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(Hosting-NewsWire.com, June 08, 2018 ) According to Research Cosmos’ forecast, the farm management software market, in terms of value, is expected to grow from USD 748.0 Million in 2016 to USD 1,937.9 Million by 2023, at a CAGR of 14.12% between 2017 and 2023. The major drivers for the farm management software market are increasing implementation of cloud computing in real-time farm data management, growing population and demand for food worldwide, governments’ support to adopt modern agricultural techniques, strengthening of intellectual property rights over agricultural innovations, and increasing focus on monitoring livestock performance and health to increase farm efficiency, among others.
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Explore More Information about report @ https://www.researchcosmos.com/reports/global-farm-management-software-market-analysis-and-forecast-to-2022-growth-opportunity-assessment/9361728
This report covers the farm management software market based on agriculture type, delivery model, service provider, application, and geography. The precision farming agriculture type is expected to lead the market between 2017 and 2023. Precision farming is expected to be the fastest-growing agriculture type in farm management software market due to increasing focus on farm efficiency, crop yield, and productivity. The increasing demand for food worldwide, extended profitability and production due to the implementation of advanced techniques in farming, and monitoring of crops to yield production benefits are some of the major factors contributing to the growth of the farm management software market for precision farming. Also, the government initiatives worldwide are helping farmers use optimized agricultural and technological tools and improve their farm production.
Farm management software market has different delivery models such as local/web and cloud based. The local/web-based delivery model includes software that is installed locally and can be considered as a static approach of using the software. A cloud-based delivery model is dynamic and includes software that can be used according to the customer requirements for data storage on the cloud; also, no physical infrastructure, such as servers and cables, is required for operating this model.
The farm management software market in APAC is expected to grow at the highest rate between 2017 and 2023. The adoption rate of farm management software is expected to grow at a high rate in APAC as this region consists of emerging countries such as India, China, and Southeast Asian countries. Rapidly increasing population, availability of arable farms, and government support through subsidies are the factors that are driving the adoption of the farm management software market in APAC.
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Americas is expected to hold the largest share of the farm management software market in 2023. The Americas region is one of the most important markets for farm management software. The government compliance, increase in the need for farm yield, and demand for advanced agricultural solutions is expected to drive the growth of the farm management software market in this region. Farmers in this region are increasingly adopting modern farming systems and equipment such as farm management software, mobile applications, cloud services, imagery services, hi-speed internet services, and data analytics services.
The farm management software market is facing a few restraints such as high initial capital investment and dearth of technical acumen. Farmers need to pay an additional cost for the integration of software with the hardware devices and also for further consultation to use as these software solutions as they are complex to use. Use of farm management software solutions in agriculture management requires technical knowledge to some extent. The inability of some farmers to understand the processes to use farm management software, agricultural data handling, and its use in decision-making acts as a restraining factor for the growth of the farm management software market.
The major challenges for the companies in the farm management software market are privacy and security concerns, and new and strategic partnerships. The major vendors in the farm management software market include Deere & Company (US), Trimble (US), AgJunction (US), Raven Industries (US), AG Leader Technology (US), and SST Development Group (US). These players adopted various strategies such as new product developments, mergers, partnerships, collaborations, and expansions to cater to the needs of customers.
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