The global farm management software and data analytics market is projected to grow from $1.06 billion in 2020 to $4.31 billion by 2025, at a CAGR 32.32% from 2020 to 2025. The reported market growth is attributed to the increasing demand for efficient farm operations and cost-effective usage of resources. Rise in adoption of smart farming equipment such as sensors and controllers have increased the number of data points in farms, allowing greater usage of data analysis for monitoring and management.
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In 2020, the farm management software and data analytics market is expected to experience a downfall, due to the COVID-19 pandemic. During the COVID-19 outbreak, the supply chain of the agriculture industry has been disrupted. Companies are focusing on new strategies to develop more convenient tools to cater to the demand for food. Hence, the farm management software and data analytics industry are playing a critical role to cater to the unprecedented situation caused by COVID-19 by providing predictive analytics and insightful outputs to assist efficient crop growth and animal health.
Farm produce in the agriculture industry incorporates a wide variety, including cereals, oil crops, fiber crops, tree nuts, vegetables, fruits and roots, and tubers, among others. The demand for all kinds of farm produce is on the rise due to the macro-level demand for higher global food production and rising urban population. Thus, different agricultural technologies that could handle large groups of farm produce are intended to be introduced in the market. Companies and research institutes have had their preference for a specific type of produce for different advanced farming technologies due to ease of operation and vested interest of funding parties.
The governing trends of the farm management software and data analytics market vary across different regions. The farm management software and data analytics market hold a prominent share in various countries of North America, South America, Europe, Asia-Pacific and Japan, and the Middle East and Africa. In 2020, North America is expected to be at the forefront of the market, with a large market concentration in the U.S.
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North America is expected to remain the dominant regional market for farm management software and data analytics during the forecast period and generated the highest revenue, $498.9 million, in 2020. The North America market for farm management software and data analytics is expected to witness a growth of CAGR of 30.84% in the forecast period, 2020-2025. Large market share of the region has been attributed to the early adoption of advanced digital farming infrastructure and an increasing number of companies in the region which offer data-based products for farming. Moreover, growing government and academic support in R&D of the technology and initiatives to adopt farm management software and data analytics is among the primary reasons of the market growth. Rising urban population, high disposable, and increased demand for healthy and nutritious food also contribute to high growth in this region.
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