About This Report

Farm Management Software Market, by Offering (On-Cloud, On-Premise, and Data Analytics Service), by Application (Precision Farming, Aquaculture, Smart Greenhouse, Livestock Monitoring, and Others), and by Region (North America, South America, Europe, Asia Pacific, The Middle East, and Africa) - Size, Share, COVID Impact Analysis, Growth, Outlook, and Opportunity Analysis, 2020 - 2028

Farm management software is a type of computer system that helps farmers and agricultural companies perform their farming operations more effectively. It provides functions and tools for planning, keeping tabs on, and evaluating various aspects of the farm, such as the raising of crops and livestock, stock, sales, financing, and compliance. The software can be accessed from desktop and mobile devices, and its features may include data analytics, projections, mapping, communication, task management, keeping records, and integration with other farm technologies including sensors, drones, and weather stations.

The main goal of software for farm management is to boost the farm's productivity, profitability, and long-term viability by streamlining operations and implementing decisions based on up-to-date information. By reducing tasks and making options based on current information, farm management software aims to increase the farm's production, financial sustainability, and its viability over time.

In 2020, the Farm Management Software market was valued at US$ YY million, and it is anticipated to be around US$ YY million by 2027. Over the forecast period, the market is expected to grow at a CAGR of YY%.

Increasing demand for food and Government support are the drivers, while High costs of a software is a restraint

By 2050, there will be 9.7 billion people on the planet, which will result in a rise in the need for food, as per the United Nations Department of Economic and Social Affairs. This is encouraging the use of farm management software, that supports farmers in increasing yields and effectively managing their resources. By using data to better understand market demand and alter production as necessary, farmers may utilise this modern technology to address problems like food waste.

Furthermore, Governments in many nations assist the agriculture sector by loans, tax breaks, and subsidies. This assistance could motivate farmers to spend money on other forms of technology and farm management software. For instance, The Indian government has introduced a new programme named "PM-KISAN" to give farmers direct income support. Eligible farmers who participate in this programme are given financial support for their farming operations, including investments in machinery and equipment like farm management software. Adding to this, The Australian government has unveiled an innovative funding programme to encourage the widespread utilisation of farm management software and other digital farming technologies. The package includes $51.3 million in funds spread out over four years to support and enhance agriculture's access to these technologies.

However, Implementing and maintaining farm management software can be expensive, particularly for small-scale farmers. This may prevent some farmers from adopting it since they cannot pay the up-front fees. For instance, according to an American Farm Bureau Federation report, the expense of adopting new technologies, such as farm management software, is a significant obstacle in the United States. According to the poll, 48% of farmers mentioned cost as a significant deterrent to adoption. Additionally, A recent World Bank report on Kenya identifies the high cost of digital technology, such as farm management software, as a hindrance to their adoption by small-scale farmers. According to the survey, these farmers frequently lack the funds to invest in these technologies, which might lower their productivity and profitability.

On-cloud offering segment is expected to account for significant market share by offering segment

The global Farm Management Software market is mainly classified by Offering, and Application. Offering is segmented into On-Cloud, On-Premise, and Data Analytics Service. Based on the Application type, the market is divided into precision farming, aquaculture, smart greenhouse, livestock monitoring, and others.

In the farm management software industry, the on-cloud offering segment has the biggest market share. The cost-effectiveness, scalability, and flexibility of the on-cloud deployment strategy are making it more and more popular. Farmers that choose on-cloud deployment can access the programme from any location and on any internet-connected device. On-cloud deployment also makes it simpler to upgrade and maintain the programme since the vendor is in charge of these responsibilities. For instance, The Syngenta Group announced the official launch of Agrya, a new digital platform, in March 2021. Agrya is a cloud-based platform that offers tools and information to farmers so they may maximise their agricultural production and financial success.

Interesting Facts of Farm Management Software Market

• The market for farm management software in the Asia-Pacific area is expanding. The business is expanding due to the rising demand for food and agricultural products as well as the growing population. Governments in the area are funding rural development and agriculture, which is fostering a favourable business environment. Precision agriculture techniques are becoming more widely used, which is increasing demand for digital technology like farm management software.
• Depending on the application type, precision farming commands a significant worldwide market share. This is due to of farmers all around the world using precision agriculture techniques to increase output, minimise waste, and maximise resource use. Precision farming involves gathering real-time data on crops, weather, soil moisture, and other variables using tools like GPS, sensors, and drones.
• The COVID-19 epidemic has pushed up the adoption of digital agriculture technologies, increasing the need for farm management software solutions.
• Farm management software is increasingly using artificial intelligence (AI) and machine learning (ML), allowing farmers to make better decisions and streamline their operations.

