Farm Management Software Market To Hit Value .22 Billion By 2025Posted by Mrudula Anil Karmarkar on March 25th, 2021 The global farm management software market size is anticipated to reach USD 4.22 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 16.7% during the forecast period. The perpetual shortage of water along with growing population in developing countries is compelling governments to seek different ways of increasing food production. Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor. A shift from inefficient traditional agricultural methods to modern agricultural practices would help cope with sustainability challenges in the agriculture industry, which is expected to positively influence the farm management software market over the forecast period. Increasing awareness regarding benefits of organic foods and their subsequently growing consumption are fueling the demand for higher agricultural output. As a result, industry players are investing in R&D activities to develop effective and efficient drones for enhancing productivity. The Food and Agriculture Organization (FAO) estimated a 60% increase in the demand for agricultural products by 2050, representing an approximate increase by 1% per year, as the global population is likely to reach 9 billion by 2050. Furthermore, growing middle-class population in emerging countries is poised to stoke the demand for agricultural products such as vegetables and fruits. Moreover, increasing uptake of healthier food is boosting the demand for market. Increasing focus of farmers on crop yield, productivity, and farm efficiency is projected to provide a fillip to the market over the forecast period. Advancements in technologies such as cloud computing and Internet of Things (IoT) are anticipated to promote the usage of big data, artificial intelligence, and robots in farming. Big data plays an essential role in providing predictive insights in agriculture, redesigning business process, and making real-time operational decisions for altering business models. Farm Management Software Market Report Highlights
Global IT companies such as IBM are offering software solutions and big data analytics for precision farming techniques. On the other hand, startups are moving upstream in the value chain and extending their offerings to insurance and advisory services. The value chain of the farm management software market includes suppliers, agricultural OEMs, integrators & service providers, and customers. The adoption of remote sensing technology in the agriculture industry is on a rise due to emergence of drones and GIS. Images captured through device featuring remote sensing technology can be used for detection of cop water stress, monitoring weeds & crop diseases, classification of crop species, and mapping of soil properties. A few of the open-source remote sensing software, include Quantum GIS Semi-Automatic Classification Plugin (SCP), Optical and Radar Federated Earth Observation (ORFEO) toolbox, Opticks, and PolSARPro. Growing adoption of site-specific crop management is likely to reduce the usage of pesticides, improve crop yields, and provide better information for farm management decisions. Farm productivity can be increased by forecasting crop performance under various environmental conditions. Phenotyping helps understand numerous factors such as nitrogen depletion and pH levels of soil affecting crop growth and is carried out to determine crop growth under different conditions. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1713/ibb Players in the agriculture industry are acknowledging the need for technology infusion to increase crop production. Growing farm mechanization has increased profitability of the agriculture sector in developed countries. Modern agriculture involves use of software and hardware components. Equipment manufacturing requires embedded application software and hardware, along with network services. Agricultural equipment manufacturers are developing telematics systems, owing to increasing awareness of precision agriculture among farmers. For instance, telematic services of Raven Industries called Slingshot offers real-time kinematic GPS correction signals, real-time Raven technical support, and data transfer in the field.The key players in the industry include Ag Leader technology; CropZilla Software, Inc.; The Climate Corporation; DeLaval; and Farm Edge, Inc. Grand View Research has segmented the global farm management software market based on agriculture type, deployment model, service, and region: Farm Management Software Agriculture Type Outlook (Revenue, USD Million, 2014 - 2025)
Farm Management Software Deployment Model Outlook (Revenue, USD Million, 2014 - 2025)
Farm Management Software Services Outlook (Revenue, USD Million, 2014 - 2025)
o Data services o Analytics services o Farm operation services
o Supply chain management services o Climate information services About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |