Farm Management Software Market to be Worth $10.5 Billion by 2030
Added: (Fri Dec 08 2023)
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Meticulous Research®—a leading global market research company, published a research report titled, 'Farm Management Software Market by Offerings (Software, Services), Application (Precision Farming, Aquaculture, Livestock Monitoring, Smart Greenhouse), Farm Size, End User, and Geography - Global Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the farm management software market is projected to reach $10.5 billion by 2030, at a CAGR of 25.4% from 2023–2030. The growth of this market is attributed to the increasing adoption of connectivity in agriculture, increasing adoption of farm management for improving yields, environmental factors such as climate change and water shortage driving the adoption of farm management software, and government initiatives to drive the adoption of farm management software driving market growth. In addition, the adoption of new business models by agritech companies, making farm management software affordable for farmers, and the emerging need for AI in agriculture are expected to offer significant opportunities for the growth of this market.
However, the lack of access to financial solutions for farmers hampers the growth of this market. In addition, the fragmented and unorganized agriculture ecosystem in developing countries is a major challenge to the growth of this market.
Meticulous Research® has segmented this market based on offerings, applications, farm size, end-user, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the country level.
Based on offerings, the Farm Management Software market is segmented into software and services. In 2023, the software segment is estimated to account for the largest share of the Farm Management Software market. The large share of this segment is attributed to the increasing adoption of precision agriculture practices utilizing farm management software to optimize the use of fertilizers, pesticides, and water. By implementing precision agriculture techniques, farmers in India have reported yield increases of up to 20-30%, resulting in higher revenue. Farm management software also enables farmers to access market information, weather forecasts, and agricultural advice. Moreover, farm management software can monitor crop health by identifying and addressing issues early, such as diseases or pests, to maintain quality.
Based on application, the Farm Management Software market is segmented into precision farming, aquaculture, livestock monitoring, smart greenhouse, and other farming applications. In 2023, the precision farming segment is expected to account for the largest share of the Farm Management Software market. The large market share of this segment is attributed to the several benefits offered by farm management software for achieving objectives of precision farming, such as increasing yield from limited arable land, optimizing water usage, reducing cost, and minimizing the environmental impact of farming activities, early warnings of pest infestations, diseases, and adverse weather conditions, government initiatives to promote precision farming and digital agriculture among others.
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Based on farm size, the Farm Management Software market is segmented into small farms, medium farms, and large farms. In 2023, the large farms segment is expected to account for the largest share of the Farm Management Software market. The large share of this segment is attributed to the ability of large farms to invest in digital agriculture technologies. Moreover, large farms are heavily investing in various farm management solutions to optimize resource utilization, manage complex agricultural supply chains, improve traceability of their products, and make informed decisions about planting, harvesting, and resource management.
Based on end use industry, the Farm Management Software market is segmented into private farming, corporate farming, and government farming. In 2023, the corporate farming segment is expected to account for the largest share of the Farm Management Software market. Extensive use of farm management software by corporate farming operations is driven by the need to manage and optimize large-scale, complex agricultural enterprises efficiently. The benefits include increased productivity, cost savings, regulatory compliance, and sustainability, all of which are critical to the success of corporate farms in the modern agricultural landscape.
Based on geography, the Farm Management Software market is segmented into North America, Europe, Asia–Pacific, Latin America, and Middle East & Africa. In 2023, North America is expected to account for the largest share of the Farm Management Software market. The U.S. and Canada have been at the forefront of farm management software adoption, driven by a combination of large-scale commercial farming operations and the need for advanced technology to manage extensive farmlands. Precision agriculture techniques, driven by software, have been widely embraced in North America, with a focus on optimizing resource use and increasing productivity.
Key Players:
The key players operating in the Farm Management Software market are Corteva Agriscience (U.S.), AGRIVI (Croatia), Trimble Inc. (U.S.), Farmers Edge Inc. ( Canada), Agworld Pty Ltd (Canada), SourceTrace (U.S.), Cropin Technology Solutions Private Limited (India), Afimilk Ltd. (Israel), AKVA group ASA (Norway), Farmlogics Technologies Pvt Ltd. (India), Climate LLC (U.S.), Raven Industries, Inc. (U.S.), Connecterra B.V.(Netherlands), Eruvaka Technologies Pvt. Ltd.(India), Tetra Laval Group (Switzerland)
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Key Questions Answered in the Report:
• Which are the high-growth market segments in terms of offerings, farm size, application, end-user, and geography?
• What is the historical market size for global Farm Management Software?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, opportunities, and challenges in the Farm Management Software market?
• Who are the major players, and what shares do they hold in the Farm Management Software market?
• What is the competitive landscape like?
• What are the recent key developments in the Farm Management Software market?
• What are the strategies adopted by major players in this market?
• What are the key geographic trends and high-growth countries?
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