CHICAGO, April 23,
2024 /PRNewswire/ -- The Farm Management Software
Market is projected to reach from USD 3.4
billion in 2024 to USD 5.8
billion by 2029; it is expected to grow at a CAGR of 11.0%
from 2024 to 2029 according to a new report by
MarketsandMarkets™. The adoption of farm management
software enables farmers to embrace sustainable farming practices
by optimizing input utilization, minimizing waste, and enhancing
soil health. This becomes particularly crucial in response to
heightened consumer demands for sustainable food production
practices.
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Browse in-depth TOC on "Farm Management Software
Market"
180 – Tables
80 – Figures
300 – Pages
Farm Management Software Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 3.4 billion
|
Estimated Value by
2029
|
$ 5.8 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 11.0%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Application,
Offering, Farm Size, Farm Production and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Management of data for
productive decision-making through single digital
platform
|
Key Market
Opportunities
|
Rapid adoption of smart
farming technologies
|
Key Market
Drivers
|
Rising integration of
advanced technologies for real-time farm management
|
By Application: Precision Aquaculture is projected to grow at
the highest CAGR during the forecast period.
Precision aquaculture is expected to experience rapid growth,
propelled by various factors including technological advancements,
heightened demand for protein-rich aquatic food, environmental
considerations, sustainability objectives, and enhanced efficiency
and profitability advantages. Moreover, favorable market dynamics
and opportunities contribute to this growth trajectory. Key drivers
of the precision aquaculture market include the expanding number of
aquaculture farms, the growing preference for land-based
recirculating aquaculture systems and increasing governmental
support for aquaculture initiatives. These trends present promising
growth prospects for precision aquaculture technologies and
services.
By Offering: Data analytics services to account for the
highest CAGR during the forecast period.
The growth of data analytics services within farm management
software is projected to accelerate due to several factors. There
is an increasing demand for precision farming techniques, which
rely heavily on data analysis for optimizing agricultural
practices. The rising need for real-time data management,
facilitated by cloud computing, is driving the adoption of data
analytics services. Additionally, there is a growing recognition of
the importance of managed services in enhancing farm efficiency and
reducing costs. Data analytics services play a crucial role in
managed services by providing insights and foresight into various
processes and functions, ultimately improving operations and
reducing expenditures by replacing directly employed staff with
more efficient solutions.
By Farm Size: The medium farm size is projected to register
the highest CAGR during the forecast period.
With farm size expansion, a heightened necessity arises for
efficient resource management to streamline input costs and enhance
yields. Farm management software emerges as a valuable tool in
assisting farmers in effectively managing their resources,
diminishing wastage and augmenting productivity. The emergence of
precision farming, alongside the integration of advanced
technologies like IoT, AI, and machine learning, has facilitated
the capability to manage larger farms with increased
efficiency.
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By Region: Americas to hold larger market share in
2023.
Americas stands out as the swiftest expanding sector in the farm
management software industry. America commands a significant market
share in farm management software, attributed to various factors
such as the prevalence of large-scale farms, elevated levels of
farmer awareness, and ready access to advanced technologies.
Particularly in the US and Canada,
precision agriculture methodologies have notable uptake, emphasis
on resource efficiency, and a strong commitment to sustainability,
all of which fuel the demand for farm management software
solutions. Additionally, the region exhibits a high receptivity to
technology adoption, with farmers leveraging software for tasks
like operating tractors and other agricultural machinery, thereby
facilitating precision farming practices.
The major players in the farm management software companies
include AGRIVI (UK), Trimble Inc. (US), Granular Inc. (US), Raven
Industries, Inc. (US), TOPCON CORPORATION (Japan), AgJunction LLC (US), Agworld Pty Ltd
(US), Farmers Edge Inc. (Canada),
Climate LLC (US), IBM (US), Afimilk Ltd. (Israel), ABACO S.p.A. (Italy), Deere & Company (US).
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