There are a number of reasons that the industry has been slow to adopt FMS. Historically, agriculture is a traditional industry, and tends to have a slow adoption curve. Beyond this, however, pre-existing systems are often incompatible with newer technologies and integrating different types of FMS can be a difficult and expensive task, which disincentivizes widespread adoption. Moreover, FMS and in particular precision agriculture relies on data-driven decision making, and a rich repository of granular data which does not exist, courtesy of legacy systems in place.
Farm Management software drives precision agriculture and has a variety of applications, from financial management to crop management, and automating tasks to solve the problem of a shrinking manual labor force, each of its offerings solves a challenge for the industry. For example, crop management which was valued at USD 164.8 million and has been projected to grow at the highest CAGR, 12.4% from 2020-2025, promises to build precision agriculture, productivity and drive higher yields.
Despite the positive gains promised by FMS, the fundamental challenges at hand are preventing the level of integration and implementation that could drive the full benefits at hand.