The global forestry software market size is expected to grow by USD 1.36 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Forestry Software Market 2020-2024 (Graphic: Business Wire)
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The rise in the adoption of cloud-based forestry software is one of the key factors driving the forestry software market growth. Cloud-based forestry software is gaining popularity among forestry companies owing to advantages such as a reduction in operational cost that is incurred in software/server updates, infrastructure failures, and hardware replacements. The key factors driving the adoption of cloud-based forestry software include low up-front cost and reduced implementation time, unlike on-premise forestry software. Cloud-based forestry software eliminates the need for procurement and installation of storage and computing hardware. It provides advantages such as scalability, speed, and agility while reducing operational cost. The software provides benefits such as harvest process alignment and business consistency across companies by enabling access of applications to employees and partners located in geographically distinct and remote locations.
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As per Technavio, the adoption of automated forestry management will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Forestry Software Market: Adoption of Automated Forestry Management
Automated forestry management is becoming vital for forestry operations and is driving the global forestry software market. The key factor driving the adoption of automated forestry management includes reducing the time gap between forestry and logging operations and industrial wood processing. The traditional business model included manual communication and management platforms for managing the supply chain, which resulted in high cycle time. Automation helps in simplifying the forestry management process, reducing manual paperwork, and providing an integrated approach for managing all tasks, which further leads to the reduction of operational cost and time. The adoption of automated forestry management is gaining significance among forestry companies because of its benefits such as asset tracking, compliance with regulations, automated weighing, point-to-point transactions with time stamp, and real-time overview of financial positions.
“Other factors such as the increasing demand for AI-based forestry, and the rising adoption of big data in forestry will have a significant impact on the growth of the forestry software market value during the forecast period,” says a senior analyst at Technavio.
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Forestry Software Market: Segmentation Analysis
This market research report segments the forestry software market by type (on-premise forestry software and cloud-based forestry software) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the forestry software market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North America region is expected to register the highest incremental growth due to factors such as the high presence of a large number of forestry software vendors and the increasing adoption of forestry software in comparison to other regions.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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