Grain Bin Management Software Market REPORT OVERVIEW
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The global grain bin management software market size is anticipated to be USD 212.8 million in 2022 and market is projected to touch USD 765.94 million by 2031, exhibiting a Compound Annual Growth Rate (CAGR) of 15.3% during the forecast period.
Grain bin management software helps in the cost-effective management of the gain storage, reducing the operational cost and providing real-time analysis of the crop quality.
Catastrophe events can take place at any time and the foremost thing it tends to affect is food production. The countries are on the lookout to compensate for the high food demands from the increasing population. The pandemic outbreak was an eye-opener and the nations are preparing themselves for these kinds of emergencies in the future.
COVID-19 Impact: The Pandemic to Boost the Market Demand.
COVID-19 has presented the world with various new problems. The pandemic was the worst health crisis in the century. Not only does it affect the healthcare units but also all sectors of human lives. The economy was at a record low and the countries struggled to produce the necessities. The closing of international borders has resulted in supply chain issues and a decrease in export and import. In this time of extreme crisis, the countries comprehended the necessity of establishing grain bin management software to increase production. The pandemic has resulted in a rise in consciousness which will further drive the grain bin management software market.
LATEST TRENDS
"The Increasing Research and Developments to Boost the Market Demand."
The key to development is extensive research and development. The key players are investing in research facilities to develop enhanced software with unique features. The experimentation and trials are in progress as the organizations are on the lookout for a breakthrough to survive in the competition. The developments will further boost the grain bin management software market share in the forecasted year.
Grain Bin Management Software Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into on-premise software and cloud-based software. On-premise software is expected to lead this segment in the forecasted year.
- By Application Analysis
Based on application, the market can be divided into the agricultural cooperative, grain processors and others. The agricultural sector is anticipated to lead this segment.
DRIVING FACTORS
"Increasing Efforts to Expand Grain Storage to Accelerate the Product Sale. "
Population expansion has triggered the demand for food production. The constructive efforts have pushed for higher crop yield. However, there have been issues related to food security. The storage time for crops has increased. Most of the developed countries are the exporter of agricultural products thus post-harvest management is a necessity to ensure good quality grains. Furthermore, the incorporation of technology and implementation of software has helped to address the existing problems with grain quality management.
The increase in IoT and applications has presented a cost-effective storage and management system. Agriculture remains the major occupation for most countries. The lifestyle changes and demands have compelled the government to invest in grain storage. In addition to these, another major factor to boost the grain management software is that the consumption is year-long compared to the limited production stretching to a few months. Grain storage is required to ensure a smooth supply and demand in the market. The countries prepare for emergencies or to cover future cash needs. Not only does it reduce the operational cost but also provides real-time quality analysis of the grains. The stipulation from the developed countries to install cloud-based grain bin management software will boost the market in the upcoming year.
"The Rise in Smart City Projects to Propel the Grain Bin Management Software Market Demand. "
Urbanization and the surge in technological developments have coined the term smart city which is now a truth. The superpower nations are in the rat race to develop appalling smart cities. The changes in the lifestyle bought by industrialization have pushed the nation to think about the smart city concept. The demand for better management and public safety has pushed the growth of infrastructure. In the era of the internet, data became important asses for the organization to bring changes. The intervention of digital technology has helped in the analysis of data to enhance the quality of living.
Smart city conveys the idea of efficient or innovative management with the help of technology. It is applied in every industrial sector. The agriculture sector is set to witness high growth as the innovations solve the existing crisis. The urbanization and push towards futuristic cities will intensify the demands of the grain bin management software market size.
RESTRAINING FACTORS
"The High Cost to Hamper the Market Growth. "
The initial high implementation cost associated with the grain bin software is restraining the market growth. Developing countries or underdeveloped countries find it difficult to bear the installation cost. Smallholder farmers all over the world suffer from a lack of resources. The lack of investment has resulted in the wastage of crops affecting crop production and price in the market. According to the latest report, traditional grain storage practices have led to the loss of 8%-10% of crop production.
Grain Bin Management Software Market REGIONAL INSIGHTS
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"North America to Dominate the Market due to Rise in Investments. "
North America's strong dollar value and financial privilege have amplified agricultural investments. The government is ensuring the facilities benefit the small holder farmers. The initiatives have resulted in better crop yield and storage functionalities. Furthermore, the presence of key players in this region has helped in the research and fast rollout of resources to the farmers. In recent reports, the region has increased the grain storage capacities to balance the rising demands due to population expansion. All these factors will boost the grain bin management software in the forthcoming year.
"Market Players Focus on New Product Launches to Strengthen Market Position"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- AGI SureTrack (U.S.)
- TSGC (U.S.)
- OPI Systems (Canada)
- Ergson GmbH (Germany)
- AGCO (U.S.)
- TGM (U.K)
- InfoTech Solutions (India)
- Cultura Technologies (U.S.)
- Ronin System Solutions (South Africa)
- IntraGrain Technologies (Canada)
- Silos Cordoba (Spain)
- iRely (U.S.)
- Extron (India)
- Agvance (U.S.)
- AgTrax (U.S.)
- TeleSense (U.S.)
- Zhongke Shengshi (China)
- Green Intelligent (India)
REPORT COVERAGE
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 212.8 Million in 2022 |
Market Size Value By |
US$ 765.94 Million by 2031 |
Growth Rate |
CAGR of 15.3% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type Analysis and Application Analysis |
Frequently Asked Questions
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what value is the grain bin management software market expected to touch by 2031?
The global grain bin management software market is expected to reach USD 765.94 million by 2031.
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What CAGR is the grain bin management software market expected to exhibit by 2031?
The grain bin management software market is expected to exhibit a CAGR of 15.3% by 2031.
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What are the driving factors of the grain bin management software market?
The increasing efforts to expand grain storage and the rise in smart city projects are the driving factors in the grain bin management software market.
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Which are the top companies operating in the grain bin management software market?
AGI SureTrack, TSGC, OPI Systems are the key company operating in the grain bin management software market.