According to the latest report by IMARC Group, titled "Farm Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the study provides a detailed analysis of the industry, including the global farm management software market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the farm management software market?
The global farm management software market size reached US$ 2.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11% during 2023-2028.
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What is Farm Management Software?
Farm management software contain a comprehensive system utilized by agricultural professionals to effectively manage, plan, evaluate, execute, and optimize day-to-day farming operations. They encompass various functionalities, such as crop scheduling, a communication platform, crop advisory, compliance monitoring, analysis of farm activities, and tracking of business expenses and farm budgets. In addition to this, farm management software commonly offer services, including system integration and consulting, managed assistance, maintenance and support, and assisted professional services.
These offerings contribute to better risk management, optimization of production activities, improved planning and tracking capabilities, monitoring of farm production capacity, and adherence to regulatory requirements. As a result, farm management software find widespread applications in livestock monitoring, precision agriculture, fish farming, and smart greenhouses.
What are the growth prospects and trends in the farm management software industry?
The high shortage of food across the globe and the disruptions caused in the supply chain, owing to the increasing population and the sudden outbreak of the COVID-19 pandemic, are primarily driving the farm management software market. Besides this, the escalating demand for these tools to provide predictive analytics and valuable insights for maintaining animal health and ranch efficiency is further augmenting the market growth. Moreover, the elevating requirement for farm management software, on account of its various advantages, including precise traceability, reduced input and labor costs, and improved planning and tracking capabilities, is also catalyzing the global market.
Apart from this, the integration of cutting-edge technologies, such as machine learning (ML), the internet of things (IoT), and artificial intelligence (AI), for real-time activity tracking, automated record-keeping processes, increased efficiency, and informed decision-making is acting as another significant growth-inducing factor. Furthermore, the rising usage of cloud-based platforms in the agriculture industry, the easy availability of high-speed internet connectivity, the inflating need for livestock performance monitoring, and the growing popularity of chemical-free fertilizers are expected to bolster the farm management software market in the coming years.
Who are the key players operating in the industry?
The report covers the major market players including:
- Ag Leader Technology
- AGCO Corporation
- AgJunction Inc.
- AGRIVI
- Corteva Inc.
- Deere & Company
- DeLaval
- Microsoft Corporation
- Raven Industries Inc
- CNH Industrial N.V.
- RELX Group plc
- Syngenta
- China National Chemical Corporation
- The Climate Corporation
- Bayer AG
- Topcon Corporation
- Trimble Inc.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Agriculture Type:
- Precision Farming
- Livestock Monitoring
- Smart Greenhouse
- Fish Farming
- Others
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Service:
- System Integration and Consulting
- Maintenance and Support
- Managed Services
- Assisted Professional Services
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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