Global farm management software market to reach $2 billion by 2028: Study

Global farm management software market to reach $2 billion by 2028: Study
Modern agricultural technologies focus on monitoring livestock performance, precision farming, fish farming and smart greenhouse to increase farm efficiency are also driving the growth of the software market

The global farm management software market size is projected to reach USD 1982.8 million by 2028, from USD 921.4 million in 2021, at a CAGR of 11.4 per cent during 2022-2028, according to Valuates Reports.

Key drivers global farm management software market

The growth of the farm management software market is driven by factors such as growing awareness and increasing implementation of cloud computing in real-time farm data management, growing population, and subsequent rise in demand for food worldwide will boost the growth of the market.

Government support to encourage the adoption of modern agricultural technologies and focus on monitoring livestock performance, precision farming, fish farming and smart greenhouse to increase farm efficiency are also driving the growth of the farm management software market.

Key adoption of farm management software

Global food demand is escalating at a rapid pace. The use of cloud computing and web-based farm management software is rising as farmers become aware of the benefits. Precision farming is gaining prominence as it boosts crop yield and avoids wastage of crucial resources. The software helps in comparing and mapping out the seed varieties, giving real-time insights on specific locations for yield. It can monitor labour productivity, track the flow of goods from manufacturers to warehouses and help in storing the farm produce. GPS enabled weather updates, soil analysis, and built-in accounting helps keep records of the entire revenue and profitability. These factors will drive the growth of the farm management software market in the coming years.

Favourable government support and technological advances will boost the global farm management software market. The software is being adopted extensively for keeping a detailed track of the livestock’s ID, breeding, and pedigree. It provides important data on sales, location, health, performance, weight, and other details of the animal husbandry. Dairy farm activities become trackable and remote access allows for monitoring when you are away from home. Farmers are able to sell online without the interference of any middlemen. Moreover, in case of any emergencies, e-consultation offers universal access to experts.

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Fish farming is spreading globally as worldwide commercial fish consumption increases. Inventory tracking, water quality assessment, feeding levels, and determining optimal harvests are done through the software. Inbuilt tracking systems provide farmers with information on individual fish data, overall population statistics, and the latest trends in breeding. Cost of goods sold and expense monitoring become easy and the actual investment into producing an entire fish population is provided in visual aids with clear dashboards. Historical data on the aquaculture facility help in preparing farmers for better management and meeting production needs. Such factors will bolster the growth of the agricultural management software market.

The advent of IoT sensors and predictive analytics will fuel the growth prospects of the global farm management software market. Huge volumes of data are fed into an IoT integrated platform for providing on-demand information on crops and surroundings 24/7. The algorithms offer accurate analysis of the HVAC, lighting systems, temperature, humidity, irrigation, and spraying facilities. This enables growers to improve the efficiency in labour and chemical use for improving yield rates.

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