Dublin, March 27, 2023 (GLOBE NEWSWIRE) -- 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.
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.
Market Segmentation
Segmentation 1: by Application
- Precision Farming
- Livestock Management
- Aquaculture
- Forestry
Livestock management is expected to dominate the global farm management software and data analytics market in the application segment. The huge market share and growth potential associated with livestock management as an application for farm management software and data analytics is attributed to the broad range of applications found under the farming type for agricultural software solutions.
Segmentation 2: by Product
- On-Cloud Software
- On-Premise Software
The product segment's global farm management software and data analytics market is expected to be dominated by on-cloud software-based farm management solutions. The benefits of affordable pricing models, scalability, integration, and convenience associated with software solutions are the primary reasons behind the growth of this product offering.
Segmentation 3: by Service Provider
- System Integration and Consulting
- Maintenance and Support
- Managed Services
The global farm management software and data analytics market in the product segment is expected to be dominated by managed services. Managed services include various services such as data, analytics, farm operation, supply chain management, and climate information services. They deliver service-oriented architecture services and solutions, providing many benefits to an organization, including enhanced information flow, configuration flexibility, ability to build new functionalities, and advanced integration capabilities quickly. Thus, the vast market share of managed services segment is due to the market players providing a service-oriented architecture that aligns the business objectives with the IT environment.
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
North America is expected to dominate the global farm management software and data analytics market due to the region's high technological advancement and the presence of leading farm management software and data analytics solution providers in the North America region. In the region, government support along with technological advancement has helped in the growth of the market. Also, leading players in the farm management software and data analytics market are operating in the North America region, which gives a wide range of options to growers purchasing farm management solutions. The region is expected to witness high growth of CAGR 14.44% during the forecast period 2022-2027.
Recent Developments in Global Farm Management Software and Data Analytics Market
- In May 2022, JCA Industries, a leader in developing autonomous software for agricultural machines, implementing controls, and electronic system components, was acquired by AGCO Corporation.
- In September 2022, AGRIVI partnered with Genome Technologies. This partnership aimed to provide premium digital agriculture solutions to East African countries, mainly in Kenya. This would strengthen its presence in the East Africa region.
- In May 2022, EOS Data Analytics uses AWS solutions to enhance AI-powered satellite imagery analytics for crop monitoring and near-real-time farm management. This opportunity would support EOS Data Analytics to create satellite-powered farm management software and data analytics solutions for informed crop-growing decisions to help users boost farm productivity and profitability.
- In March 2022, BASF launched an open innovation platform called AgroStart to inspire new digital solutions for agriculture. The company launched it in North America with future collaboration expansions in Europe and Asia-Pacific.
Market Dynamics
Trends
- Increasing Requirement for Crop Yield
- Growing Need to Combat Climate Change
- Increasing Agricultural Farm Size
- Expanding Technological Advancements in Agricultural Applications
- Augmenting Implementation of Agriculture Technology-as-a-Service
- 5G: A Boost for Farm Management and Data Analytics Services
Drivers
- Increasing Demand for Food
- Need to Reduce Crop Losses
- Decreasing Workforce Availability
- Need for Automation and Mechanization
- Increased Government Support
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
Opportunities
- Rise in Integration of Emerging Technological Advancements
- Increasing Adoption of Modern Technologies
- Growth in AI and Blockchain-Based Solution Providers
- Integral Offerings with Horizontal Integration in Farming
- Improved Services for Farmers in Rural Areas
- Penetration of Innovative Wireless Networks
- Scope of Developing Affordable Solutions
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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 378 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $3.56 Billion |
| Forecasted Market Value (USD) by 2027 | $7.28 Billion |
| Compound Annual Growth Rate | 15.4% |
| Regions Covered | Global |
Key Topics Covered:
1 Markets
2 Application
3 Products
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/itym9b
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