With the increasing growth in the global market, companies operating in this industry are compelled to develop collaborative strategies to sustain in the intensely competitive market. For instance, in March 2020, Farmers Edge entered into a partnership with Nufarm Brasil Strike Landmark to digitize three million acres of agricultural land in Brazil. In Jan 2020, Farmers Edge entered into a partnership with Lindsay Corporation to connect and digitize around two million irrigated acres of the land by the end of 2021.
Strategies such as product launch and development have also been significantly employed by the players across the supply chain to expand in the farm management software and data analytics market. For instance, in Feb 2020, Agrinavia introduced a new online tool Atfarm, to make simple and precise digital optimization for the farmers. In July 2019, Farmers Edge launched the new fleet management solution to expand the connectivity with assets, machinery, and resources across the entire agricultural value chain.
Key companies in the market have also adopted certain business expansion strategies to enter new markets. One of the key players, Raven industries, in Jan 2020, expanded its operational footprints to the U.S east coast. The Climate Corporation, in Jan 2017, unveiled more than 35 projects in its research and development pipeline and announced plans to expand its Climate FieldView digital agriculture platform into new international geographies over the next few years.
Moreover, extensive R&D activities and appropriate regulatory environments are also prerequisites for the sustained growth of this market. Various government and private research institutes and favorable trade policies are putting in substantial efforts to identify the benefits of these advanced solutions for augmenting global food production. The increase in the adoption of sophisticated smart farming techniques such as farm management software and data analytics is necessary to bridge the demand and supply gap along with attaining sustainability in production.
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.
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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.
The companies operating in the farm management software and data analytics market have been adopting strategies such as partnerships, collaborations and joint ventures, and product launches and developments. The farm management software and data analytics market comprise four types of players, namely precision crop farming companies, livestock monitoring and management companies, indoor farming companies, and aquaculture software providers companies. Some of the most prominent precision crop farming software providers companies in farm management software and data analytics include AgJunction, 365FarmNet Gmbh, AgLeader Technology, Agrinavia, Agrivi, AGROPTIMA, aWhere, BASF SE, Farmers Edge, FarmLogs, Granular Inc., Hexagon Agriculture, and Source trace System, among others. Similarly, some of the prominent livestock monitoring and management software companies include Afimilk Ltd., AgriWebb, Boumatic LLC, Connectera, Dairy Master, Delaval, Fullwood Packo, GEA group, Lely S.a.r.l, and Valley Agricultural Software, among others. The leading indoor farming software providers include MotorLeaf Inc., Aetemis, Infarm - Indoor Urban Farming Gmbh, Lettus Grow Ltd., and Tenacious Solution Ltd., among others. Similarly, leading aquaculture software provides include, Aquabyte, Xpertsea, Aquanetix, Chetu, and Eruvaka Technologies, among others.
Farmers are increasingly focusing on driving down operational costs and increasing farm efficiency in order to attain profitability.
The growth in data analytics for intelligent decision-making with the help of the different types of solutions is transforming the agriculture industry.
Conventionally, the farm management software and data analytics in the agriculture industry were offered as software solutions.
However, for the past five years, a new solution model and a mode of solution offering have emerged.
Presently, farm management software and data analytics companies in agriculture also offer these services as solution offerings.The utilization of farm management software and data analytics is revolutionizing farm operations with increased efficiency and control of farmers over the yield.
The different types of analytical tools are employed for different applications such as yield monitoring and forecasting, record keeping, farm mapping, aquatic species tracking and navigation, animal health monitoring and comfort, among others.
