Hyderabad, July 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Farm Management Software Market Report (2023-2028),” the market is estimated at USD 2.47 billion in 2023. It is expected to register a CAGR of 11.20% during the forecast period.
Primarily driven by the snowballing of agricultural activities and the increasing need for real-time data for decision-making, the farm management software market is expected to rise. Nowadays, ML and AI are the conventional technologies for various farming applications, such as precision farming, fish farming, livestock monitoring, and smart greenhouse practices.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 2.47 billion |
| Market Size (2028) | USD 4.20 billion |
| CAGR (2023-2028) | 11.20% |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Government initiatives to boost the adoption of modern agricultural technologies. |
| Snowballing of agricultural activities. |
Who are the Top Companies in the Farm Management Software Market?
With numerous key players, the market is highly fragmented. Companies are investing in brand-new products and improvising their existing ones. They are also engaged in partnerships, expansions, and mergers and acquisitions.
The noteworthy players holding the farm management software industry are:
- Deere & Company
- Trimble Inc.
- Raven Industries Inc.
- AG Leader Technology
- AGJunction
- AGCO Corporation
- Agrivi
- Topcon Corporation
- Bayer Crop Science (The Climate Corporation)
- Relex Group (Proagrica)
- Cropio Group
- CropIn Technology Solutions Private Limited
Other Reports That Might Be of Your Interest:
- Agriculture Software Market Report - The agriculture software market was valued at USD 2.15 billion in the previous year, and it is expected to reach a value of USD 4.12 billion over the forecast period, registering a CAGR of 11.70%.
- AI Market in Agriculture Report - The artificial intelligence (AI) market in agriculture was valued at USD 1.7 billion in the current year and is expected to reach USD 4.7 billion in the next five years, at a CAGR of 22.55% over the forecast period.
Key Highlights from the Farm Management Software Market Report:
Farm Labor Shortage and Decreasing Arable Land
- The agriculture labor force has declined in recent years owing to the decreased interest in farming, coupled with the aging farmer population. Additionally, the agricultural industry in the United States and the United Kingdom, among other countries, depend on laborers. A similar trend is seen across other developed countries as well.
- Considering the current challenge, precision farmers tend to utilize software that can be productive. This is one of the major factors that drive the market forward. The reducing arable land and the increasing global population are also the major reasons boosting the market.
North America Holds a Significant Market Share
- In the North American region, farm management software is estimated to witness exponential growth in the coming years due to the leading industrial automation industry and the adoption of AI solutions. The larger farms and growing awareness among the farmers are leading to the quick adoption of advanced technologies in developed countries compared to developing nations.
- Additionally, the region’s companies and governments are taking initiatives that are further boosting the market. For instance, in 2022, the Canadian government invested in the digitization of farming to build up the sustainability of Canada’s agriculture sector by granting up to USD 419,000 to Mojow Autonomous Solutions Inc. via the Canadian Agricultural Partnership.
What are the Latest Developments in the Farm Management Software Market?
- In May 2022, AGCO acquired JCA Industries to mount engineering and software development capabilities and accelerate the development of highly automated and autonomous machines.
- In April 2022, Deere & Company and GUSS Automation collaborated with an LLC in Kingsburg, Calif. GUSS is a forerunner in semi-autonomous sprayers for orchards and vineyards.
Mordor Intelligence has Segmented the Farm Management Software Market Based on Type, Application, and Geography:
- By Type
- Local/Web-based
- Cloud-based
- Software as a Service (SaaS)
- Platform as a Service (PaaS)
- By Application
- Precision Farming
- Livestock Monitoring
- Smart Greenhouse
- Aquaculture
- Other Applications
- By Geography
- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East & Africa
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Farm Management Software Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Connected Agriculture Market Report - The connected agriculture market size is expected to grow from USD 5.20 billion in 2023 to USD 8.80 billion by 2028 at a CAGR of 11.10% during the forecast period (2023-2028).
- Testing, Inspection, and Certification in Agriculture & Food Industry Report – The testing, inspection, and certification market for the agriculture & food industry is expected to grow by registering a CAGR of about 7.60% during the forecast period.
- Middle East & Africa Workforce Management Software Market Report - The Middle East & Africa workforce management software market is expected to witness a CAGR greater than 7.50% during the forecast period.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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