Farm Management Software Market Worth 4.07 Billion USD by 2022
PUNE, India, July 18, 2016 /PRNewswire/ --
According to the new market research report "Farm Management Software Market by Farming Type (Crop & Livestock Farming), Services (Managed, Maintenance & Support), Delivery Model (On-Premise, Cloud-Based), Application, and Geography - Global Forecast to 2022", published by marketsandmarkets, the market is expected to grow at a CAGR of 17.2% to reach USD 4.07 Billion by 2022. Increasing penetration of cloud computing in farm data management is driving the growth of the farm management software market. Over the last three decades, the demand for food has gradually gone up and has created a huge opportunity for the companies to invest in the agriculture sector. A shift from traditional farming to smart farming using software would save time and consume less energy.
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Market for cloud-based delivery model is expected to grow at a high rate during the forecast period
The market for cloud-based delivery model is expected to reach USD 2.71 Billion by 2022, growing at a CAGR of 25.3% between 2016 and 2022. This delivery model has increased the reach of the companies and provided them with a platform to extend their customer base. The advantages offered by cloud-based farm management solutions include optimized performance, effective energy utilization, and ease of access. Moreover companies using cloud-based delivery model offer their services in real time, and it is also an emerging area of investment for the companies. Several start-up companies are entering the market and using cloud-based delivery model to provide additional services such as farm analytics and reports.
Managed services are expected to lead the farm management software market by 2022
Managed services include farm operations, data services, and analytics. These services help in maintaining high-quality control standards in farm management software. This, in turn, helps to improve the yield productivity. The services can be related to providing sustainable farm management solutions, which include integration of software with hardware devices, consultation for analyzing the process outputs, and complete support for the software functioning and data management.
Americas holds the largest share of the farm management software market; APAC is expected to grow at the highest rate during the forecast period
The Americas holds the largest share of the global Farm Management Software Market. This can be attributed to the presence of a number of major farm management software providers in the region. In addition, the supportive government regulations play a major role in the growth of this market. The Americas is a major market for farm management software as this region has a high penetration of ICT technologies compared to other regions. Economy modernization initiatives in emerging countries and government support are the major factors contributing to the growth of the farm management software market in APAC. The presence of most populous countries such as India and China in APAC make the region a lucrative market as rapid urbanization in this region is likely to pave new growth avenues for the providers of farm management software.
The major companies in the farm management software market that are profiled in this report include:
- AgJunction (U.S.)
- SST Development Group, Inc. (U.S.)
- The Climate Corp. (U.S.)
- EFC Systems, Inc. (U.S.)
- Iteris, Inc. (U.S.)
- Deere & Co. (U.S)
- Trimble Navigation Ltd. (U.S)
- Granular, Inc. (U.S.)
- Agrivi Ltd. (U.K.)
- FarmerEdge (Canada)
- New Science Technologies Ltd. (Cyprus)
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The farm management software market ecosystem comprises software companies, cloud service providers, and farm analytics service providers among others. The established players in the market are SST Development Group, Inc. (U.S.); The Climate Corp. (U.S.); Iteris, Inc. (U.S.); Deere & Co. (U.S.); and Trimble Navigation Ltd. (U.S.). Some of the key emerging companies are Conservis Corp. (U.S.); Granular, Inc. (U.S.); Agrivi Ltd. (U.K.); FarmerEdge (Canada); and New Science Technologies Ltd. (Cyprus).
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