The global farm management software market size is anticipated to reach USD 10.58 billion by 2030, growing at a CAGR of 16.2% from 2023 to 2030,said the latest report on the “Farm Management Software Market Size, Share & Trends Analysis,” published by marketreaserch firm ResearchAndMarkets on Wenesday.
The surge in the adoption of farm management software is attributed to the agriculture industry’s increasing need for enhanced efficiency and productivity. Technological advancements and the ongoing digital transformation in agriculture have further fueled this growth.
Farm management software equips farmers with valuable tools to streamline operations, optimize resource utilization, and make data-driven decisions. Modern farms utilizing this technology can efficiently manage irrigation schedules based on real-time weather data, analyze soil conditions for optimal crop varieties, and remotely monitor equipment performance. This results in higher yields, improved profitability, and reduced operational costs.
The growing awareness of sustainability and environmental concerns has prompted farmers to embrace eco-friendly practices facilitated by farm management software. Site-specific crop management reduces pesticide usage and minimizes environmental impact, ensuring a more sustainable and responsible approach to farming.
Moreover, the integration of precision agriculture technologies with farm management software allows for precise and resource-efficient practices, such as variable-rate application of fertilizers, further contributing to sustainability and resource management.
The report highlights the increasing global focus on crop yield, productivity, and farm efficiency as a positive influence on market demand. Technologies like cloud computing, the Internet of Things (IoT), big data, and artificial intelligence are expected to play a crucial role in reshaping agricultural practices.
Leading global IT companies, including IBM, are contributing to the market by offering software solutions and big data analytics for precision farming technologies. Startups are also making strides by expanding their offerings to include insurance and advisory services.
The market is characterized by a competitive landscape featuring key players such as Ag Leader Technology, AgJunction LLC, BouMatic, CropX, Inc., CropZilla Inc., DeLaval, DICKEY-john, Deere & Company, Corteva, CNH Industrial, Trimble Inc., Climate LLC, Gamaya, GEA Group Aktiengesellschaft, Farmers Edge Inc., and Grownetics.
The precision farming agriculture type dominated the market in 2022, holding a share of 43.5%, and is expected to maintain its dominance over the forecast period. Additionally, the cloud-based deployment model is anticipated to witness the highest CAGR of 17.7%.
North America emerged as the dominant market player in 2022, holding a share of 33.7%, driven by increased adoption of precision agriculture, sustainability practices, data-driven decision-making, and technological advancements empowering farmers to enhance productivity and competitiveness in the agricultural industry.
As the agriculture sector continues to embrace digital transformation, the farm management software market is poised for sustained growth, contributing to a more efficient, sustainable, and technologically advanced global farming landscape.