Farm Management Software and Data Analytics Market

Farm Management Software and Data Analytics Market Size:

The farm management software and data analytics market size reached US$ 4.14 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.5 Billion by 2032, exhibiting a growth rate (CAGR) of 13.7% during ​2024-2032​. The market is propelled by the rising adoption of precision farming techniques, increasing demand for real-time data management and analysis, rising need for farm optimization and resource management, integration of IoT and smart devices in agriculture, and rapid growth in cloud-based solutions for farm management.

Farm Management Software and Data Analytics Market Analysis:

• Major Market Drivers: Some of the major market drivers of this industry include rising adoption of precision farming techniques, growing demand for real-time data management and analysis, and increasing need for optimizing farm productivity and resource management.
• Key Market Trends: Rapid growth of cloud-based solutions for farm management, rising utilization of artificial intelligence (AI) and machine learning (ML), and integration of IoT and smart devices in agriculture are major key market trends.
• Geographical Trends: Asia Pacific dominates the market on account of the increasing adoption of advanced agricultural technologies and rising number of government initiatives and subsidies which promote digital farming practices.
• Competitive Landscape: Some of the major market players in the farm management software and data analytics industry include Agilent Technologies Inc., ALS Ltd., bioMerieux SA, Eurofins Scientific, Intertek Group PLC, Merck KGaA, RJ Hill Laboratories Ltd., SGS S.A., TUV Nord Group, LGC Limited, Agvise Laboratories, among many others.
• Challenges and Opportunities: Challenges in the industry include restricted digital literacy and technological infrastructure in rural regions and high initial costs for the implementation of farm management software. Whereas, rapid growth of mobile-based applications for small-scale farmers and rising number of partnerships with agritech startups and technology providers are some of the opportunities.
   

Farm Management Software and Data Analytics Market Drivers:

Rising Environmental and Food Safety Concerns

The market for farm management software and data analytics is highly propelled by the rising concerns associated with the environment and food safety. Farming operations and agricultural organizations are experiencing intense pressure to implement environmentally responsible methods in order to reduce their impact on the environment and ensure the safety of their food supply. This drastic shift can be attributed to the increasing environmental awareness amongst individuals regarding the issue, as well as the stringent regulatory standards that aim to control water waste, carbon emission, and pesticide treatment. This software helps in managing farms, thus offering exceptional capabilities that are used to monitor and control these factors in an effective manner.

Stringent Regulations on the Usage of Crop Protection Chemicals

Stringent regulations related to the usage of crop protection chemicals is propelling the market growth. These regulations which are regulated by governments and international bodies aim to minimize the negative environmental impact and health risks related to these chemical pesticides and fertilizers. For instance, in the United States the ENVIRONMENTAL PROTECTION AGENCY (EPA) monitors pesticide usage under the FEDERAL PESTICIDE, FUNGICIDE, and RODENTICIDE ACT (FIFRA). The EPA has recently increased restrictions on particular chemicals including chlorpyrifos, in the year 2021 due to health threats posed by it. On account of this, farmers are widely adopting precision farming solutions that maximize chemical usage, along with maintaining regulatory standards. This software offers real-time data and analytics which allows farmers to take informed decisions about the exact quantity and timing of chemical applications. This ensures the adherence of the regulations while also improving cost yields. Other than this, the inclusion of advanced technologies including IoT and AI in farm management solutions allows the monitoring and management of chemical usage.

Rising Integration of Advanced Technologies for Real-Time Farm Management

The market for farm management software and data analytics is positively influenced by the increasing integration of modern technology for real-time farm management. According to the FORBES MAGAZINE, the AI in agriculture market is expected to grow from $1.7 Billion in 2023 to $ 4.7 Billion by 2028. Farmers are able to regulate and manage their farms more effectively on account of advanced technology such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), this further leads to a higher production and optimization of resources. The gathering of data in real time through the usage of sensors and drones allows a more accurate monitorization of the conditions of the soil, weather patterns, and health of the cultivation. Post this, the data is evaluated with artificial intelligence and machine learning algorithms in order to offer farmers with valuable insights that will assist them in making informed decisions. In order to promote the integration of advanced technologies in farming, the WORLD ECONOMIC FORUM which is the center of India for the FOURTH INDUSTRIAL REVOLUTION, in partnership with the UNION MINISTRY OF AGRICULTURE of India and the state of TELANGANA, introduced the AI4AI initiative (AI for AGRICULTURE INNOVATION).

