New York, Nov. 16, 2023 (GLOBE NEWSWIRE) — The global agricultural management software market size is expected to grow at ~17.70% CAGR between 2023 and 2035. The market is expected to generate revenues of $24.24 billion by the end. by 2035, up from a turnover of ~USD 3.43 billion in the year 2022. Precision agriculture is an agricultural technique that uses technology to optimize crop yields and reduce waste. Farm management software is an essential tool for precision agriculture as it helps farmers collect and analyze data from various sources such as weather sensors, soil sensors and GPS devices.
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Moreover, emerging technologies such as autonomous tractors, navigation systems and GPS sensors are expected to play a major role in driving the growth of precision agriculture during the study period. For example, agtech company EarthScout has announced a unique addition to its scalable line of innovative agricultural products that help farmers and food producers. The innovative, unique EarthScout Soil Cub is an affordable, miniature 4.5″x3[R1] Commercial-grade “x2” sensor installed in the field to monitor soil moisture, soil temperature and EC at two soil depths, allowing growers to see moisture and nutrient qualities across the entire root zone and adjust inputs.
Growing demand for automation and efficiency to drive market growth
Automation allows farmers to increase the accuracy and precision of their farming practices and automate processes such as planting, weeding and harvesting. This allows them to complete tasks in less time and with fewer resources, increasing efficiency and productivity. Additionally, automation can help reduce labor costs because fewer workers are needed to do the same amount of work. For example, fully autonomous use cases in orchards and vineyards could deliver more than $400 per hectare per year in value, doubling to quadrupling the return on farmers’ investments in automation. This can lead to increased efficiency and productivity, as well as lower labor costs. As farmers face increasing pressure to produce more with fewer resources, demand for automation and efficiency is expected to increase.
Farm management software Market: regional overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Growing agricultural sector to drive growth in the Asia-Pacific region
The farm management software The market in the Asia Pacific region is expected to generate the largest revenue by the end of 2035. This is due to the fact that the region’s agricultural sector is expanding due to increasing population and increasing demand for food. As the need for better agricultural technology grows, more and more people are turning to agricultural management software to help manage their operations. Also, the proportion of individuals living in areas in the Asian region has declined significantly, from 80% in 1970 to 52% in 2020. This figure is expected to decline further to 38% by the year 2050 due to the availability of better paid jobs in urban areas, within the manufacturing and service sectors. This shift has led to a decrease in the demand for agricultural labor, resulting in a decrease in the number of farmers. In addition, better agricultural technology has enabled farmers to increase the efficiency of their operations, leading to a decrease in the need for manual labor.
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Presence of larger farms to drive growth in the North America region
The North American agricultural management software market is expected to generate the largest revenue by the end of 2035. This is largely due to the fact that farmers in North America have more resources to invest in technology and are more aware of the potential benefits of modern agricultural software. management software. Additionally, North America’s larger farms mean there are more opportunities for economies of scale, which can reduce costs and provide a competitive advantage over smaller farms. The average size of farms in the United States has increased from the previous year, with an average of 445 hectares in 2021. Specifically, there has been an increase in the size of farms, within the sales range of $1,000,000 or more . Furthermore, with the region’s increasing demand for precision agriculture and data-driven decision-making, farmers are looking for more advanced solutions to help them optimize their operations and increase their yields.
Farm management software Segmentation by application
- Precision farming
- Livestock monitoring
- Smart greenhouse
The precision farming segment in the agricultural management software market is expected to generate the largest revenue by the end of 2035. This growth can be attributed to the need for improved profitability and more efficient farming practices, as well as the increasing availability of precision farming technologies. Furthermore, the availability of government subsidies and incentives encourages farmers to adopt precision farming techniques. Around 1440[R2] % of large US farms used guidance systems, variable speed technology or some other type of precision technology by 2022. Governments are encouraging farmers to adopt precision agriculture as it has the potential to increase crop yields, reduce production costs and improve the environment. sustainability. Furthermore, precision agriculture can help farmers make better decisions about their crops and livestock, leading to more efficient and profitable operations.
Farm management software Segmentation by type
The cloud-based segment of the agricultural management software market is expected to generate the largest revenue by the end of 2035. Cloud computing has enabled farmers to access market data, price information and customer feedback in real time, as well as tools and tools. services for better management of their farms. In 2021, enterprises around the world spent a total of $338 billion on the Infrastructure as a Service (IaaS) platform[R3] as a Service (PaaS) and Software as a Service (SaaS) in the field of Cloud Computing, in agriculture. This allowed them to make informed decisions about pricing and marketing strategies, and better manage their supply chains. Furthermore, cloud computing has enabled farmers to access services such as crop and livestock monitoring, weather forecasting, and pest and disease control, which were previously unavailable to them.
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Some of the well-known agricultural management software leaders profiled by Research Nester include Trimble, Inc., Raven Industries, Inc., Topcon Positioning Systems, Inc., Corteva Agriscience, Agrivi, AgJunction, Farmers Edge, Inc. ., Agworld Pty Ltd, Deere & Company, IBM Corporation and other key market players.
Recent development in the agricultural management software market
- Sonata Software and AGRIVI have joined forces to advance digitalization efforts in the agricultural ecosystem. Their collaboration aims to provide high-quality digital solutions for agriculture in the US, Europe and the Middle East. With Sonata’s influence and AGRIVI’s expertise in agricultural management, customers can expect cutting-edge solutions.
- The Watson Decision Platform for Agriculture is implemented by Heifer International, IBM Corporation and CATIE in Latin America. This initiative focuses on promoting sustainable well-being for people, using cutting-edge technology. By combining AI technology with geospatial, weather, environmental and IoT field data, farmers gain access to a customized dashboard that provides comprehensive insights about their land.
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