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Farm Management Software Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2023 – 2032
- Report ID: GMI2281
Farm Management Software Market size is anticipated to witness healthy growth during 2023 to 2032, driven by the modernization of agriculture techniques to enhance efficiency and crop yield. The adoption of farm management platforms and applications is increasing as farmers aim for higher productivity and greater return on investments. The growing number of federal initiatives for promoting the adoption of modern agricultural techniques in order to meet the global food demand will foster the market expansion.
Farm management software encompasses mobile applications, websites, and computer programs, designed to help farmers make more informed operational and production decisions. These solutions facilitate the planning, assessment, implementation, and optimization of agricultural tasks, allowing farmers to maximize their harvests. Improved planning and tracking, reduction of input and labor costs, better risk management, easy and accurate traceability, and better regulatory compliance are some key benefits of farm management software. In addition to improving farm efficiency, the growing need to monitor livestock performance and boost fish farming output may augment the farm management software market share.
The industry is likely to experience a moderate impact of the global recession as the prices of farming equipment have witnessed a substantial uptick. Demand for software solutions has also grown considerably, given the escalating labor shortages for on-site management of production processes. Besides, investments in precision farming technologies are expected to observe a noticeable decline dedicated to bleak micro and macro factors across high-income economies. This apart, the increasing supply chain disruptions caused by the Ruso-Ukraine war may further hamper the market growth.
By 2032, the industry is expected to garner substantial revenue, led by the increasing penetration of smartphones and the availability of high-speed internet connectivity. The solutions are adopted across both on-premises hardware and cloud-based solutions. Data analytics services are also a crucial component of the industry. The farm management software market size from the on-cloud segment is projected to expand at an appreciable CAGR through 2032, given the ability of cloud systems to offer convenient data storage. Besides, the lower maintenance and infrastructure costs associated with cloud offerings.
The fish farming segment could capture a substantial market share in the forthcoming years, due to the growing trend of precision aquaculture. This can be attributed to the increasing demand for protein-rich aqua foods globally. A large number of fish farmers worldwide are relying on digital platforms for feeding management to enhance fish production.
The Europe farm management software market revenue will grow substantially between 2023 and 2032, owing to increased awareness among farmers and the rapid adoption of modern technologies. The regional companies are offering software solutions to control farm equipment and machinery to help farm workers practice precision agriculture. The rise in the average farm size and workforce shortage is encouraging more farmers to adopt farming software to gain data-driven insights and optimize crop yield, thus, creating a robust growth outlook for the regional industry.
Some of the leading companies involved in the farm management software market include Agrivi, Deere & Company (John Deere), Trimble, AG Leader Technology, AgJunction, Raven Industries, DeLaval (Tetra Laval), SST Development Group (LexisNexis Risk Solutions Group), BouMatic, Iteris, GEA Group, and Farmers Edge. Companies are adopting various growth and expansion strategies to strengthen their market presence.
For instance, in January 2023, John Deere made an announcement about the eight companies it has selected to take part in the 2023 Startup Collaborator program. This program started back in 2019, helps Deere design precision technology on its equipment. The company has previously worked with firms such as Bear Flag Robotics under this program, which it later took over in 2021 to sustain autonomous tractor development.
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