Dublin, Jan. 12, 2022 (GLOBE NEWSWIRE) -- The "Farm Management Software and Data Analytics Market - A Global and Regional Analysis: Focus on Product, Application, and Country Analysis - Analysis and Forecast, 2020-2026" report has been added to ResearchAndMarkets.com's offering.
The global farm management software and data analytics market is expected to reach $5.26 billion by 2026, with a CAGR of 18.55% during the forecast period 2021-2026.
The growth rate in the market is because of the increased average farm size in some regions of the world. Farm management software are primarily required to manage a large-scale farm to reduce human dependability and chances of crop failure. Another major driver toward the growth of farm management software and data analytics market is the increased government initiatives toward the upliftment of the market.
Farm Management Software and Data Analytics Market
Farm management software and data analytics solutions aim at increasing the ease in farm operations for the farmers. These software increase transparency in the field and decrease the chances of crop failure. Through farm management software, a farmer has complete information on all field activities, which can be managed through software accessed through a mobile phone or a tablet. Some of the primary benefits related to farm management software and data analytic solutions in the agricultural field include yield monitoring and field mapping, crop scouting, weather tracking and forecasting, irrigation management, and farm economics.
Since 2010, the adoption of farm management software and data analytic solutions has increased, especially by medium and large-scale farmers. Increased awareness regarding the benefits of farm management software has increased the adoption rate of these solutions. High technological advancement in some regions of the world is another driver toward the adoption of farm management software and data analytic solutions by the farmers.
Impact of COVID-19 on Global Farm Management Software and Data Analytics Market
The supply chain for the majority of the industries across the globe got impacted due to the COVID-19 pandemic, including the farm management software and data analytics industry. During the COVID-19 outbreak, the supply chain of the agriculture industry was disrupted. Companies are focusing on new strategies to develop more convenient tools to cater to the demand for food.
Hence, the farm management software and data analytics industry is playing a critical role in catering to the unprecedented situation caused by COVID-19 by providing predictive analytics and insightful outputs to assist efficient crop growth and animal health.
Global Farm Management Software and Data Analytics Market by Application
The global farm management software and data analytics market in the application segment is expected to be dominated by precision crop farming. High market share and growth potential associated with precision farming as an application for farm management software and data analytics is attributed to the wide range of use cases found under this farming type for agricultural software solutions.
Global Farm Management Software and Data Analytics Market by Product
The global farm management software and data analytics market in the product segment is expected to be dominated by software-based farm management solutions. The benefits of affordable pricing models, integration, scalability, and accessibility associated with software solutions are the major reasons behind the reported growth of this product offering.
Global Farm Management Software and Data Analytics Market by Region
North America generated the highest revenue of $498.95 million in 2020, which is attributed to the technological advancements in the North America region. In the region, government support along with technological advancement has helped in the growth of the market.
Also, leading players in the farm management software and data analytics market are operating in the North America region, which gives a wide range of options to the growers purchasing farm management solutions. The region is expected to witness high growth of CAGR 17.47% during the forecast period 2021-2026.
Key Market Players and Competition Synopsis
Key players operating in the global farm management software and data analytics market analyzed and profiled in the study involve original equipment manufacturers (OEMs) that provide the required software for deployment in the agriculture industry.
Moreover, a detailed competitive benchmarking of the players operating in the global farm management software and data analytics market has been done that will help the reader to understand how players stack against each other, presenting a clear market landscape.
Market Growth Drivers
Increasing Average Farm Size
Increasing Demand for Agricultural Mechanization and Automation
Increased Government Support and Initiatives
Threat to Farm Data Security and Privacy
Depleting Farm Income Leading to Less Investment in Farm Management Software and Data Analytics
Growth in Precision Agriculture Market
Growth of Blockchain and Artificial Intelligence-Based Solution Providers
ABACO Group UK
Ag Leader Technology
Agworld Pty Ltd
CLAAS KGaA mbH
CNH Industrial N.V.
CropIn Technology Solutions Private Limited
Deere & Company
Farmers Edge Inc.
Raven Industries Inc.
The Climate Corporation
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