With 11.1% CAGR, Farm Management Software Market Growth to Surpass USD 5.1 billion

The global farm management software market is estimated to grow from USD 3.0 billion in 2023 to USD 5.1 billion by 2028 at a CAGR of 11.1% during 2023–2028.

Government initiatives and support in order to encourage the adoption of modern agricultural techniques and focus on monitoring livestock performance and health to increase farm efficiency are also driving the growth of the farm management software market. Countries in the Americas and Europe region have also witnessed increasing adoption of farm management software for various applications which has aided in the growth of agriculture industry. Increasing level of awareness among farmers about the benefits associated with advanced technologies such as IoT, artificial intelligence, and farm monitoring devices, high penetration of internet in countries like the US and Canada, and increasing penetration of agriculture technology in medium, and large farms are major factors responsible for growth of farm management software market.

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Based on application, precision livestock segment likely to be the second largest market share between 2023 and 2028. Precision livestock monitoring involves feeding and milk harvesting management and the use of identification and tracking systems. These applications facilitate the monitoring and management of livestock for the efficient production of meat and milk. RFID, GPS, feeding systems, and robotic milking machines integrated with cloud- or web-based software platforms are some of the major technologies used in precision livestock monitoring. The adoption of farm management software and these technologies leads to improved nutrition in livestock as per individual requirements.

The production planning of the farm management software market is estimated to register largest market share in 2028, by farm production planning. The main driving factor for the farm management software market in the production planning segment is the rising implementation of cloud computing in real-time farm data management, growing population and subsequent rise in demand for food worldwide, and strengthening of intellectual property rights over agricultural innovations.

The farm management software market for data analytics services is projected to register the highest CAGR during the forecast period, by offering. The growing need for real-time data management through cloud computing, government support to encourage adoption of modern agricultural techniques, and increasing use of agriculture software to maintain farm efficiencies are some of the major factors fostering the growth of the market.

The medium sized farms of the farm management software market are estimated to register largest market share in 2028, by farm size. There are large number of medium-sized farms across the world. Hence, the adoption of farm management software in such farms is relatively higher. High adoption of farm management software in medium-sized and large farms are additional factors which give the possibilities of higher returns, reduced operational costs of production, and the ability to monitor various areas of the farm and take actions according to the requirement to improve productivity.

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Increasing precision livestock-related activities to propel farm management software market growth in Europe. Europe accounts for the largest market share of livestock farming globally. Farm management software is predominantly used to monitor livestock. Europe is also subject to frequent climate changes. Hence, farm management software solutions are increasingly being adopted in Europe to counter all these challenges. Farmers are adopting farm management software and other precision farming and precision livestock techniques to remotely monitor the farms and keep track of frequent weather changes. The initial cost of setting up these solutions is significantly less in Europe, and the region is technologically advanced. These factors enable European farmers to adopt advanced technologies seamlessly.

News also Covered: https://finance.yahoo.com/news/farm-management-software-market-worth-163000507.html

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