Farm Management Software Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2281
Farm Management Software Market size is expected to gain momentum during the period of seven years owing to the continuously growing demand for food with growth in population worldwide. According to the Food and Agriculture Organization (FAO) of the United Nations, the food demand is expected to increase between 59% to 98% by 2050. Farmers will need to increase production either by increasing the land under agricultural production or by increasing the productivity. The growing need for increasing agricultural productivity is expected to propel the farm management software market growth.
Governments of various countries are extending support to farmers to implement the technology to enhance productivity. For instance, the government of Queensland provides a wide range of interactive software and tools to support agricultural businesses. Governments, particularly in the Asia Pacific region, are supporting farmers to adopt modern agricultural techniques. Stringent regulations pertaining to intellectual property rights in agriculture technology are encouraging the companies to invest more in the industry. The implementation of IP rights is increasing the profit margins of technology enablers, attracting several companies in the industry and propelling the farm management software market growth.
Increasing use of virtual fences is expected to aid the farm management software market growth. Large paddocks are separated by these fences to prevent the movement of animals into other paddocks while grazing. The use of virtual fences operated using a mesh of sensors and network programming is increasing significantly as the maintenance of fences is an expensive job. The ability of these solutions to protect the crops from being grazed by the animals and control the movement of herds in farms is expected to propel the farm management software market growth.
The trend of integration of remote sensing technologies with these solutions for continuous monitoring is gaining focus. The integration enables farmers to reduce the impact of natural calamities and disasters. This has also enabled the farmers and traders to gain real-time information about the weather conditions and spraying requirements. The proliferation of these advanced technologies is expected to propel the farm management software market growth over the forecast timespan.
Increasing penetration of smartphones and high-speed internet across the globe will provide viable growth opportunities over the next seven years. Solution providers in the farm management software market are leveraging the internet penetration to make the advanced systems and technologies available to the farmers, particularly in the developing countries including China, Japan, India, Brazil, and South Korea. However, high capital investments required to implement these technologies is expected to restrain the industry growth. Furthermore, the lack of technical expertise and advanced infrastructure available to implement these technologies will challenge the market.
Farm management software market is segmented into precision farming, fish farming, livestock monitoring, and smart greenhouse farming. Precision farming is expected to witness fast growth over the forecast time span owing to the growing focus of farmers on enhancing productivity and efficiency. Precision farming is gaining the attention of farmers worldwide owing to the extended production and profitability due to the implementation of this technology. Farmers are widely using this technology to minimize resource wastage, help in proper utilization of fertilizers, and reduce time & cost. The technology is being widely adopted as it helps farmers to get the real-time information about evapotranspiration, soil moisture, and electrical conductivity, thus boosting the farm management software market growth.
The farm management software market is segmented into web-based and cloud-based deployment models. Cloud-based deployment is either Software as a Service (SaaS) and Platform as a Service (PaaS). Cloud-based model is expected to gain a significant share owing to low establishment costs, ease of use, and no requirements for physical infrastructure.
The North America farm management software market is estimated to hold the majority share owing to the increasing demand for advanced agricultural solutions to improve productivity. Farmers in the region readily adopt new advanced technologies and modern farming systems including cloud services, mobile applications, data analysis tools, and high-speed imagery services. The China farm management software market is expected to experience a significant growth owing to the rapidly growing population and increasing food requirements. The lack of land available for agriculture has mandated the farmers to use advanced technologies to improve productivity in the available land.
The farm management software market ecosystem consists of developers, system integrators, managed service providers, professional service providers, connectivity providers, and maintenance & support providers. System integrators facilitate the integration of software and hardware components and form an integral part of the industry ecosystem. These entities also perform troubleshooting & diagnosing farming problems and recommend optimal solutions related to specific customer needs.
Key vendors in the farm management software market are Trimble, Deere & Company, AgJunction, AG Leader Technology, DeLaval, Agrivi, Raven Industries, SST Development Group, Iteris, BouMatic, Farmers Edge, and GEA Group. The industry is fragmented in nature owing to the presence of many regional players. Big players in the industry are acquiring startups and small players to gain a considerable share.
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