New York, United States , April 27, 2023 (GLOBE NEWSWIRE) -- The Global Farm Management Software Market Size is to Grow from USD 2.7 Billion in 2022 to USD 7.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 10.9% during the projected period. The global farm management software market is expected to continue its growth trajectory in the coming years, driven by factors such as the growing demand for food, the need for improved efficiency in agriculture, and the increasing adoption of precision farming practices.
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The global farm management software market refers to a sector that provides software solutions for farm owners and managers to manage their farming operations, including crop management, labor management, financial management, and inventory management. These software solutions can be accessed through different devices such as smartphones, tablets, and laptops. The market for farm management software is driven by the increasing demand for food, the need for improved efficiency in agriculture, and the growing trend of precision farming. The market is also influenced by government initiatives promoting sustainable agriculture practices and the use of technology in agriculture. Furthermore, the rise of IoT (Internet of Things) technologies enables farmers to collect and analyze data from their farms in real time, fueling demand for more advanced farm management software solutions. Governments all over the world are promoting the use of advanced farming technologies, such as farm management software. This assistance includes research and development funding as well as incentives for farmers to adopt new technologies. These are the primary factors that will drive the farm management software market during the forecast period. However, in the opinion of the majority of growers, farm management solutions are not cost-effective, and the costs for hardware, software, and integration services are prohibitively expensive. The cost of farm management devices and software is thus expected to constrain the growth of the farm management software market during the forecast period.
Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on "Global Farm Management Software Market Size, Share, and COVID-19 Impact Analysis, By Application (Precision Farming, Livestock, Aquaculture, Forestry, and Smart Greenhouses), By Offering (On-cloud, On-premise, Data Analytics Services), By Farm Size (Small, Medium, and Large), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The precision farming segment is anticipated to dominate the global farm management software market over the projected timeframe.
The global farm management software market is categorized into segments such as precision farming, livestock, aquaculture, forestry, and smart greenhouses. Over the forecast period, precision farming is projected to hold the largest share of the global farm management software market. The reason for the increase is that rising food demand as a result of rapid population growth has prompted many farmers to turn to farm management software and other precision farming techniques.
The On-cloud segment is expected to hold the largest share of the global farm management software market during the predicted period.
The global farm management software market is categorized into three segments primarily on their offerings: on-cloud, on-premise, and data analytics services. The On-cloud segment is expected to account for the largest share of the global farm management software market during the period of prediction. The benefits of cloud deployment, such as scalability, cost-effectiveness, and ease of access, are driving the growth of the On-Cloud segment. This market is expected to expand due to rising demand for remote access and scalability.
The medium size farms segment is expected to hold the largest share of the global farm management software market over the study period.
The global farm management software market is divided into three categories based on farm size: small, medium, and large. Among these, medium-sized farms are expected to account for the largest share of the global farm management software market during the study period. The increasing adoption of farm management software among small and mid-sized farmers looking to improve productivity and profitability can be attributed to the growth in the Medium Size Farms segment.
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North America is estimated to hold the largest share of the global farm management software market during the predicted timeframe.
North America is expected to hold the largest share of the global farm management software market. The increasing demand for precision farming practices and the need for sustainable agriculture practices can be attributed to the growth in these regions. The region, which includes the United States and Canada, is one of the most advanced in terms of agricultural technology adoption. The increasing demand for precision farming and sustainable agriculture practices can be attributed to the region's growth. During the study period, Europe is expected to grow at the fastest rate in the global farm management software market. The increased demand for efficient resource management and compliance with environmental regulations can be attributed to the region's growth. The EU additionally provided funding for precision agriculture research and development, which has aided the growth of the farm management software market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Farm Management Software Market include Trimble Inc, Deere & Company., Aker Solutions, Reed Business Information Ltd, Farmers Edge Inc, AgJunction, AgriData Incorporated., DICKEY-john., AGRIVI, Raven Industries, AgEagle Aerial Systems Inc., The Climate Corporation, Granular Inc, Topcon, Relex Group, and Others.
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Recent Developments
In January 2023, Cropin, an agtech company best known for developing the first agricultural industry cloud, has announced that its farm digitization software, Cropin Grow, is now available on the Amazon Web Services (AWS) Marketplace. Cropin Grow intends to use technology to address real-world agricultural issues such as connectivity, climate change, supply chain disruptions, food waste, and food security. By making every farm asset traceable, predictable, and sustainable, Cropin Grow enables industry stakeholders to manage risks, increase productivity, maximise revenue and profit, and optimise resources. This platform is used by businesses, governments, and development organizations to provide value to all stakeholders in the food value chain.
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