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Software industry

Global Farm Management Software Market to Reach $4.3 Billion by 2027

Strategic Insights

— 2 min read

The global farm management software market is expected to experience significant growth, driven by the increasing demand for efficient and data-driven farming practices. With a current market value of $2.3 billion in 2021, the market is anticipated to reach $4.3 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 11.4% during the forecast period.

As the global population continues to rise, there is a considerable shortage of food, exacerbated by disruptions in the supply chain caused by the COVID-19 pandemic. This has led to an increased demand for farm management software, which provides predictive analytics and insightful outputs to assist efficient crop growth and animal health. Additionally, the acute shortage of skilled laborers and arable land has also contributed to the need for productive and data-driven insights to optimize crop yields.

Leading market players are continuously funding research and development activities to introduce effective drones with enhanced overall productivity, further driving the market growth. Furthermore, the integration of cloud computing and the Internet of Things (IoT) is also expected to impel the market.

Key Takeaways:

  • The global farm management software market is expected to reach $4.3 billion by 2027, exhibiting a CAGR of 11.4% during the forecast period.
  • The market is driven by the increasing demand for efficient and data-driven farming practices, primarily due to a shortage of food and disruptions in the supply chain caused by the COVID-19 pandemic.
  • The integration of cloud computing and the Internet of Things (IoT) is expected to impel the market growth.
  • Key players, such as Ag Leader Technology, AGCO Corporation, and Deere & Company, are continuously funding research and development activities to introduce effective drones with enhanced overall productivity.
  • The market is also driven by the need to optimize crop yields due to the acute shortage of skilled laborers and arable land.
  • Farm management software provides predictive analytics and insightful outputs to assist efficient crop growth and animal health.
  • The market structure is expected to remain competitive, with key players competing based on innovation, product quality, and pricing.

Statistics:

  • The global farm management software market reached a value of $2.3 billion in 2021.
  • The market is expected to reach $4.3 billion by 2027, exhibiting a CAGR of 11.4% during the forecast period.
  • The integration of cloud computing and the Internet of Things (IoT) is expected to impel the market growth.

Sources:

  • M2 PressWIRE-May 30, 2022-: Insights on the Farm Management Software Global Market to 2027 - by Agriculture Type, Deployment Mode, Service and Region
  • ResearchAndMarkets.com's offering, "Farm Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027"

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