Farm Management Software Industry
We are currently living in very exciting times for the industry, as farmers and ranchers are increasingly touting the benefits of smart farm management software as vital components of farm technology in light of ever-increasing global pressure to adopt sustainable agricultural practices. The Farm Management Software Industry was valued at USD 2.75 billion in 2023 and is projected to be worth nearly USD 7.18 billion by 2030, with a compound annual growth rate (CAGR) of 14.7%. The increase can be traced back to the implementation of precision farming solutions and the use of advanced technologies like artificial intelligence (AI) and machine learning (ML) in agricultural activities.
Five Companies that Account for the Most Market Share
Several key players dominate the competitive landscape of the farm management software industry:
Trimble Inc.: Founded in the year 1978, Trimble Inc. is based in Colorado, USA, and is a recognized name in precision agriculture technologies for increased productivity and productivity. Specifically, the GFX-1060 and GFX-1260 displays are designed to be at the cutting-edge of tech in relation to real-time data monitoring and in-field efficiency, cementing the companys status as an industry leader in their segment.
Founded in 1956 and headquartered in South Dakota, USA, Raven Industries is a leading-edge autonomous farm technologies company. Solutions like Raven Cart Automation and Driverless Tillage Solutions are designed to overcome labor challenges and improve operational efficiency.
Topcon Positioning Systems: A California-based company that focuses on technology for precision measurement and positioning. With offers like the TAP FEED management system for both dairy and beef operations, Topcon is committed to improving agricultural efficiency through cloud-based software platforms.
Granular Inc., A Corteva Agriscience Company: Comprehensive farm management software solutions that help farmers make data-driven decisions. Granular is a Corteva Agriscience business that combines agronomic expertise with insight-driven technology to maximize the productivity of every acre.
AGRIVI: AGRIVI is a cloud-based farm management software based in the UK. They help farmers manage their operations in over 100 countries. It is integrated with tools for crop planning, monitoring, and analytics to optimize farming practices for productivity and sustainability.
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Recent M&A (Mergers and Acquisitions)
Mergers and acquisitions have also come to the farm management software industry, highlighting a trend toward consolidation and technological enhancement:
Agreena Acquires fieldmargin In February 2024, agtech startup Agreena acquired UK farm management software firm fieldmargin. Farming operations are contributing 10% of first year revenue from each farm, to this strategic integration that helps farmers worldwide as Agreena welcomes fieldmargin's easy-to-use management app into their offerings.
SatSure Acquires CropTrails; In May 2022, SatSure, a Bengaluru-based deep tech startup, announced the acquisition of CropTrails, a farm management software founded by OEPP Innovations Private Limited. With this acquisition, SatSure aims to lead international expansion in Africa, Latin America and Southeast Asia by essentially morphing CropTrails into a no-code platform for agribusinesses.
Mobile Application Market Overview: Recent Developments
The industry is also rapidly evolving with some big news:
Trimble-AGCO Joint Venture: September 2023: Trimble Inc. and AGCO announced a definitive agreement to form a new joint venture. This partnership seeks to better support farmers with mixed fleets by offering precision ag solutions on both factory and aftermarket applications. The companies will be global leaders in smart farming and autonomy solutions for all types of agricultural equipment.
Technological Innovations by Raven Industries: In August 2023, Raven Industries announced pre-orders for its Raven Cart Automation at the Farm Progress Show. By automating cart operations, Harvest Automation has the potential to streamline harvesting and make it less dependent on labor, which is in short supply. Raven had also introduced DirecSteer, an electric automatic guidance system that is automatic but offers simple steering yet accurate for a lot of conditions.
New Funding and Investments
The sector has also experienced large funding and investment activities:
November 2023: The partnership between AGRIVI and ReddAgro: In October 2023, AGRIVI established a partnership with ReddAgro — an Agri-Tech company with a focus on precision farming as well as automation. This partnership is to change the way they do farming and to spread the sustainability in agriculture in the Middle East in Jordan the Sudan, the King the Saudi, Egypt and Iraq.
SatSure's Pre-Series A Raise: Before acquiring CropTrails, SatSure had raised USD 5 million in a Pre-Series A round in early 2022. The fresh infusion of capital comes to strengthen the company’s global expansion plans and augment the capabilities of its decision intelligence products.
This activity clearly reflects how bioproducts, precision ag and farm management are moving huge amounts of capital as organizations seek to innovate, learn, develop ag technology that will increase efficiency and make the industry more sustainable.
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