According to a report by Grand View Research, Inc., global farm management software market is anticipated to value USD 4.22 billion by 2025. Growing requirement for smart and technologically advanced devices that can support agriculture production are anticipated to fuel demand for farm management software. These software are likely to use information communication technology (ICT) such as big data analytics and internet of things (IoT) to addressing resource constraints such as shortage of water, labor, and energy.
Relentless shortage of water attributed to increasing population in developing countries can influence growth of market. Growing adoption of modern agriculture methods over traditional inefficient methods to enhance crop yield and quality can fuel demand for farm management software. Rising awareness regarding health benefits of organic foods and subsequently increasing consumption of such as foods can augment market growth in the forthcoming years. Growing adoption of site-specific crop management to increase agriculture production and reduce use of pesticides can stimulate growth of market. Increasing use of remote sensing technology in agriculture attributed to emergence of GIS and drones can spur demand for advanced software. Images captured using devices equipped with remote sensing technology can support monitoring week % crop diseases, mapping of soil properties, and classification of crop species. This, in turn, can fuel demand for farm management software over the forecast period.
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The farm management software market can be segregated on the basis of agriculture type, deployment model, services, and region. Based on agriculture type, the market can be categorized on the basis of livestock monitoring, smart greenhouse, precision farming, and others. In 2016, precision farming segment dominated the market and accounted for largest market share. It is likely to grow at similar pace during the forecast period. It is likely to use ICT and IoT to optimize crop yield and preserve resources. In addition, it can support farmers to measure amount of fertilizers required for yielding and adopt harvesting strategies accordingly.
Based on deployment model, the market can be bifurcated into cloud-based and web-based. Cloud-based segment is anticipated to grow at CAGR of 19.5% over the forecast period. Reduced costs pertaining to software licensing, security, backups, and servers can influence demand for cloud-based software solution.
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Based on services, the market can be classified into maintenance & support, system integration & consulting, managed services, and assisted professional services. In 2016, managed services dominated the market and accounted for largest market share. These services can be segmented further into farm operation services, data services, and analytics services. In addition, assisted professional services can be segmented into supply chain management services and climate information services. Climate information services segment can grow at highest CAGR of 21.9% from 2017 to 2025. Growing adoption of smart agriculture systems that can perform predictive weather measurement can influence demand.
Regional segmentation incudes Europe, North America, Asia Pacific, South America, and Middle East & Africa. In Asia Pacific, the market is expected to dominate and grow at phenomenal CAGR of 19.2% during the forecast period. Rising investments in R&D activities by local companies to develop drones based on advanced technologies can fuel growth of market. Companies such as Yamaha Motor Co., Ltd. and DJI are likely to introduce drones offering better sensors and imaging capabilities.
In 2016, North America dominated the market and accounted for market share equivalent to USD 492.7 million. It is expected to witness significant growth during the forecast period. Supportive initiatives from local governments to promote application of smart irrigation attributed to rising concerns towards water conservation can influence market growth. In addition, increasing government funds to develop vertical farms can spur growth of market over the forecast period.
In South America, the market is likely to grow well in next few years owing to high prevalence of integrators to customize and promote agriculture technology.
Some of the leading companies offering farm management software are Ag Leader technology; CropZilla Software, Inc.; The Climate Corporation; DeLaval; and Farm Edge, Inc. Most companies are likely to develop telematics systems attributed to rising awareness of precision agriculture among farmers.
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