Mason, Bruce & Girard Inc., Silvacom Ltd., Remsoft Inc., Exacom Inc., Ecotimber Inc., Envirosight LLC, Forest2Market Inc., Ecometrica Limited, Ecovision Environmental LLC, Forest Metrix LLC, Azavea Inc., TreeTracker LLC, ForestEye Inc., Forestry Traction Inc., Ecotrust
Forestry Software Market 2024 Key Insights:
• The forestry software market size is expected to see rapid growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%.
• Fueling Forestry Software Market Growth The Role of Increasing Demand for Forest Products
• Advancing Forestry Efficiency Cloud-Based Log Settlement Solutions By Leading Companies
• North America was the largest region in the forestry software market in 2023
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