Farm Management Software Market Projected to reach 1,937.9 Million USD by 2023
Added: (Mon Dec 10 2018)
Pressbox (Press Release) -
According to the new market research report "Farm Management Software Market by Agriculture Type (Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse Farming), Delivery Model (Web Based, Cloud Based), Service Provider, Application, and Geography - Global Forecast to 2023", The farm management software market was valued at USD 748.0 Million in 2016 and is expected to reach USD 1,937.9 Million by 2023, at a CAGR of 14.12% between 2016 and 2023. The increasing implementation of cloud computing in real-time farm data management, growing population and demand for food worldwide, governments’ support to adopt modern agricultural techniques, strengthening of intellectual property rights over agricultural innovations, and increasing focus on monitoring livestock performance and health to increase farm efficiency are some of the significant drivers for the growth of this market.
Precision farming agriculture type to hold a major share of the farm management software market during the forecast period
Precision farming agriculture type is expected to hold the largest share of this market between 2017 and 2023. The agriculture types include precision farming, livestock farming, fish farming, smart greenhouse farming, and others. Precision farming agriculture has the largest share of the overall market owing to its extensive benefits in the farm management software market. The market growth can be attributed to the increasing focus on farm efficiency, crop yield, and productivity. The increasing demand for food worldwide, extended profitability and production due to the implementation of advanced techniques in farming, and monitoring of crops to yield production benefits are some of the major factors contributing to the growth of the farm management software market for precision farming. Also, the government initiatives worldwide are helping farmers use optimized agricultural and technological tools and improve their farm productions.
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The local/web-based delivery model is expected to hold the largest share of farm management software market
Local/web-based delivery model is expected to hold the largest share of the farm management software market between 2017 and 2023. The farm management software market for the web-based delivery model is already popular among users due to its easy accessibility compared with cloud-based software, which is still at its nascent stage. Web-based software are simple agriculture and land management software that allows the efficient management of key aspects of farm operations such as land list, master data, and charts of accounts. Web-based software is most preferred because it is secure and readily available on smartphones, tablets, or desktop computers.
System integrator service providers held the largest share of the farm management software market in 2016
System integrators play an important role in the integration of the software and hardware equipment. System integrators are involved in troubleshooting and diagnosing farm management solutions, as well as in developing new concepts related to software and hardware equipment. The independent system integrator recommends optimal component solutions according to specific customer needs. It integrates numerous different subsystems including farm management software, sensors, access control systems, fire control systems, and camera systems. The increasing new hardware and software installations in the farms are expected to create a market for system integrators. Companies including Deere & Company (US), Trimble, Inc. (US), and AgJunction, Inc. (US) provide system integration services to farmers. Also, there are third-party system integrators who provide external support to these companies.
The Americas held the largest share of the farm management software market in 2016
The Americas held the largest share of the farm management software market in 2016. The countries in the Americas region such as the US and Canada are the early adopters of the farm management software, thereby attributing to be one of the major reasons for the high growth of the said market in this region. In addition, the presence of major farm management software providers and favorable government regulations play a major role in the growth of this market.
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The farm management software ecosystem includes manufacturers and resellers such as Deere & Company (US), Trimble (US), AgJunction (US), Raven Industries (US), AG Leader Technology (US), SST Development Group (US), DICKEY-john (US), Topcon Positioning Systems (US), The Climate Corporation (US), Iteris (US), DeLaval (US), BouMatic (US), Conservis (US), FARMERS EDGE (Canada), and GEA Group (Germany).