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.
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.