Declining Arable Land with Increasing Urbanization and Industrialization

Another vital factor driving the farm management software and data analytics market is the reduction in arable land globally that is occurring as a result of increased urbanization and industrialization. According to the WORLD HEALTH ORGANIZATION (WHO), more than 55% of the global population reside in urban areas. The report also states that the number is expected to rise up to 68% by 2050. On account of this, the amount of land that is available for agricultural purposes is decreasing, as per research conducted by the UNITED NATIONS CONVENTION TO COMBAT DESERTIFICATION (UNCCD), between 2015-219, the mankind lost a minimum of 100 hectares of healthy land each year, which sums up to twice the size of Greenland. As a result, farmers are pushed to increase the productivity of the land that is still arable, which is further driving the demand for technology in farming. These technologies offer precise data and insights that are utilized to improve crop productivity, resource utilization, and overall farm efficiency. They also enable farmers to monitor the quality of the soil, weather conditions, and the performance of their crops in real time.

Farm Management Software and Data Analytics Market Opportunities:

Rising Adoption of Smart Farming and Remote Sensing Technologies

The rising integration of smart farming and remote sensing technologies such as remote sensing and smart farming are creating a positive market outlook. These technologies are getting popular on account of the precision, efficiency, and productivity offered by them in agricultural activities. Adoption of cutting-edge technology such as the Internet of Things (IoT), global positioning systems (GPS), and remote sensing, smart farming allows farmers to collect and study the data in real time. This data-powered technique, allows farmers to make decisions based on accurate information, capitalize the usage of resources, and increase agricultural yields. The use of remote sensing technology, including as drones and satellite photography, allows early interventions and reduces the risk of crop failures. As per a market research report published by the IMARC GROUP, the global smart agriculture market reached US$ 17.3 Billion in 2023 and is expected to reach US$ 35.7 Billion by 2032, exhibiting a CAGR of 8.2% during ​2024-2032​.

Growing Trend of Sustainable Agriculture Practices

Another major factor driving the market is the rising trend of sustainable agriculture practices. The need for cutting-edge technology that can regulate and enhance environmentally friendly agricultural operations has increased in recent times, on account of the rising number of farmers and agricultural organizations that are using these techniques. Agricultural practices that are sustainable prioritize the minimization of chemical usage, conservation of water, and the improvement of soil health. Through the provision of real-time data, predictive analytics, and resource management skills, farm management software allows the instruments that are essential for accomplishing these objectives.  For instance, according to RESEARCH GATE AI-based irrigation scheduling has displayed significant improvement in the efficiency of water usage by approximately 50%. Additionally, the market is driven by the rising demand for organically-grown food. Farmers are working toward catering to the evolving consumer needs by using more effective management methods rather than conventional farming techniques.

Stringent Regulations Imposed on Agricultural Commodities

Stringent regulations imposed on the agriculture industry, are driving the farm management and data analytics market globally. Farmers are required to adopt cutting-edge technology in order to precisely monitor and manage their operations so as to comply with these requirements, which are formed to guarantee food safety, environmental sustainability, and traceability. For instance, the COMMON AGRICULTURAL POLICY of the EUROPEAN UNION requires farmers to strictly comply to environmental regulations. Major objection of CAP includes ensuring a decent standard of living for farmers and offering a secure food supply at economical rates for the consumers. This policy also encourages farmers to make use of precision farming equipment and data analytics in order to efficiently achieve these criteria. In addition, rules concerning the use of pesticides, the management of water, and the emission of carbon are providing farmers with an incentive to adopt more environmentally friendly methods, which may be efficiently controlled through the utilization of farm management software.

