Global Farm Management Software Market

MARKET SCOPE:

The global farm management software market is projected to grow significantly, registering a CAGR of 15.6% during the forecast period (2024 – 2032).

Farm Management Software (FMS) is a kind of software package. It is manufactured to help farmers with their daily tasks. Farm operations and production activities are managed and optimized by using farm management software. This software automates essential farm tasks, including record management, data storage, monitoring, and analysis of farming activities. Additionally, it streamlines production processes and facilitates efficient scheduling of work on the farm. Farmers have the capability to input and evaluate data pertaining to crop yields, soil health, and weather patterns. This approach, driven by data, empowers farmers to make well-informed decisions concerning planting strategies, allocation of resources, and the overall management of crops. The inclusion of real-time monitoring features provides farmers with the ability to closely observe field conditions, livestock health, and the status of equipment. This functionality allows them to promptly identify and address issues as they arise.

MARKET OVERVIEW:

Driver: The rise in implementation of big data analytics in agriculture is expected to boost the market expansion in the upcoming years.

The utilization of big data offers farmers detailed insights into rainfall patterns, water cycles, fertilizer needs, and other crucial factors. This wealth of information empowers farm operators to make more informed decisions regarding aspects such as crop health, growth, monitoring, and optimal harvest timing, ultimately contributing to enhanced profitability. Through data analytics, precision agriculture, or smart farming becomes more accessible, leading to cost reductions and increased crop yields. Big data plays a pivotal role in improving the efficiency of the agricultural supply chain by providing effective tracking and optimization options for delivery truck routes. This, in turn, simplifies the monitoring of the food delivery cycle from the producer to the market, ensuring minimal waste in the process.

Furthermore, farm offices collect information related to crop yields, fertilizer requirements, soil mapping, weather patterns, and animal health. This data serves as a foundation for making informed decisions regarding costs and yields. The integration of water sensors facilitates the transition to digital agriculture by providing guidance on how water usage should be strategically planned for optimal efficiency, particularly beneficial in areas prone to drought. The fusion of AI with big data empowers farmers to receive accurate recommendations based on well-organized real-time information about crop requirements. This integration eliminates guesswork and enables the implementation of more precise farming practices, including irrigation, fertilization, crop protection, and harvesting.

Opportunities: Government Initiatives and Policies are expected to pave the way for next generation optical fiber market growth in the upcoming years.

By using drones, farmers can remotely monitor crop density, moisture levels, water and fertilizer requirements throughout the field. Additionally, they can precisely observe and monitor crop health and growth. The utilization of accurate satellite data with enhanced resolution contributes to more reliable outcomes. Drones play a crucial role in identifying the presence of pests, insects, and any anomalies in the fields. They are also effective in tracking the invasion of rodents and pests. Using drones to apply insecticides in hazardous areas can prevent infestations while minimizing the risk of direct exposure and potential chemical poisoning.

Remote sensing involves the adoption of aerial or satellite scans to observe the Earth's surface. For obtaining medium spatial resolution land remote sensing data from space, Landsat emerges as a preferable choice. Landsat 8, an observational satellite, completes an orbit around Earth every 16 days. It captures data across nine visible light bands, providing valuable insights into crop health, nutrient levels, insect infestations, and moisture content. Landsat 8 goes beyond capturing visible light, extending to Thermal Infrared Radiation (TIR) that is invisible to the human eye. The increasing application of drones and remote sensing technologies in agricultural settings not only enhances data collection but also presents opportunities for the continual growth of this market.

