Northbrook, IL -- (SBWIRE) -- 07/04/2021 -- 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.
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Precision aquaculture segment is expected to register the highest CAGR during the 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.
Data analytics services is expected to witness higher CAGR growth during the forecast period
Data analytics services is expected to witness highest CAGR growth during the forecast period, by offering. The increasing need for real-time data management through cloud computing, government support to encourage adoption of modern agricultural techniques, and increasing use of agriculture software to maintain farm efficiencies are some of the major factors fostering the growth of the market.
Small farms segment for farm management software market is expected to witness higher CAGR growth during the forecast period
The small farms segment of the farm management software market is expected to register higher CAGR growth during the forecast period by farm size. Farmers in small farms are rapidly adopting farm management software and other advanced agricultural techniques as the cost of such advanced technologies has reduced significantly in recent years.
APAC is projected to register largest market share of the farm management software market in 2026
APAC is projected to register largest market share of the farm management software market in 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.
Key Market Players
The farm management software market is dominated by a few globally established players such as Trimble (US), Raven Industries (US), Topcon Positioning Systems (US), Granular Inc., A Corteva Agriscience Company (US), Agrivi (UK), and AgJunction (US).