New York, Nov. 16, 2023 (GLOBE NEWSWIRE) -- The global farm management software market size is expected to expand at ~17.70% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 24.24 billion by the end of 2035, up from a revenue of ~USD 3.43 billion in the year 2022.Precision agriculture is a farming technique that uses technology to optimize crop yields and reduce waste. Farm management software is an essential tool for precision agriculture, as it helps farmers to collect and analyze data from various sources, such as weather sensors, soil sensors, and GPS devices.
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Furthermore, the emerging technologies like autonomous tractors, navigation systems and GPS sensors are expected to play a significant role, in driving the growth of the precision agriculture during the study period. For instance, Agtech firm EarthScout announced a unique addition to its scalable line of innovative agriculture products that assist farmers and food producers. The innovative, unique EarthScout Soil Cub is an affordable, miniature 4.5"x3[R1] "x2" commercial-grade sensor that's installed in the field to monitor soil moisture, soil temperature, and EC at two soil deeps so growers can see moisture and nutrient grades throughout the root site and adjust inputs.
Growing Demand for Automation and Efficiency to Boost Market Growth
Automation allows farmers to increase accuracy and precision in their farming practices, as well as to automate processes such as planting, weeding, and harvesting. This allows them to complete tasks in less time and with fewer resources, increasing efficiency and productivity. Additionally, automation can help reduce labor costs, as fewer workers are needed to do the same amount of work. For instance, fully autonomous use cases across orchards and vineyards can deliver more than USD 400 per acre per year in value, doubling to quadrupling returns on farmers’ investment in automation. This can lead to increased efficiency and productivity, as well as reduced labor costs. As farmers face increasing pressure to produce more with fewer resources, the demand for automation and efficiency is expected to grow.
Farm Management Software Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Agricultural Sector to Drive the Growth in the Asia pacific Region
The farm management software market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is due to the fact that the agricultural sector in the region is expanding, due to the increasing population and demand for food. As the need for better agricultural technology grows, more people are turning to farm management software to help manage their operations. Also, the proportion of individuals residing in areas within the Asian region has witnessed a considerable decline, falling from 80% in 1970 to 52% in 2020. It is anticipated that this figure will further decrease to 38% by the year 2050 due to the availability of better paid positions available in urban areas, within the manufacturing and service sectors. This shift has caused a decrease in the demand for agricultural labour, resulting in a decrease in the number of farmers. Additionally, better agricultural technology has allowed farmers to increase the efficiency of their operations, leading to a decrease in the need for manual labour.
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Presence of Larger Farms to Drive the Growth in the North America Region
The North America farm management software market is estimated to garner the largest revenue by the end of 2035. This is largely due to the fact that farmers in North America have more resources to invest in technology and are more aware of the potential benefits of modern farm management software. In addition, the larger farms in North America mean that there is more potential for economies of scale, which can reduce costs and provide a competitive advantage over smaller farms. The average size of farms in the United States has seen an increase compared to the previous year with an average of 445 acres in 2021. Specifically, there has been a rise in farm sizes, within the sales class of $1,000,000 or more. Moreover, with the increasing demand for precision agriculture in region and data-driven decision making, farmers are looking for more advanced solutions to help them optimize their operations and increase their yields.
Farm Management Software Segmentation by Application
- Precision Farming
- Livestock Monitoring
- Smart Greenhouse
- Aquaculture
The precision farming segment in farm management software market is anticipated to hold the largest revenue by the end of 2035. This growth can be attributed to the need for improved profitability and more efficient farming practices, as well as the increasing availability of precision farming technologies. Additionally, the availability of government subsidies and incentives is encouraging farmers to adopt precision agriculture techniques. Around 1440[R2] % of big farms in the US used guidance systems, variable-rate technology, or another type of precision technology in 2022. Governments are encouraging farmers to adopt precision agriculture because it has the potential to increase crop yields, reduce production costs, and improve environmental sustainability. Furthermore, precision agriculture can help farmers make better decisions about their crops and livestock, leading to more efficient and profitable operations.
Farm Management Software Segmentation by Type
- Local/Web-Based
- Cloud-Based
The cloud-based segment in farm management software market is anticipated to hold the largest revenue by the end of 2035. Cloud computing has enabled farmers to access market data, pricing information, and customer feedback in real-time, as well as access tools and services for better management of their farms. In 2021 enterprises around the world spent a total of USD 338 billion on Infrastructure as a Service (IaaS) Platform[R3] as a Service (PaaS) and Software as a Service (SaaS) in the field of Cloud Computing, in Agriculture. This has allowed them to make informed decisions about pricing and marketing strategies, as well as better manage their supply chains. In addition, cloud computing has enabled farmers to access services such as crop and livestock monitoring, weather forecasting, and pest and disease control, which were previously unavailable to them.
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A few of the well-known indsutry leaders in farm management software market that are profiled by Research Nester are Trimble, Inc., Raven Industries, Inc., Topcon Positioning Systems, Inc., Corteva Agriscience, Agrivi, AgJunction, Farmers Edge, Inc., Agworld Pty Ltd, Deere & Company, IBM Corporation, and other key market players.
Recent Development in the Farm Management Software Market
- Sonata Software and AGRIVI have joined forces to advance the digitalization efforts in the agriculture ecosystem. Their collaboration aims to offer notch digital solutions for agriculture in the US, Europe and the Middle East. With Sonata’s influence and AGRIVIs expertise in farm management customers can expect cutting edge solutions.
- The Watson Decision Platform for Agriculture is being implemented by Heifer International, IBM Corporation and CATIE in Latin America. This initiative focuses on promoting sustainable wellbeing for humans while utilizing advanced technology. By combining AI technology with geospatial, weather, environmental and IoT field data farmers will have access to a customized dashboard that provides comprehensive insights, about their land.
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