According to a recent report published by Fast Market Research titled, Global Farm Management Software and Services Market 2018: Market Size, Market Volume, Trends, Opportunity, Forecast 2014-2024, the global farm management software and services market accounted for USD XX Million in 2018 and is estimated to reach USD 2,182.9 Million by 2024. Moreover, it is anticipated to flourish at a CAGR of 16.8% during the forecast period i.e. 2019-2024.
The global farm management software and services market has been segmented based on deployment type, agriculture type, service type and application. Based on the deployment type, this market has been segmented into cloud based and on-premise. On-premise farm management software and services segment is anticipated to witness significant growth during the forecast period. Further, factors such as growing interest of commercial farmers is anticipated to positively impact the growth of the market.
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In agriculture segment, precision farming market captured significant share of overall market in 2018. Addition to that, global farm management software and services market by agriculture has been segmented into precision farming, livestock monitoring, fish farming and smart greenhouse farming.
Impact Analysis on COVID-19:
The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. On 11th March 2024, the World Health Organization (WHO) declared the COVID-19 a pandemic officially. Due to which many countries such as China, India, Italy, Germany, Spain, France, and such other countries having a large number of COVID-19 patients went under lockdown conditions. With the ongoing situation of lockdown, many industries have been adversely impacted, and it is expected that the economy of the developing & developed nations are going to suffer a massive loss in the coming years, and also the global economy may slip into a recession. Along with this, in the United Nations Conference on Trade & Development, it was said that the impact of COVID-19 would hamper the global economy up to USD 2 Trillion in 2024. The report also considers the impact the impact of COVID-19 on global farm management software and services market in the upcoming years.
Rising Demand for More Foods and Agricultural Products
Population and income growth continue to increase the demand for food. Further, agricultural production growth is witnessing some serious challenges such as increased scarcity and lower quality of land and water resources. To address these challenges, various farmers are adopting advance farming technologies. Moreover, government initiatives to promote advance farming and agriculture is expected to foster the growth of global farm management software and services market.
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Promising use in Livestock Farming
Increasing use of virtual fences for livestock monitoring is believed to intensify the growth of global farm management software and services market. Installation of physical fences and maintenance usually incur high cost. However, virtual fencing uses set of sensors and meshing network which allows farmer to set the location of a farm. Growing usage of farm management software and services is one of the key trends in farm management software and services market.
Regional Outlook:
In terms of geography, the farm management software and services market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for the major share of the global farm management software and services market. Moreover, Europe farm management software and services market is expected to showcase lucrative growth in the upcoming years. U.S., Germany and China are some of the major countries witnessing the augmenting demand for farm management software and services market.
Competitive Landscape:
The report also covers detailed competitive analysis of major market players of the global farm management software and services market, such as Deere & Company, Trimble Inc, AG Junction, Raven Industries, Inc., Iteris, Inc., AG Leader Technology Inc, Dickey-John Corporation, Proagrica, Topcon Positioning Systems, Inc. and other key & niche players. The farm management software and services market is witnessing a wide range of industry activities such as product launch, acquisition, mergers, and expansion across the globe.
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