Key Technological Trends & Development:

Integration of IoT, AI and Big Data Technologies in Farm Management Systems

The increasing integration of Internet of Things (IoT), artificial intelligence (AI), and big data technologies into farm management systems is positively influencing the market by enhancing agricultural yields, optimizing resource use, and increasing operational efficiency. Internet of Things (IoT) equipment, such as sensors and drones, record data in real time associated with the moisture content of the soil, weather, and the quality of the crop. These technologies offer farmers with actionable insights and predictive analytics, which is thereby processed by artificial intelligence algorithms. This allows farmers to make decisions based on precise information. Big Data technologies make it possible to simplify the processing and storing of enormous volumes of data collected from a variety of sources. These technologies also provide tools for thorough analysis and reporting. According to a report published by GITNUX, the utilization of autonomous robots in precision farming is projected to grow 24.1% in the next 5 years.

Integrated Cloud-Based Software Solutions Gaining Traction by Centralizing Data Management

The market for farm management software and data analytics is being strongly driven by integrated cloud-based software solutions. These solutions centralize data management, which in turn enhances the efficiency and efficacy of agricultural operations. These technologies provide farmers with the capacity to gather, store, and analyze large volumes of data from a wide range of sources, including soil sensors, weather stations, and machinery, all inside a single platform. The use of this centralized method makes data administration easier, which in turn enables farmers to make decisions that are better informed, which in turn improves crop yields and reduces operating expenses.

Farm Management Software and Data Analytics Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for ​2024-2032​. Our report has categorized the market based on agriculture type, farm size, deployment mode, solution, and service type.

Breakup by Agriculture Type:

• Precision Farming
• Livestock Monitoring
• Smart Greenhouse
• Fish Farming
• Others
   

Precision farming accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the agriculture type. This includes precision farming, livestock monitoring, smart greenhouse, and others. According to the report, precision farming represented the largest segment.

Precision farming dominates the market on account of its ability to substantially improve the crop yield and resource efficiently. Adoption of advanced technologies including IoT sensors, GPS, data analytics, and precision farming enables accurate monitoring and management of agricultural variables, further leading to maximized input usage and minimized waste. As per a report published by the IMARC GROUP, the global precision agriculture market reached US$ 8.5 Billion in 2023, and is expected to reach US$ 20.2 Billion by 2032, exhibiting a CAGR of 9.9% during ​2024-2032​. This technique further improves productivity along with promoting sustainable farming practices.

Breakup by Farm Size:

• Small
• Large
• Medium
   

Large holds the largest share of the industry

A detailed breakup and analysis of the market based on the farm size have also been provided in the report. This includes smart, large, and medium. According to the report, large accounted for the largest market share.

Large farm holds maximum number of shares on account of their stronger financial capacity and higher demand for advanced technology to handle vast operations. This is on account of their activities which are comparatively more extensive in respect to smart and medium farms. Large farms frequently experience tough situations in case of monitoring and improving numerous parts of their operations, such as the management of their crops, distribution of their resources, and logistical arrangements. Scalability and thorough data integration are two features that software solutions offer, thereby offering major benefits through each of these features.

Breakup by Deployment Mode:

• On-premises
• Cloud-based
   

Cloud-based represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the cloud-based. This includes on-premises and cloud-based. According to the report, cloud-based represented the largest segment.

On account of its scalability, flexibility, and cost-effectiveness, cloud-based deployment constitutes the largest sector in the market segmentation by deployment mode. As initial expenditures in hardware and infrastructure reduce, these solutions are now available to a larger section of farmers. In addition, cloud-based systems allow the stakeholders to collaborate and access data in real time, which eventually allows a drastic improvement in decision-making and operational efficiency.

Breakup by Solution:

• Software
• Service
                                                                                                                               

Service exhibits a clear dominance in the market 

A detailed breakup and analysis of the market based on the solution have also been provided in the report. This includes software and service. According to the report, service accounted for the largest market share.

The service sector represents the largest segment in the farm management software and data analytics by solution on account of a number of factors. There is a direct correlation between the growing use of innovative agricultural technology and the corresponding growth in the need for specialist services that guarantee the efficient implementation and upkeep of these technologies. Consulting services are extremely necessary in assisting farmers with the initial setup and integration of farm management systems. With the help of these services, farmers are able to adapt solutions to match their particular operational requirements.

Breakup by Service Type:

• System Integration and Consulting
• Maintenance and Support
• Managed Services
• Assisted Professional Services
   

Managed services dominate the market

The report has provided a detailed breakup and analysis of the market based on the service type. This includes managed services. According to the report, managed services represented the largest segment.

