With 14.7% CAGR, Farm Management Software Market Growth to Surpass USD 4.2 billion

Posted by edwardzmusso on August 29th, 2022

The global farm management software market is estimated to grow from USD 2.1billion in 2021 to USD 4.2billion by 2026 at a CAGR of 14.7% during 2021–2026. The growth of the farm management software market is driven by factors such as increasing implementation of cloud computing in real-time farm data management, growing population and subsequent rise in demand for food worldwide, and strengthening of intellectual property rights over agricultural innovations. Government support to encourage the adoption of modern agricultural techniques and focus on monitoring livestock performance and health to increase farm efficiency are also driving the growth of the farm management software market.

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Countries in the Americas and Europe region have also witnessed increasing adoption of farm management software for various applications which has aided in the growth of agriculture industry. High level of awareness among farmers about the benefits associated with advanced technologies such as IoT, artificial intelligence, and farm monitoring devices, high penetration of internet in countries like the US and Canada, and the presence of large farms are the key factors responsible for the higher adoption rate of farm management software in the Americas.

The farm management software market for precision aquaculture is projected to register the highest CAGR during the forecast period, by application. The increasing demand for protein-rich aqua food is driving the growth of farm management software for precision aquaculture. Additionally, to increase the production of different types of fishes, adequate amount of nutrients as per the requirement must be fed to the them. Hence, fish farmers are increasingly using farm management software for feeding management to improve fish production.  These factors are expected to drive the market growth of farm management software for precision aquaculture application.

The production planning of the farm management software market is estimated to register largest market share in 2026, by farm production planning. The main driver for the farm management software market in the production planning segment is the increasing implementation of cloud computing in real-time farm data management, growing population and subsequent rise in demand for food worldwide, and strengthening of intellectual property rights over agricultural innovations.

The farm management software market for data analytics services is projected to register the highest CAGR during the forecast period, by offering. The increasing need for real-time data management through cloud computing, government support to encourage adoption of modern agricultural techniques, and increasing use of agriculture software to maintain farm efficiencies are some of the major factors fostering the growth of the market.

The medium-sized farms of the farm management software market is estimated to register largest market share in 2026, by farm size.There are large number of medium-sized farms across the world. Hence, the adoption of farm management software in such farms is relatively higher. Other factors responsible for the high adoption of farm management software in medium-sized and large farms are the possibilities of higher returns, reduced operational costs of production, and the ability to monitor various areas of the farm and take actions according to the requirement to improve productivity.

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The farm management software market in APAC is projected to register the highest CAGR during the forecast period, by region. The growth prospects of the market in APAC are very high as farm management software is still a nascent technology in many countries in the region. However, due to the rapid increase in population and the consequent need to cope with the increasing demand for agricultural products, farmers are adopting farm management software solutions and other advanced agricultural practices in precision agriculture, livestock monitoring, and aquaculture farms.

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edwardzmusso
Joined: February 8th, 2021
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