Report: U.S. Farm Management Software Market to Reach $1.62bn

Most farmers in America don’t currently use farm management software (FMS) – but that could change, fast.

Working from data collected from a survey of 1,490 farmers in January 2018, a new report estimates the U.S. market for farm management software could grow to $1.62 billion. According to the report from Alpha Brown, the Israeli agtech market research company, the farm management software (FMS) market holds enormous potential, especially for farms under 50 acres.

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Despite the first farm management software platforms’ introduction to the market more than a decade ago, not to mention Microsoft’s debut of Excel in 1985, most farmers, according to the study, still rely on pen, paper, and non-computerized tools (69%). Many add standard software like Excel or general accounting software to the mix as well (56%). Just 16.5% of the farmers surveyed currently use any kind of FMS.

Taken as representative of the US farming population, that means about 350,000 farmers currently use FMS systems, spending about $420 million annually. Small farms predominate those who use FMS systems. Farmers managing 50 acres and under account for more than 25% of farmers using tailored software. Additionally, operations focused on field vegetables, field fruits, and beef currently take most advantage of FMS systems.

MORE BY MATT HOPKINS

Read more at AgFunder.com.

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