DUBLIN — (BUSINESS WIRE) — March 22, 2021 — The "Farm Management Software Market with COVID-19 Impact Analysis by Application (Precision Farming, Livestock, Aquaculture), Offering (On-cloud, On-premise, Data Analytics Services), Farm Size, Production Planning, and Geography - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global farm management software market is estimated to grow from USD 2.1 billion in 2021 to USD 4.2 billion by 2026 at a CAGR of 14.7% during 2021-2026.

The growth of the farm management software market is driven by factors such as increasing 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. Government support 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.

Precision aquaculture application is projected to grow at the highest CAGR during forecast period

The farm management software market for precision aquaculture is projected to register the highest CAGR during the forecast period, by application. The increasing demand for protein-rich aqua food is driving the growth of farm management software for precision aquaculture. Additionally, to increase the production of different types of fishes, adequate amount of nutrients as per the requirement must be fed to the them. Hence, fish farmers are increasingly using farm management software for feeding management to improve fish production. These factors are expected to drive the market growth of farm management software for precision aquaculture application.

Production planning is estimated to hold the largest share of the market during forecast period

The production planning of the farm management software market is estimated to register largest market share in 2026, by farm production planning. The main driver for the farm management software market in the production planning segment is the increasing 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.

APAC is projected to become the fastest growing geographical market between 2021 and 2026

The farm management software market in APAC is projected to register the highest CAGR during the forecast period, by region. The growth prospects of the market in APAC are very high as farm management software is still a nascent technology in many countries in the region. However, due to the rapid increase in population and the consequent need to cope with the increasing demand for agricultural products, farmers are adopting farm management software solutions and other advanced agricultural practices in precision agriculture, livestock monitoring, and aquaculture farms.

Market Dynamics

Drivers

• Increasing Implementation of Artificial Intelligence and Machine Learning for Real-Time Farm Data Management
• Growing Concern Regarding Climate Change and Food Security
• Increasing Initiatives by Governments Pertaining to Digitalization of Agricultural Industry
• Increasing Focus on Livestock Monitoring and Tracking Health-Related Data in Real Time to Increase Farm Efficiency
• Surging Adoption of Advanced Technologies Such as Iot, Rovs, and Ai in Aquaculture Farms

Restraints

• Limited Technical Expertise and Advanced Infrastructure in Developing Regions
• Requirement of High Initial Capital Investment

Opportunities

• Rapid Adoption of Smart Farming Technologies
• Convergence of Digital Technologies with Farming Practices

Challenges

• Large Presence of Fragmented Farms in Developing Countries
• Management of Data for Productive Decision-Making Through Single Digital Platform

Companies Mentioned

• Afimilk
• Agjunction
• Agrivi
• Agworld
• Aquabyte
• Connecterra
• Conservis
• Cropin
• Cropio (Syngenta Agro Ag)
• Cropx
• Deere & Company
• Ec2Ce
• Eruvaka Technologies
• Farmers Edge
• Gamaya
• GEA Farm Technologies (GEA Group)
• Granular Inc., a Corteva Agriscience Company
• IBM Corporation
• Iteris
• Microsoft Corporation
• Raven Industries
• SST Software
• The Climate Corporation
• Topcon Positioning Systems
• Trimble

For more information about this report visit https://www.researchandmarkets.com/r/wal5b3

View source version on businesswire.com: https://www.businesswire.com/news/home/20210322005603/en/

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