DUBLIN, April 14, 2023 /PRNewswire/ — The report “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” has been added to the ResearchAndMarkets offering. com .
The global farm management software and data analytics market was valued at $3.56 billion in 2022, which is expected to grow at a CAGR of 15.39% and reach $7.28 billion by 2027.
Farm management software and data analytics solutions aim at increasing the convenience of farming operations for farmers. This software increases transparency in the field and reduces the chance of crop failures. Through farm management software, a farmer has complete information about all field activities, which can be managed through software accessible through a mobile phone or tablet.
Some of the key benefits of farm management software and agricultural data analytics solutions include yield monitoring and field mapping, crop exploration, weather tracking and forecasting, irrigation management, and agricultural economics.
The market for farm management software and data analytics is in a growth phase. Since 2010, adoption of farm management software and data analytics solutions has increased, especially by medium and large farmers. Increased awareness of 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 for the adoption of farm management software and data analytics solutions by farmers.
Implications for the industry
Traditionally, software in agriculture was popularly installed on-premises, where users had to build servers, install applications, and so on. The global agricultural industry has undergone significant changes in recent decades, especially with the introduction of artificial intelligence to improve crop yields.
Market share
Livestock management is expected to dominate the global market for farm management software and data analytics in the application segment. The huge market share and growth potential of livestock farming as an application for farm management software and data analytics is attributed to the wide range of applications found under the farm type for agricultural software solutions.
The global farm management software and data analytics market in the product segment is expected to be dominated by cloud software based farm management solutions. The benefits of affordable pricing models, scalability, integration and ease of software solutions are the main reasons behind the growth of this product offering.
The global farm management software and product segment data analytics market is expected to be dominated by managed services. Managed services include various services such as data, analytics, farm, supply chain management, and climate information services.
They deliver service-oriented architecture services and solutions, which provide many benefits to an organization, including improved information flow, configuration flexibility, the ability to rapidly build new functionality, and advanced integration capabilities. Thus, the huge market share of the managed services segment is due to the market players offering a service-oriented architecture that aligns business objectives with the IT environment.
North America is expected to dominate the global farm management software and data analytics market due to the high technological advancements in the region and the presence of leading providers of farm management software and data analytics solutions in the North America region. In the region, government support and technological advancements have contributed to the growth of the market.
Leading players in the farm management software and data analytics market are also active in the North America region, offering a wide range of options to growers purchasing farm management solutions. The region is expected to experience 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 and data analytics software market has experienced great development due to major players operating in the market such as business expansion, partnership, collaboration, and joint ventures. The preferred strategy for the companies was 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 research are 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 market and data analysis has been conducted to help the reader understand how players perform against each other, thus presenting a clear market landscape.
In addition, comprehensive competitive strategies such as partnerships, agreements, and collaborations will help the reader understand the untapped revenue streams in the market.
Key players in the market and competition summary
The companies profiled were selected based on input from primary experts and analysis of the company’s coverage, product portfolio, and market penetration.
The top segment players leading the way include farm management software and data analytics service providers, which hold approximately 31.6% of the market presence.
Recent developments in the global farm management software and data analytics market
In May 2022, JCA Industries, a leader in developing autonomous farm equipment software, implementing controls and electronic system components, was acquired by AGCO Corporation. In September 2022, AGRIVI collaborated with Genome Technologies. This partnership aimed to provide high quality digital farming solutions to East African countries, mainly in Kenya. This would make her presence in the East Africa region. In May 2022, EOS Data Analytics leverages AWS solutions to enhance AI-powered analytics from satellite imagery for crop monitoring and near-real-time farm management. This capability would support EOS Data Analytics in creating satellite-driven farm management software and data analytics solutions for informed crop growing decisions to help users increase 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 Europe And Asia Pacific.
Main companies profiled
Accenture AGCO Corporation Ag Leader Technology AGRIVI Amazon Web Services, Inc. BASF SE Climate LLC CNH Industrial NV 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
Business dynamics
Drivers
Increasing demand for food Need to reduce crop losses Decreasing availability of personnel Need for automation and mechanization More government support
Challenges
Threat to agricultural data security leads to low investment Technological challenges hamper development complexity due to lack of infrastructure Lack of interoperability management
Possibilities
Increasing integration of emerging technological developments Increasing adoption of modern technologies Growth in AI and Blockchain-based solution providers Integral offering with horizontal integration in agriculture Enhanced services for farmers in rural areas Penetration of innovative wireless networks Scope of developing affordable solutions
Market strategies and developments
Business strategies Product launches Business expansions Business strategies Mergers and acquisitions Partnerships, partnerships and joint ventures Snapshot of business strategies adopted by key players in the market
Industry prospect
trends
Increasing demand for crop yields Growing need to combat climate change Larger farms Expanding technological advances in agricultural applications Enhanced agricultural implementation Technology-as-a-Service 5G: A boost for farm management and data analytics services Ecosystem/Ongoing Programs Consortia and Societies Regulatory Agencies Government Programs
Case Studies
SourceTrace AGRIVI AgriWebb
Boot landscape
Top startups in the ecosystem Funding analysis Total investments and number of financing deals Top investments by market players
For more information on this report, please visit https://www.researchandmarkets.com/r/qouz75
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