The global farm management software market size is anticipated to reach USD 4.22 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 16.7% during the forecast period. The perpetual shortage of water along with growing population in developing countries is compelling governments to seek different ways of increasing food production.
A shift from inefficient traditional agricultural methods to modern agricultural practices would help cope with sustainability challenges in the agriculture industry, which is expected to positively influence the farm management software market over the forecast period.
Increasing awareness regarding benefits of organic foods and their subsequently growing consumption are fueling the demand for higher agricultural output. As a result, industry players are investing in R&D activities to develop effective and efficient drones for enhancing productivity. The Food and Agriculture Organization (FAO) estimated a 60% increase in the demand for agricultural products by 2050, representing an approximate increase by 1% per year, as the global population is likely to reach 9 billion by 2050. Furthermore, growing middle-class population in emerging countries is poised to stoke the demand for agricultural products such as vegetables and fruits. Moreover, increasing uptake of healthier food is boosting the demand for market.
Increasing focus of farmers on crop yield, productivity, and farm efficiency is projected to provide a fillip to the market over the forecast period. Advancements in technologies such as cloud computing and Internet of Things (IoT) are anticipated to promote the usage of big data, artificial intelligence, and robots in farming. Big data plays an essential role in providing predictive insights in agriculture, redesigning business process, and making real-time operational decisions for altering business models.
Global IT companies such as IBM are offering software solutions and big data analytics for precision farming techniques. On the other hand, startups are moving upstream in the value chain and extending their offerings to insurance and advisory services. The value chain of the farm management software market includes suppliers, agricultural OEMs, integrators & service providers, and customers.
Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/farm-management-software-market
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