North America holds the largest market share of the Farm Management Software industry

Large-scale agricultural production, especially in the United States and Canada, is one of the main contributing elements in North America. Due to the requirement to effectively manage vast farms, these nations have a high adoption rate for farm management software and other precision agriculture technologies. For instance, Farmers Business Network, a US-based agricultural technology and data analytics company, raised $300 million in a Series E fundraising round that was spearheaded by BlackRock in December 2022. The money will be used by the business to improve its farm management software and broaden its reach to farmers in North America.

In addition, the North American market has a high rate of technological innovation and acceptance, and it is home to several top software and technology firms. As a result, there has been a significant amount of investment in agricultural technology and digital solutions, which has aided in the expansion of the farm management software sector. For instance, Agrian Inc., a top supplier of cloud-based farm management software, established a strategic alliance with Nutrien Ag Solutions in January 2023. Through the cooperation, Nutrien Ag Solutions will be able to provide Agrian's software solutions to its clients, increasing the range of its digital agricultural products.

Global Farm Management Software Market key Players:

Some of the major competitors in the global Farm Management Software market include Trimble Inc., Raven Industries Inc., CropIn Technology Solutions Private Limited, Topcon Corporation, Agrivi, Deere & Company, AGJunction, AGCO Corporation, Cropio Group, and AG Leader Technology.
The Farm Management Software industry is extremely competitive with aggressive market strategies of global and regional companies looking to strengthen market position. The farm management software market is continuously changing as new competitors emerge and established players broaden their product portfolios through acquisitions and joint ventures. The following are some recent market developments:

• Trimble announced in February 2023 that it has acquired Agworld, a well-known supplier of cloud-based farm management software. Through this acquisition, Trimble will be better able to offer farmers data-driven insights to help them run their businesses more efficiently.
• The John Deere parent firm, Deere & firm, announced the debut of a brand-new farm management software platform in January 2023 under the name "John Deere Digital Farming." To assist farmers in making data-driven decisions, the platform provides capabilities including field mapping, yield monitoring, and prescription mapping.
• The German chemical corporation BASF's subsidiary, BASF Digital Farming, disclosed in November 2022 that it had acquired ZedX, a developer of farm management software. BASF will be able to provide farmers with a comprehensive platform for decision-making based on data and agricultural precision owing to the purchase.
• K&M Systems, a developer of cloud-based farm management software, was acquired by Trimble Inc. in December 2020. The acquisition will help Trimble solidify its position in the farm management software market and broaden its portfolio of on-cloud services.
• The on-cloud platform xarvio SCOUTING from BASF Digital Farming was introduced in October 2020. The platform offers suggestions for the best crop management practises together with real-time information regarding the risks of pests and diseases for farmers' crops. Both a mobile app and a web portal are used to access the platform.

 
Frequently asked questions about global Farm Management Software market

Q: What is the current size of the global Farm Management Software market?
Ans: The Farm Management Software market was valued at YY Million US$ in 2020 and is projected to reach YY Million US$ by 2027, at a CAGR of YY% during the forecast period.

Q: What are the major opportunities in Farm Management Software industry?
Ans: The growing use of precision agriculture methods, the increased demand for food and agricultural goods, and the requirement for more efficient and sustainable farming methods all present significant prospects for the farm management software market.

Q: What is major growth driving factor for Farm Management Software industry?
Ans: The increasing demand for food and agricultural products, which is resulting in a need for more effective and sustainable agricultural practises, is the main growth driver for the farm management software market. As a result, digital technologies like farm management software are being adopted more frequently.

Q: Which region is expected to have the largest share of the Farm Management Software market?
Ans: North America is predicted to hold the highest portion of the global market for farm management software due to the factors including the widespread use of precision agriculture techniques, the region's presence of major businesses, and the government's strong support for sustainable agricultural practises.

Q: Which application type will dominate the Farm Management Software market?
Ans: The precision farming application type is anticipated to dominate the Farm Management Software market because of its capacity to maximise resource utilisation, decrease waste, and boost yields through the use of technology such as GPS, sensors, and drones.