New York, July 23, 2020 (GLOBE NEWSWIRE) — The global Farm Management Software and Services Market is forecasted to reach USD 3.24 Billion by 2027, according to a new report by Reports and Data. The rising trend of remote sensing technologies for consistent monitoring is propelling the market demand. The constant vigil provides farmers with real-time weather information and also enables them to reduce the impact of natural calamities. The proliferation of advanced technologies is driving market demand. Moreover, the adoption of virtual fences to separate paddocks while grazing is also encouraging market growth. As the maintenance of fences is getting expensive, the deployment of virtual fences is gaining traction.
The growing penetration of smartphones and high-speed internet is also driving the demand. Market players are leveraging high-speed internet to provide these advanced technologies to farmers, especially in Asian nations, such as India, China, Japan, and South Korea. However, the high capital required to deploy these technologies will restrain the market demand. Moreover, lack of technical expertise will also hinder the market growth.
North America has the highest adoption rate as farmers have enough capital to invest in modern equipment, and the region is quick in adopting the latest technologies. Moreover, companies like Deere & Company are providing software to aid farmers in controlling the tractors and farm equipment.
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The COVID-19 impact:
As the COVID-19 crisis grows, producers are swiftly adopting safe strategy and techniques which are supposed to increase the demand for Farm Management Software and Services. The significant effect is the constraints in logistics, as it can be seen through a shortage in the supply of materials. The impact of COVID-19 is variable, depending upon the participants of the market and the locations. While seeing at the supply side, most of the Indian domestic producers of Farm Management Software and Services have resumed their plants’ post lockdown. In logistics, many countries are detaching the import-export policies post lockdown to recover the loss because of the epidemic.
Further key findings from the report suggest
- Precision farming is practically equivalent to taking a pill to focus on illness. The arrangements are exceptionally custom-made from the sort of yield reasonable for a plot to the utilization of pesticides in focused districts as it were. Embracing precision cultivating decreases the cost and wastage, as custom-fitted needs of each plot are obliged.
- Cloud-based deployment mode will witness an increased demand as they are cost-effective, and they are easier to use. They can be accessed through smartphones, tablets, and PCs as well. The segment will witness a CAGR of 14.1% during the forecast period.
- The assisted professional services are expected to grow as it includes supply chain management services and climate information services. Farmers are eager to know about climate forecast and keep an eye on the changing weather, to reduce loss or damage of crops.
- The Asia Pacific market is expected to affirm the most noteworthy CAGR of 14.3% over the forecast period. It is spearheading the revenue growth with China and Japan at the forefront. Organizations in the region are increasingly putting resources into R&D to introduce advanced drones to improve productivity.
- Key participants include Deere & Company, Trimble, Ag Junction, Raven Industries, Iteris, Ag Leader Technology, DeLaval, DICKEY-john, Topcon Positioning Systems, BouMatic.
- In February 2017, Deere & Company launched the John Deere Connect Mobile App to help users understand and adjust their planter or sprayer performance. The users can monitor the job quality and understand the workings of each sprayer in detail.
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For this report, Reports and Data have segmented into the global Farm Management Software and Services Market based on Agricultural Type, Service Provider, Delivery Model, Application, and region:
- Agriculture Type Outlook (Revenue, USD Billion; 2017-2027)
- Precision Farming
- Livestock Farming
- Fish Farming
- Smart Greenhouse Farming
- Other
- Service Provider Outlook (Revenue, USD Billion; 2017-2027)
- System Integrators
- Managed Services
- Assisted Professional Services
- Connectivity Services
- Maintenance, Upgradations, and Support Services
- Delivery Model Outlook (Revenue, USD Billion; 2017-2027)
- Local/Web-Based
- Cloud-Based
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Precision Farming Service Providers
- Livestock Farming Service Providers
- Fish Farming Service Providers
- Smart Greenhouse Farming Service Providers
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/farm-management-software-services-market
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arab
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of MEA
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