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Increasing Demand for Precision Farming Shaping the Future of Farm Management Software and Services Market

05 Aug 2017
Global Farm Management Software and Services Market

The farm management software and services market is gaining traction with the companies adopting strategies such as product launch and development, and partnerships and collaborations. The major established players in the market are predominantly focusing on product launches and developments to introduce new forms of innovations. Trimble Navigation, Iteris Inc., AgJunction, Ag Leader, and The Climate Corporation were the most prominent names that surfaced in 2016 in this regard. These companies launched various new products and brought new developments to their existing products in order to expand their share in the market.

The trend has continued in 2017 and February witnessed a collaboration between AgJunction, Inc. (TSX: AJX), a leading provider of innovative hardware and software solutions for precision agriculture, and Reichhardt GmbH Steuerungstechnik, a global innovator and supplier of automated agricultural and farming products and equipment. According to the press release, these companies have entered into a letter of intent (LOI) under which Reichhardt will license certain AgJunction patents.

In July 2017, Conservis Corporation, a leading provider of enterprise agricultural management solutions, and The Climate Corporation, a subsidiary of Monsanto Company, came into a partnership for seamless connectivity between FieldView and the Conservis platform, which will provide enhanced operational tracking and financial reporting. According to Matt Moen, vice president of channel sales at Conservis, "a key part of our mission is to unify the farm's data." This collaboration will deliver farmers a simple solution to easily access a broad and interconnected set of tools, services, and data through one, connected digital agriculture platform, helping them optimize all of their farm management decisions throughout the year.1

Acknowledging the growing demand for precision farming and software and services to aid the agricultural production, BIS Research has compiled a report titled ‘Global Farm Management Software & Services Market, Analysis & Forecast (2017-2021)'. According to the analyst, "The farm management software and services market is expected to reach $2,883.4 million by 2021, at a CAGR of 17.6% from 2017 to 2021. This growth is attributed to the increasing awareness among governments about the need to produce more food while taking care of the environment."

This report highlights the key driving and restraining forces for this market, the report also provides a detailed summary of the farm management software and services market, including the key participants involved in the industry in the relevant sections. It puts special emphasis on the market share of the services provided in farm management software and services market, owing to the changing paradigms in the industry.

References:
1 AGPRO

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