Farm Management Software Market size will see noticeable growth over 2021-2027 driven by the modernization in 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 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 computers programs designed to help farmers make more informed operational and production decisions. These solutions facilitate 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 of the major benefits of farm management software.
In addition to improving the farm efficiency, the growing need to monitor livestock performance and boost fish farming output is augmenting global farm management software industry trends. By 2027, the industry is expected to garner substantial revenue led by the increasing penetration of smartphones and the availability of highspeed internet connectivity. The solutions are adopted across both on-premises hardware and cloud-based solutions. Data analytics services are also a main component of the industry.
Precision farming, livestock monitoring, fish farming, and smart greenhouse farming are among the key applications of farm management software. 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 across the globe. 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 gain momentum between 2021 and 2027 due 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 shortage of workforce is encouraging more farmers to adopt farming software to gain data-driven insights and optimize crop yield.
Agrivi, Deere & Company, Trimble, AG Leader Technology, AgJunction, Raven Industries, DeLaval (Tetra Laval), SST Development Group (LexisNexis Risk Solutions Group), BouMatic, Iteris, GEA Group, and Farmers Edge are some of the top vendors in the farm management software market. Companies are adopting various growth and expansion strategies to strengthen their market presence.
For instance, in November 2020, European agrotechnology startup Agrivi had reportedly raised about €4 million (USD 4.72 million) in a venture round led by South Central Ventures, the Croatian bank for Reconstruction and Development, and the European Investment Fund. Agrivi, which is building a robust farm management platform, aims to use the funding to scale its business in Europe and the U.S.
The coronavirus pandemic has had a positive impact on the farm management software market growth. The pandemic has caused significant disruption in the agriculture sector. In these unprecedented times, farm management solutions are playing a crucial role in addressing issues in agricultural production. Many companies are adopting new approaches to build more convenient tools and cater to the increasing food demand. Farm management software will continue to assist efficient crop growth, livestock health, and fish production.