Global Farm Management Software & Services Market, Analysis & Forecast (2017-2021)
NEW YORK, Oct. 26, 2017 /PRNewswire/ -- Description
Owing to the to the increase in global population which has led to an increased demand for food, the need to produce more food from the available farm lands has increased drastically. Taking care of the environment by using minimal quantities of chemical fertilizers while ensuring better yields from the available farm areas has resulted in the growth of the global farm management softaware and services market, which is expected to grow at a CAGR of 17.6% through 2017 to 2021.
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The report is a compilation of the different segments of global farm management software and services market, including market breakdown by application, service type, delivery models and geographical areas. Herein the revenue generated from the applications, namely: record keeping, farm mapping, monitoring and forecasting, farm economics and others (inventory management and farm equipment maintenance) ; service type, namely: managed services (data services, analytics, farm operation services) and maintenance and support services; delivery models, namely: on-premise delivery model and cloud based delivery model, and geography, namely: North America, Europe, APAC and Rest of the World is tracked to calculate the overall market size.
The report also provides market numbers and analysis on cross segments which include delivery models by application and service type, and geographical regions by application and service types. While highlighting the key driving and restraining forces for this market, the report also provides a detailed summary of the farm management software and services market. It also includes the key participants involved in the industry at the relevant sections.
The report answers the following questions about the global farm management software and services market:
• What are the different factors driving the market and how will the impact change through the forecast period?
• What are the major factors challenging the growth of global farm management software and services market and how can they be addressed through the forecast period?
• How will the market players leverage on key developments such as acquisitions, partnerships, and product launch among others?
• Which region will lead the global farm management software and services market by the end of the forecast period?
• Which application and service type leads in which region?
• What are the prevalent farm management software applications and what is the market size for each of them?
• What are the prevalent farm management service types and what is the market size for each of them?
• What are the prevalent delivery models and what is the market size for each of them?
• Which application and service type leads in each of the delivery models?
• How will the competitive rivalry evolve through the forecast period?
The report puts special emphasis on the market share of the services provided in farm management software and services market, owing to the changing paradigms in the industry. In spite of this, due to the numerous instances of failed business models and financial pressure, a majority of potential new entrants resist from adopting farm management software and services.
The reports further includes a thorough analysis of the impact of the five major forces to understand the overall attractiveness of the industry. This segment also focuses on the investments done in the farm management software and services market by the market participants.
The most often used strategy for developing a better hold on to the market has been through product launch and development, followed by partnerships and collaborations. Moreover, the company profile section highlights significant information about the key companies involved along with their financial positions, key strategies & developmental activities of recent years.
Further, the report includes an exhaustive analysis of the geographical split into North America, Europe, Asia-Pacific (APAC), and Rest of the World (R.o.W.). Each geography details the individual push and pull forces in addition to the key players from that region.
The prominent players operating in the global farm management software and services market are Trimble Navigation Limited, Iteris, Inc., Ag Leader, AgJunction, Deere and Company, Conservis Corporation, Farmers Edge, and Agrivi, among others.
Executive Summary
Finding ways to cater to the ever increasing demand for food from the limited farmlands requires solutions that would help improve the productivity of the farm.
Moreover, with the increasing farm sizes, the management of farms has become more and more difficult. Farm management software provide a convenient and effective solution to the problems of handling large amounts of data generated from farms which are larger in size. In a survey conducted by USDA, they revealed that the number of farms in U.S. decreased from 2.2 million in 2013 to 2.06 million in 2016.
During the same time, the average farm size increased from 435 acres in 2013 to 442 acres in 2016. These software not only help in data handling, but they also provide analytical services which help a farmer in taking more informed decisions. This way the farmers do not have to depend on decision making by chance, instead they can make decisions with assurance of success.
Farm management assists in managing all the farm activities so that the farm yields better results. Limited availability of resources and the need to cut down on the usage of chemical fertilizers has led to the governments searching for ways and alternatives that help in increasing yields from the available lands while reducing the fertilizer consumption.
According to the World Bank, the use of fertilizer in China increased from 423.4 kg/hectare in 2005 to 565.3 kg/hectare in 2014 which shows the efforts that have been put into increasing the yields from the available area. But, increase in fertilizer usage has negative impacts on the environment and also on human health. Thus the need for farm management software is increasing with the increasing need to produce more output from the available land.
Farm management software ensures the utilization of each acre of a farm to its maximum potential. These software also help in making sure that the application of fertilizer and the irrigation of fields is effective and in precise quantities.
The market is expected to progress at a substantial rate due to the ever growing affinity for more convenient cloud storage which has been widely incorporated in farm management software. The governments have also realized the need and importance of these software, thus their initiatives to promote farming and agriculture further drive the growth of the market.
These software promote cost effective farming which makes it profitable for the farmers as well. The increasing farm size in most of the regions further promotes the growth of the farm management software and services market as the need of software is more in larger farms were more data is generated and its collection and analysis is more complicated.
The growth of this market is being driven by certain factors such as the convenience of cloud usage in storing and accessing data, government initiatives to improve farming and agriculture, cost effective farming which helps in improving yields while reducing costs, the increasing farm size and the growing demand for food. However, certain challenges are inhibiting the overall growth for the farm management software & services market which include lack of technical knowledge, risk of security breaches, the need of large investment for on-premise software and the lack of acceptance from small farmers.
The farm management software and services market is expected to reach $2,883.4 million by 2021, at a CAGR of 17.6% from 2017 to 2021. This growth is attributed to the increasing awareness among governments about the need to produce more food while taking care about the environment.
The concept of farm management software and services market revolves around the major applications which include record keeping, farm mapping, monitoring and forecasting, farm economics and other applications. The market can also be classified on basis of the type of service provided by the software. These services can either be managed services or maintenance and support services. Managed services include data services, analytics and farm operation services which include inventory management and maintenance of equipment.
The trends of the farm management software and services market varies with different geographical regions. The farm management software and services market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The competitive landscape for the farm management software and services market demonstrates an inclination towards companies adopting strategies such as product launch and development, and partnerships and collaborations.
The major established players in the market, are focusing more product launch and development to introduce new forms of innovations. Trimble Navigation, Iteris Inc., AgJunction, Ag Leader, and The Climate Corporation were the most prominent names that surfaced in 2016 in this regard. These companies launched various new products and brought new developments to their existing products in order to expand their share in the market.
The need for more R&D and appropriate regulatory environments is a prerequisite for sustained growth of this market. Various government and private research institutes, and regulatory bodies and associations are putting in substantial efforts to identifying how farm management software can be important for required food production.
The need for sophisticated farming techniques is necessary to fulfill the increasing demand for food. Farm management software not only makes farming more productive, it also helps in attracting the youth towards farming and agriculture. The youth needs to step up in order to bring improvements in the condition of farming, for which farm management software can play an important role.
Countries Covered
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Netherlands
Rest of Europe
Asia-Pacific
Australia
China
India
Japan
Rest of Asia-Pacific
RoW
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