Farm Management Software Market worth $5.8 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 23, 2024 /PRNewswire/ -- The Farm Management Software Market is projected to reach from USD 3.4 billion in 2024 to USD 5.8 billion by 2029; it is expected to grow at a CAGR of 11.0% from 2024 to 2029 according to a new report by MarketsandMarkets™. The adoption of farm management software enables farmers to embrace sustainable farming practices by optimizing input utilization, minimizing waste, and enhancing soil health. This becomes particularly crucial in response to heightened consumer demands for sustainable food production practices.

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Farm Management Software Market Report Scope:

By Application: Precision Aquaculture is projected to grow at the highest CAGR during the forecast period.

Precision aquaculture is expected to experience rapid growth, propelled by various factors including technological advancements, heightened demand for protein-rich aquatic food, environmental considerations, sustainability objectives, and enhanced efficiency and profitability advantages. Moreover, favorable market dynamics and opportunities contribute to this growth trajectory. Key drivers of the precision aquaculture market include the expanding number of aquaculture farms, the growing preference for land-based recirculating aquaculture systems and increasing governmental support for aquaculture initiatives. These trends present promising growth prospects for precision aquaculture technologies and services.

By Offering: Data analytics services to account for the highest CAGR during the forecast period.

The growth of data analytics services within farm management software is projected to accelerate due to several factors. There is an increasing demand for precision farming techniques, which rely heavily on data analysis for optimizing agricultural practices. The rising need for real-time data management, facilitated by cloud computing, is driving the adoption of data analytics services. Additionally, there is a growing recognition of the importance of managed services in enhancing farm efficiency and reducing costs. Data analytics services play a crucial role in managed services by providing insights and foresight into various processes and functions, ultimately improving operations and reducing expenditures by replacing directly employed staff with more efficient solutions.

By Farm Size: The medium farm size is projected to register the highest CAGR during the forecast period.

With farm size expansion, a heightened necessity arises for efficient resource management to streamline input costs and enhance yields. Farm management software emerges as a valuable tool in assisting farmers in effectively managing their resources, diminishing wastage and augmenting productivity. The emergence of precision farming, alongside the integration of advanced technologies like IoT, AI, and machine learning, has facilitated the capability to manage larger farms with increased efficiency.

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By Region: Americas to hold larger market share in 2023.

Americas stands out as the swiftest expanding sector in the farm management software industry. America commands a significant market share in farm management software, attributed to various factors such as the prevalence of large-scale farms, elevated levels of farmer awareness, and ready access to advanced technologies. Particularly in the US and Canada, precision agriculture methodologies have notable uptake, emphasis on resource efficiency, and a strong commitment to sustainability, all of which fuel the demand for farm management software solutions. Additionally, the region exhibits a high receptivity to technology adoption, with farmers leveraging software for tasks like operating tractors and other agricultural machinery, thereby facilitating precision farming practices.

The major players in the farm management software companies include AGRIVI (UK), Trimble Inc. (US), Granular Inc. (US), Raven Industries, Inc. (US), TOPCON CORPORATION (Japan), AgJunction LLC (US), Agworld Pty Ltd (US), Farmers Edge Inc. (Canada), Climate LLC (US), IBM (US), Afimilk Ltd. (Israel), ABACO S.p.A. (Italy), Deere & Company (US).

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