COVID IMPACT:

The farm management software market experienced a substantial influence from the COVID-19 pandemic. With the agricultural sector facing with disruptions and difficulties in the supply chain, there was a noticeable increase in the request for digital solutions. Farmers, aiming to reduce physical interactions and enhance farm operations from a distance, spurred the uptake of farm management software equipped with data analytics and remote monitoring features. Additionally, precision agriculture gained traction, as farmers increasingly utilized software-integrated tools such as GPS-guided equipment and sensors to optimize resource utilization and improve overall efficiency. Therefore, the Precision Agriculture Initiative, initiated by the United States Department of Agriculture (USDA), aims to offer funding and assistance to farmers adopting smart farming technologies. These programs actively promote innovative practices and extend financial incentives to encourage farmers to invest in smart agriculture. Larger farms, already well-versed in technology adoption, promptly embraced these advancements, playing a significant role in the market's expansion. Conversely, smaller farms encountered challenges due to financial constraints and technological barriers.

SEGMENTATION ANALYSIS:

The precision farming segment is anticipated to grow significantly during the forecast period.

Precision farming utilizes IoT and Information Communication Technologies (ICT) to conserve resources and maximize yields. This approach assists growers in regulating the application of fertilizers to the farm field by assessing conditions within the field and adjusting the harvesting strategy accordingly. Both hardware and software tools are employed to analyze the inherent conditions in each field, and appropriate treatments are implemented. The primary applications of precision farming encompass yield monitoring, crop scouting, irrigation management, inventory management, and weather tracking. Thus, precision farming segment is predicted to raise at a substantial rate owing to the high demand for high crop yields and efficient resource management.

REGIONAL ANALYSIS:

The North American region is set to witness significant growth during the forecast period.

The North American farm management software market is poised for remarkable growth in the foreseeable future, attributed to the prominent presence of the industrial automation sector and widespread adoption of artificial intelligence solutions in the region. The prevalence of larger farms and heightened awareness among farmers contribute to the rapid uptake of modern technologies, particularly in developed countries. Consequently, the North American region emerges as the primary market for farm management software technologies.

Furthermore, protein Industries Canada has collaborated with Farmers Edge Inc. and OPI Systems, injecting a total of USD 21 million into a project focused on analyzing data from farmers and gathering farm-level information pertaining to plant and storage health management. This initiative aims to leverage artificial intelligence (AI) and machine learning to develop predictive models that can assist farmers in enhancing production and making informed decisions regarding storage and marketing. The anticipated outcome is an improved return on investments in key areas such as seed selection, equipment choice, irrigation practices, and post-harvest management. Hence, the market in the region is experiencing growth during the forecast period due to the presence of large-sized farms, widespread adoption by farmers, and supportive government initiatives.

COMPETITIVE ANALYSIS

The global farm management software market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market.

Trimble Inc.

• In August 2022, Trimble had partnered with CLAAS company. Both companies have announced partnership to manufacture a next-generation precision farming system for CLAAS agriculture equipment. This partnership is anticipated to result in the combination of CLAAS' machine interface and Trimble's guidance capabilities into one common in-cab user experience.

Granular Inc.

• In March 2022, Granular Inc. bolstered its Granular Insights by incorporating an extra Map Tab into the web application. Users can now choose the 2022 Crop Season from the dropdown menu in the Field List. This integration unveils pertinent weather information within Granular Insights, enabling users to track the development of their crops and assess whether a field is suitable for farming on any given day. The feature provides details on precipitation, cumulative precipitation since planting, and more.

AGRIVI

Raven Industries

Topcon Corporation

Grownetics, Inc.

Auroras s.r.l.

The Climate Corporation

Farmers Edge Inc

DICKEY-john.

Ag Leader Technology

Raven Industries, Inc.

Iteris, Inc.

AgEagle Aerial Systems Inc.

Aker Solutions

Scope of the Report

By Type

• Local/Web-based
• Cloud-Based

By Service

• Managed Service
• Professional Service
• Connectivity Service

By Application

• Precision Farming
• Livestock Monitoring
• Smart Greenhouse
• Aquaculture
• Other Applications

By Region

• North America (the United States & Canada)
• Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
• Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, and Latin America)

Key reason to purchase this report

It provides a technological development map over time to understand the industry’s growth rate and indicates how the Farm management software market is evolving.

The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Farm management software submarket will be the main driver of the overall market from 2024 to 2032.

It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032.