DUBLIN--(BUSINESS WIRE)--The "Farm Management Software and Data Analytics Market - A Global and Regional Analysis: Focus on Application, Product, and Country-Wise Analysis - Analysis and Forecast, 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global farm management software and data analytics market was valued at $3.56 billion in 2022, which is expected to grow with a CAGR of 15.39% and reach $7.28 billion by 2027.
Key Companies Profiled
- Accenture
- AGCO Corporation
- Ag Leader Technology
- AGRIVI
- Amazon Web Services, Inc.
- BASF SE
- Climate LLC
- CNH Industrial N.V.
- Deere & Company
- Granular Inc.
- Hexagon Agriculture
- IBM Corporation
- Kubota Corporation
- Microsoft Corporation
- PrecisionHawk, Inc.
- Proagrica
- Semios
- Syngenta AG
- Trimble Inc.
- Yara International ASA
- OneSoil
- Terraview Pte. Ltd.
- Vidacycle
- Vinelytics LLC
Farm management software and data analytics solutions aim at increasing the ease of farm operations for farmers. This software increases transparency in the field and decreases the chances of crop failure.
Through farm management software, a farmer has complete information on all field activities, which can be managed through software accessed through a mobile phone or a tablet.
Some of the primary benefits related to farm management software and data analytic solutions in the agricultural field include yield monitoring and field mapping, crop scouting, weather tracking and forecasting, irrigation management, and farm economics.
Market Lifecycle Stage
The farm management software and data analytics market is in a growth phase. Since 2010, the adoption of farm management software and data analytic solutions has increased, especially by medium and large-scale farmers. Increased awareness regarding the benefits of farm management software has increased the adoption rate of these solutions.
High technological advancement in some regions of the world is another driver toward the adoption of farm management software and data analytic solutions by farmers.
Impact
- Traditionally, software in agriculture was popularly installed on-premises, where users had to build servers, install applications, and configure them. Since 2015, the trend of the on-cloud delivery model has risen, allowing farmers and other users to access the software in a subscription model, such as a service where users pay on a rental or pay-per-use basis.
- Recently, many companies have started developing innovative technologies such as 3D printing, blockchain, and artificial intelligence. The global agriculture industry has witnessed significant changes in the past decades, especially with the introduction of artificial intelligence to improve crop yield.
Impact of COVID-19
The pandemic has led to economic instability worldwide, and the GDP for all countries declined in 2020. The global agriculture industry and food supply chains have been affected the most due to travel restrictions and continuous lockdowns by the government of mostly all countries.
Due to international trade disturbance, farmers have faced a shortage of agricultural inputs like seeds, fertilizer, and pesticides. Farmers worldwide could not perform agricultural activities, leading to decreased global agricultural production.
All these factors significantly hindered the growth and development of the global farm management software and data analytics market. The global farm management software and data analytics market saw a significant dip in 2020. Upon analyzing the global situation of COVID-19 in different regions, the market started normalizing in 2022.
Market Segmentation
Segmentation 1: by Application
- Precision Farming
- Livestock Management
- Aquaculture
- Forestry
Segmentation 2: by Product
- On-Cloud Software
- On-Premise Software
Segmentation 3: by Service Provider
- System Integration and Consulting
- Maintenance and Support
- Managed Services
Segmentation 4: by Region
- North America - U.S., Canada, and Mexico
- Europe - Germany, France, Netherlands, Italy, Spain, Belgium, Switzerland, Greece, Ukraine, and Turkey
- China
- U.K.
- Asia-Pacific - India, Japan, Australia, and Rest-of-Asia-Pacific
- Middle East and Africa
- South America
Demand - Drivers and Limitations
The following are the demand drivers for the farm management software and data analytics market:
- Increasing Demand for food
- Need to Reduce Crop Losses
- Decreasing Workforce Availability
- Need for Automation and Mechanization
- Increased Government Support
The market is expected to face some limitations too due to the following challenges:
- Threat to Farm Data Security Leading to Low Investments
- Technological Challenges Impede the Development
- Complexities Due to Lack of Infrastructure
- Lack of Interoperation Management
For more information about this report visit https://www.researchandmarkets.com/r/r9o31j
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