The farm management software market is projected to witness a CAGR of 17.2% during the forecast period 2019-2024.
- The adoption of farm management software is increasing every year with farmers needs shifting towards high productivity and return on investments. This has attracted many startups to enter into the market making it a fragmented market.
- North America is the largest market as the adoption rate of farm management software by the farmers in this region is high. Asia-Pacific is the fastest-growing market as the agriculture in Asian countries is in the transition phase, towards the implementation of latest technologies.
Scope of the Report
To understand the global farm management software market through a comprehensive study of market trends, major players and competitive landscape of the market. The market is segmented by type, application, and geography. A study of drivers and restraints are also included for a better understanding of the market trends.
Key Market Trends
Decreasing arable land per person
Decreasing arable land and the increasing global population are one of the major reasons for driving the market. According to the World Bank, arable land per person has decreased from 0.20 hectares in 2011 to 0.19 hectares in 2016. This has pushed the growers to increase their productivity per hectare of land available to meet the growing demand for food. Additionally, rising issues such as environmental safety in using crop protection chemicals have led the government of various countries to impose strict regulations over the use of crop protection chemicals. All these changes in the agriculture field are boosting the use of farm management software which helps the farmers to increase their productivity and also the return on investment.
North America is the largest market
The larger farms and awareness among the farmers lead to the quick adoption of modern technologies in developed countries comparing to the developing nations. This makes the North America region as the largest market for farm management software technologies and followed by Europe holds the second largest market share. For instance, companies like Deere & Company are providing software to control the farm equipment and tractors to help farmers practice precision farming. The current adoption rate of farm management software in developing countries is comparatively low due to more number of small farms and the high cost involved in the technologies. However, Asia-Pacific is forecasted to witness rapid growth during the forecast period 2019-2024, as agriculture in the Asian countries is in its transition phase towards modern agriculture.
The farm management software market is a fragmented market. Raven Industries, Inc., Trimble Inc., AGJunction, Ag Leader Technology, Dickey-John Corporation and Agrivi are some of the major players in the market. Mergers & acquisitions, partnerships, expansion, and product innovations are the major strategies followed by the major players in the market to hold a consistent share in the market.
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