Farm Management Software and Data Analytics Market - A Global and Regional Analysis: Focus on Application, Product, and Country-Wise Analysis - Analysis and Forecast, 2022-2027

Report Highlights

Global Farm Management Software and Data Analytics Market to Reach $7.28 Billion by 2027.

Market Segmentation:

Segmentation 1: by Application

• Precision Farming
• Livestock Management
• Aquaculture

Forestry

Livestock management is expected to dominate the global farm management software and data analytics market in the application segment. The huge market share and growth potential associated with livestock management as an application for farm management software and data analytics is attributed to the broad range of applications found under the farming type for agricultural software solutions.

Segmentation 2: by Product

• On-Cloud Software
• On-Premise Software

The product segment's global farm management software and data analytics market is expected to be dominated by on-cloud software-based farm management solutions. The benefits of affordable pricing models, scalability, integration, and convenience associated with software solutions are the primary reasons behind the growth of this product offering.

Segmentation 3: by Service Provider

• System Integration and Consulting
• Maintenance and Support
• Managed Services

The global farm management software and data analytics market in the product segment is expected to be dominated by managed services. Managed services include various services such as data, analytics, farm operation, supply chain management, and climate information services. They deliver service-oriented architecture services and solutions, providing many benefits to an organization, including enhanced information flow, configuration flexibility, ability to build new functionalities, and advanced integration capabilities quickly. Thus, the vast market share of managed services segment is due to the market players providing a service-oriented architecture that aligns the business objectives with the IT environment.

Segmentation 4: by Region

• North America - U.S., Canada, and Mexico
• Europe - Germany, France, Netherlands, Italy, Spain, Belgium, Switzerland, Greece, Ukraine, and Turkey
• China
• U.K.
• Asia-Pacific - India, Japan, Australia, and Rest-of-Asia-Pacific
• Middle East and Africa
• South America

North America is expected to dominate the global farm management software and data analytics market due to the region's high technological advancement and the presence of leading farm management software and data analytics solution providers 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 growers purchasing farm management solutions. The region is expected to witness high growth of CAGR 14.44% during the forecast period 2022-2027.

Recent Developments in Global Farm Management Software and Data Analytics Market

• In May 2022, JCA Industries, a leader in developing autonomous software for agricultural machines, implementing controls, and electronic system components, was acquired by AGCO Corporation.
• In September 2022, AGRIVI partnered with Genome Technologies. This partnership aimed to provide premium digital agriculture solutions to East African countries, mainly in Kenya. This would strengthen its presence in the East Africa region.
• In May 2022, EOS Data Analytics uses AWS solutions to enhance AI-powered satellite imagery analytics for crop monitoring and near-real-time farm management. This opportunity would support EOS Data Analytics to create satellite-powered farm management software and data analytics solutions for informed crop-growing decisions to help users boost farm productivity and profitability.
• In March 2022, BASF launched an open innovation platform called AgroStart to inspire new digital solutions for agriculture. The company launched it in North America with future collaboration expansions in Europe and Asia-Pacific.

Demand – Drivers and Limitations

Following are the demand drivers for the farm management software and data analytics market:

• Increasing Demand for food
• Need to Reduce Crop Losses
• Decreasing Workforce Availability
• Need for Automation and Mechanization
• Increased Government Support

The market is expected to face some limitations too due to the following challenges:

• Threat to Farm Data Security Leading to Low Investments
• Technological Challenges Impede the Development
• Complexities Due to Lack of Infrastructure
• Lack of Interoperation Management

How can this report add value to end users?

Product/Innovation Strategy: The product segment helps the reader in understanding the different types of farm management software for the agriculture industry and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different farm management software and data analytics products by application (precision farming, livestock management, aquaculture, and forestry) and precision farming (yield monitoring and farm mapping, crop scouting, weather tracking and forecasting, irrigation management, and farm economics).

Growth/Marketing Strategy: The global farm management software and data analytics market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been business expansion to strengthen their positions in the farm management software and data analytics market. For instance, in April 2021, HORSCH LLC. and Trimble Inc. collaborated to develop solutions that enable autonomy in agriculture to build a future for autonomous machines in the industry. In December 2019, Growers Edge Financial, Inc. and CropX announced a strategic partnership that aims to reduce risk and improve farmers' yields.

Competitive Strategy:Key players in the global farm management software and data analytics market analyzed and profiled in the study involve farm management software and data analytics service providers that provide tools and technologies. Moreover, a detailed competitive benchmarking of the players operating in the global farm management software and data analytics market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Impact

• Traditionally, software in agriculture was popularly installed on-premises, where users had to build servers, install applications, and configure them. Since 2015, the trend of the on-cloud delivery model has risen, allowing farmers and other users to access the software in a subscription model, such as a service where users pay on a rental or pay-per-use basis.
• Recently, many companies have started developing innovative technologies such as 3D printing, blockchain, and artificial intelligence. The global agriculture industry has witnessed significant changes in the past decades, especially with the introduction of artificial intelligence to improve crop yield.

Impact of COVID-19

The pandemic has led to economic instability worldwide, and the GDP for all countries declined in 2020. The global agriculture industry and food supply chains have been affected the most due to travel restrictions and continuous lockdowns by the government of mostly all countries. Due to international trade disturbance, farmers have faced a shortage of agricultural inputs like seeds, fertilizer, and pesticides. Farmers worldwide could not perform agricultural activities, leading to decreased global agricultural production. All these factors significantly hindered the growth and development of the global farm management software and data analytics market. The global farm management software and data analytics market saw a significant dip in 2020. Upon analyzing the global situation of COVID-19 in different regions, the market started normalizing in 2022.