"Growing demand for food worldwide driving the growth of the farm management software market
The farm management software market is expected to grow from USD 1.14 billion in 2015 to USD 4.07 billion by 2022, at a CAGR of 17.2% between 2016 and 2022. The market is driven by factors such as growing demand for food worldwide, government promotional activities to adopt modern agricultural techniques, and increasing penetration of cloud computing in farm data management.
Record keeping applications to dominate the farm management software market during the forecast period
Record keeping is the largest application of farming software, since records provide premise for decision making, auditing, and analyzing the performance of farming operations. The market for record keeping applications was valued at USD 329.2 million in 2015 and is expected to grow at a CAGR of 14% between 2016 and 2022.
Maintaining records has become a major objective for farmers, agricultural consultants, and other stakeholders. Replacing existing traditional systems with efficient software is one of the ways to reduce and eliminate the errors, and store large amount of data.
APAC to offer high-growth avenues for the farm management software market during the forecast period
The farm management software market in APAC is expected to grow at a high rate. This growth can be attributed to agricultural developments and increased governmental expenditure. Growing economies in this region such as India and China offer lucrative opportunities to the companies providing farm management software. APAC is the fastest-growing market for farm management software.
Countries such as China, India, Australia, New-Zealand, and Japan are the key contributors to the growth of the market. Increased government spending, improved standard of living, urbanization, and growing awareness among agriculturists regarding advanced farming solutions are some of the key drivers for the growth of the farm management software market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people in the industry.
The major companies in the farm management software ecosystem profiled in this report are as follows:
1. AgJunction (U.S.) 2. SST Development Group, Inc. (U.S.) 3. The Climate Corp. (U.S.) 4. EFC Systems, Inc. (U.S.) 5. Iteris, Inc. (U.S.) 6. Deere & Co. (U.S) 7. Trimble Navigation Ltd. (U.S) 8. Granular, Inc. (U.S.) 9. Agrivi Ltd. (U.K.) 10. FarmerEdge (Canada) 11. New Science Technologies Ltd. (Cyprus)