Kenneth Research, in its repository of market research reports, has recently added a report on Farm Management Software Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Farm Management Software Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Farm Management Software Market products.
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The Global Farm Management Software Market was valued at USD 755.23 million in 2016 and is projected to reach USD 2524.67 million by 2025, growing at a CAGR of 14.35% from 2017 to 2025.
Farm Management Software is used for planning, implementation, assessment, and optimization of tasks performed on farms and helps farmers view the production of crops at a granular level in order to optimize and maximize their harvest. Farm Management Software provides several benefits including – better planning and tracking, save on input and labour costs, manage risks better, comply to regulatory requirements, easy and accurate traceability.
1. Market Drivers
1.1 Availability of high speed internet connectivity
1.2 Rising integration of smartphones with farm management software
1.3 Increasing implementation of cloud computing in real-time farm data management
1.4 Rising population and demand for food
1.5 Increasing government investment for the adoption of modern agricultural techniques
2. Market Restraints
2.1 Poor data management for effective decision making
2.2 Lack of Standardization for Managing the Agricultural Data
2.3 High initial capital investment
The Global Farm Management Software Market is segmented on the delivery model, agriculture type, service provider, application, and region.
1. Delivery Model:
1.1 Cloud Based
1.2 Local/Web Based
2. By Agriculture Type:
2.1 Smart Greenhouse Farming
2.2 Precision Farming
2.3 Livestock Farming
2.4 Fish Farming
3. By Service Provider:
3.1 Connectivity Services
3.2 System Integrators
3.3 Managed Services
3.4 Assisted Professional Services
3.5 Maintenance, Up gradation, and Support Services
4. By Application:
4.1 Fish Farming Applications
4.2 Smart Greenhouse Applications
4.3 Precision Farming Applications
4.4 Livestock Monitoring Applications
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
The major players in the market are as follows:
1. Trimble, Inc.
2. Raven Industries, Inc.
3. Agjunction, Inc
4. Deere & Company
5. Dickey-John Corporation
6. SST Development Group, Inc
7. Topcon Positioning Systems, Inc.
8. Conservis Corporation
9. Boumatic LLC
11. Gea Group AG
12. The Climate Corporation
13. AG Leader Technology
14. Farmers Edge Inc.
15. Iteris, Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Farm Management Software Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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