Managed services dominate the farm management software and data analytics market by service type due to the rising need for personalized expertise and ongoing support in the agricultural industry. Farmers and agribusinesses often lack the in-house technical knowledge which is needed to effectively implement and maintain advanced software solutions. Managed service providers offer a comprehensive range of services, such as installation, integration, maintenance, and continuous support, which guarantees that the software operates efficiently and delivers maximum benefits.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East
• Africa
   

Asia Pacific leads the market, accounting for the largest farm management software and data analytics market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for farm management software and data analytics.

Asia Pacific dominates the market as rapid agricultural development is capturing the region. Numerous nations of the region including China, Japan, and India are making substantial investments in agricultural technologies in order to increase their crop yield and cater to the evolving consumer demands of organic food items. As per the IMARC GROUP, the India agriculture industry has reached INR 90,215.8 Billion in 2023 and is expected to reach INR 227,059.9 Billion by 2032, expanding at a CAGR of 10.5% during ​2024-2032​. Moreover, throughout the region, various subsidies and financial incentives are offered for farmers to integrate into their farming practices as to improve agricultural output and promote sustainable farming practices.

Analysis Covered Across Each Country:

• Historical, current, and future market performance
• Historical, current, and future performance of the market based on agriculture type, farm size, deployment mode, solution, and service type.
• Competitive landscape
• Government regulations
   

Competitive Landscape:

• The market research report has provided a comprehensive analysis of the competitive landscape covering market structure, market share by key players, market player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant, among others. Detailed profiles of all major companies have also been provided. This includes business overview, product offerings, business strategies, SWOT analysis, financials, and major news and events. Some of the major farm management software and data analytics industry players include Agilent Technologies Inc., ALS Ltd., bioMerieux SA, Eurofins Scientific, Intertek Group PLC, Merck KGaA, RJ Hill Laboratories Ltd., SGS S.A., TUV Nord Group, LGC Limited, Agvise Laboratories.
• Prominent players in the farm management software and data analytics market are driving the market through strategic steps such as partnerships, acquisitions, and innovations. Companies such as DEERE & COMPANY and TRIMBLE INC. are investing extensively in developing advanced software solutions and integrating IoT and AI technologies. For instance, in October 2023, AGRIVI collaborated with REDDAGRO in order to reform farming mythologies, promote development and sustainability across the agricultural region in Sudan, Saudi Arabia, and Jordan. Moreover, key players are also emphasizing on cloud-based platforms that provide real-time data analytics.
   

Analysis Covered for Each Player:

• Market Share
• Business Overview
• Products Offered
• Business Strategies
• SWOT Analysis
• Major News and Events
   

Farm Management Software and Data Analytics Market News:

• September 2023: TRIMBLE INC. announced a definitive agreement to create a joint venture with AGCO, with the intent of improving support for farmers in the mixed fleet precision agriculture market through factory-fitted and aftermarket applications.
• June 2023: TOPCON CORPORATION announced an advancement to its cloud-based software platform, TAP FEED management which is meant to carry dairy and beef operations. The platform offers the free TAP FEEED APP and subscription-based choices, such as TAP FEED LITE and TAP FEED PRO.
   

Farm Management Software and Data Analytics Market Report Scope:

Key Questions Answered in This Report:

• How has the global farm management software and data analytics market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global farm management software and data analytics market?
• What is the impact of each driver, restraint, and opportunity on the global farm management software and data analytics market?
• What are the key regional markets?
• Which countries represent the most attractive farm management software and data analytics market?
• What is the breakup of the market based on the agriculture type?
• Which is the most attractive agriculture type in the farm management software and data analytics market?
• What is the breakup of the market based on the farm size?
• Which is the most attractive farm size in the farm management software and data analytics market?
• What is the breakup of the market based on the deployment mode?
• Which is the most attractive deployment mode in the farm management software and data analytics market?
• What is the breakup of the market based on the solution?
• Which is the most attractive solution in the farm management software and data analytics market?
• What is the breakup of the market based on the service type?
• Which is the most attractive service type in the farm management software and data analytics market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global farm management software and data analytics market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the farm management software and data analytics market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global farm management software and data analytics market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the farm management software and data analytics industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.