The software used for farm management are utilized for check writing, contact management, cost accounting, crop management, customer management, depreciation calculation, financial management, inventory management, livestock management, payables and receivables, profit center analysis and tax management. The farm management software are either web-based or installed on premises.
The farm management software are primarily used for crop management which is the basic asset of agricultural practices implemented to improve the growth, yield and development of agricultural crops. Crop management is implemented by combining, timing, and sequencing agricultural related activities depending on factors such as biological characteristics, the harvested form, sowing methods, age of plants, soil, climate and weather. The activities involved in crop management encompass hilling, suckering, chopping and pinching. Additionally, crop management includes crop irrigation and biological, mechanical and chemical techniques to combat weeds, diseases and pests. The farm management software when integrated with application specific sensors helps in streamlining the above mentioned activities and helps reduce time to market the produced crops. The sensors collect the data from the farm and send it to the computer hardware pre-installed with farm management software. This software then analyzes the data and provides necessary activities to be performed for the same. Moreover, the integration of these software with the remote sensing technologies enables the farm owners to implement desired farming techniques to minimize the impact of disasters and natural calamities.
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The farm management software find applications in financial and revenue management. These software are capable of maintaining financial information such as cost, prices, payables, receivables, profit, loss and others. Keeping a track of such information ensures the farm owners to maintain the desired return on investment and thus manage their revenue. Integrating the financial management software with the market rates and prices helps the farm owners to track the actual prices of the crops and ensures transactions at the actual market price.
Farm management software is primarily driven by the availability of internet connectivity and demand for precise farming systems to avoid wastage. However, the lack of proper infrastructure for internet connectivity and lack of technical expertise are the major factors posing challenge for the growth of this market. Conversely, with the ongoing research and developments to overcome shortcomings in the existing farm management solutions is further propelling the demand for farm management software.
The major revenue share for farm management software is from countries such as U.S. and Canada. This is due to the availability of large farms and highly advanced technologies in these countries. However, the potential opportunities for the growth of this market is in emerging countries such as India, China, Brazil and other countries with large land available for agriculture. Growing trend of corporate farming is further expected to drive the market growth in the long run. Additionally, the government support to encourage farming is another factor that supports the growth of farm management software in these countries. Conversely, due to lack of technical expertise and awareness in these countries are the major factors that hinder the growth of farm management software.