DUBLIN, April 14, 2023 /PRNewswire/ — 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.
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.
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.
Traditionally, software in agriculture was popularly installed on-premises, where users had to build servers, install applications, andce. The global agriculture industry has witnessed significant changes in the past decades, especially with the introduction of artificial intelligence to improve crop yield.
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.
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.
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.
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.
How can this report add value to end users?
The global farm management software and data analytics market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been business expansion to strengthen their positions in the farm management software and data analytics market.
Key players in the global farm management software and data analytics market analyzed and profiled in the study involve farm management software and data analytics service providers that provide tools and technologies.
Moreover, a detailed competitive benchmarking of the players operating in the global farm management software and data analytics market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company’s coverage, product portfolio, and market penetration.
The top segment players who are leading include farm management software and data analytics service providers, which capture around 31.6% of the presence in the market.
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.
Key Companies Profiled
AccentureAGCO CorporationAg Leader TechnologyAGRIVIAmazon Web Services, Inc.BASF SEClimate LLCCNH Industrial N.V.Deere & CompanyGranular Inc.Hexagon AgricultureIBM CorporationKubota CorporationMicrosoft CorporationPrecisionHawk, Inc.ProagricaSemiosSyngenta AGTrimble Inc.Yara International ASAOneSoilTerraview Pte. Ltd.VidacycleVinelytics LLC
Increasing Demand for FoodNeed to Reduce Crop LossesDecreasing Workforce AvailabilityNeed for Automation and MechanizationIncreased Government Support
Threat to Farm Data Security Leading to Low InvestmentsTechnological Challenges Impede the DevelopmentComplexities Due to Lack of InfrastructureLack of Interoperation Management
Rise in Integration of Emerging Technological AdvancementsIncreasing Adoption of Modern TechnologiesGrowth in AI and Blockchain-Based Solution ProvidersIntegral Offerings with Horizontal Integration in FarmingImproved Services for Farmers in Rural AreasPenetration of Innovative Wireless NetworksScope of Developing Affordable Solutions
Market Strategies and Developments
Business StrategiesProduct LaunchesBusiness ExpansionsCorporate StrategiesMergers and AcquisitionsPartnerships, Collaborations, and Joint VenturesSnapshot of Corporate Strategies Adopted by the Key Players in the Market
Increasing Requirement for Crop YieldGrowing Need to Combat Climate ChangeIncreasing Agricultural Farm SizeExpanding Technological Advancements in Agricultural ApplicationsAugmenting Implementation of Agriculture Technology-as-a-Service5G: A Boost for Farm Management and Data Analytics ServicesEcosystem/Ongoing ProgramsConsortiums and AssociationsRegulatory BodiesGovernment Programs
Key Startups in the EcosystemFunding AnalysisTotal Investments and Number of Funding DealsTop Investments by Market Players
For more information about this report visit https://www.researchandmarkets.com/r/qouz75
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