According to a new market intelligence report by BIS Research, titled ‘Americas Farm Management Software and Services Market-Analysis and Forecast (2018-2023)’, the market is expected to reach $1,686.4 million by 2023, witnessing a CAGR of 17.88%, during the forecast period from 2018 to 2023. The high growth is attributed to the increasing farm consolidation in the region, rapid employment of cloud computing solutions for real-time farm data management and governmental backing to implement advanced agricultural techniques.
Farm management software provides a convenient and effective solution to the problem of handling large amount of data generated by large farms. Growing acceptance of smart agricultural systems integrated with software solutions such as big data analytics and wireless connectivity, has been majorly observed in countries such as the U.S., Canada, Brazil and Argentina. In other parts of South America, lack of infrastructure, awareness and proper guidance is hindering the wide-scale adoption of farm management software solutions.
However, farm land consolidation and declining farm labor in the region are expected to affect the farming structures of these nations. This increasing trend in the region toward farm consolidation is expected to create huge market opportunities for farm management software and service providers. Farm management software and services not only enable farmers to manage their data effectively but also allow them to make better and informed decisions.
According to Sonali Mazumdar, Analyst at BIS Research, “In 2017, the cloud-based delivery model contributed more than 64% of the revenue, and is expected to grow at a robust rate during the forecast period. Cloud-based services are finding widespread usage as they do not require heavy investments upfront. The cloud-based software works on monthly subscriptions which reduces the risk of losses for a customer. Moreover, cloud-based services are faster and easier to use. The farm management software and services market in the region was dominated by the precision crop farming application which accounted for more than 41% of the total revenue generated in 2017”.
During the forecast period, applications in the aquaculture sector are expected to display the highest growth rate, followed by indoor farming applications. Growing urbanized areas and increasing demand for fresh agricultural produce all around the year are expected to propagate the growth of indoor farming. Aquaculture is also witnessing greater integration of aquaculture management software for efficient breeding of aquatic species.
A dominant market share in the Americas is contributed by the U.S. and Canada. Both the countries are expected to continue the dominance during the forecast period. However, during the forecast years, market growth optimism is expected to increase for countries such as Brazil, Argentina, Colombia, Chile, and Uruguay, among others. The high market growth in these countries is attributed to the continuous investment by the government in the technological development of the agricultural sector.
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The established players in the market are focusing on product launches and developments to introduce new forms of innovations. Trimble Navigation, Iteris Inc., Ag Leader Technology, and The Climate Corporation, Hexagon Agriculture, Raven Industries, Conservis Corporation and Topcon Positioning Systems were the most prominent names that surfaced in 2017 in this regard. In February 2018, InFarm – Indoor Urban Farming GmbH, raised $25 million in Series A funding led by venture capital (VC) firm Balderton Capital. Farmers Edge introduced Corn Manager farm management platform in May 2017 helping the growers with tools for tracking corn growth, planning nitrogen applications, and visualizing overall crop health and variability.
This report is a meticulous compilation of research on more than 100 players in the farm management ecosystem and draws upon the insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 16 leading companies which include Ag Leader Technology, Conservis Corporation, Deere & Company, Hexagon Agriculture, Iteris Inc., The Climate Corporation, Trimble Inc., DeLaval, GEA Group, Boumatic LLC, Valley Agriculture Software Ltd., Motorleaf, Autogrow Systems Ltd., Agrinamics Inc., AKVA Group, and Xpert Sea.
Key questions answered in the report:
• What is the Americas farm management software and services market size in terms of revenue along with the growth rate during the forecast period 2018-2023?
• What is the revenue generated by farm management software and services for different applications?
• What are the major types of delivery models in the farm management software and services market?
• What are the key trends and opportunities in the market pertaining to countries included in the region?
• What are the major driving forces that are expected to increase the demand during the forecast period?
• What are the major challenges inhibiting the growth of the Americas farm management software and services market?
• What kind of new strategies are being adopted by the existing market players to expand their market position in the industry?
• What is the competitive strength of the key players in the Americas farm management software and services market in terms of their recent developments, product offerings, and regional presence?
Related Reports:
Global Precision Agriculture Market – Analysis and Forecast, 2018-2025
Global Livestock Monitoring & Management Market – Analysis & Forecast, 2017-2021
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market. With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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