Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Agriculture Analytics Market information by Farm Size, by Components, by Deployment Modes and Region – forecast to 2027” market size can reach USD 1.5 billion by 2026. It can exhibit 11.71% CAGR over the forecast period.
Market Scope:
Agriculture analytics are designed to improve farming techniques and makes use of complementary technologies such as satellites, drones, and others to make informed decisions. Rising consumption of food and need for fertile land can drive its demand.
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The huge potential of urban farming due to people growing vegetables in their gardens and homes can drive market growth. The ability to provide food to local communities and benefit of shielding crops from environmental elements can bode well for the market. Use of big data and artificial intelligence can be used by farmers to enhance their potential and increase crop production significantly.
Dominant Key Players on Agriculture Analytics Market Covered are:
- Granular
- IBM
- Proagrica
- Gro Intelligence
- GEOSYS
- Stesalit Systems
- PrecisionHawk
- Root AI
- Taranis
- Agrivi
- DeLaval
- Oracle
- AgVue Technologies
- Accenture
- AGEYE Technologies
- OneSoil
- DTN
- FBN
- Farmers Edge
- aWhere
- Iteris
- SAP SE
Market USP Exclusively Encompassed:
Market Drivers
Rise of digitization and employment of novel techniques to improve crop yields and streamline the supply chain can drive market growth. Need for outsourcing of field operations owing to labor shortage and worker expenses can accelerate the transformation. Managed service providers can use analytical tools to accumulate, process, and analyze information to improve decisions of farmers and improve crop cultivation.
Use of low-earth orbit (LEO) satellites to provide data connectivity to farmers in rural areas to streamline the agriculture value chain as well as revolutionize precision agriculture can bode well for the market. Adoption of satellite analytics can propel market demand over the forecast period.
But high costs of accumulation of relevant data and huge initial capital investment can impede market growth. Use of drones and tractors for navigation and mapping are costly affairs that can increase crop production rates.
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Segmentation of Market Covered in the Research:
Solutions to Capture Lead in Global Market
Based on component, the agriculture analytics market has been bifurcated into solution and services. The solutions segment is likely to capture a major market share over the forecast period due to need for analysis of large data sets for optimum decision making. Identification of critical parameters as well as correlation of large swathes of data can encourage the segment growth.
Large Farms to Rule Market Demand
Based on farm size, the agriculture analytics market has been segmented into large farms and small and medium-sized farms. Large farms are likely to capture a huge market share owing to its ability to scale its cultivation and huge demand for food among masses. Agriculture analytics can assist large farms in managing information for higher yields.
On-premises Mode to Drive Market Growth
Based on deployment modes, the agriculture analytics market has been segmented into cloud and on-premises. The on-premises mode is expected to capture a large market share over the forecast period due to its procurement by large farm owners.
Livestock Analytics Application to Dominate Market Demand
Major applications of the agriculture analytics market are segmented into farm analytics, livestock analytics, aquaculture analytics, and others. Furthermore, the others segment is subdivided into orchid, forestry, and horticulture. Livestock analytics includes observation of animals and tracking of their data to ensure quality from products.
Regional Analysis
North America to Lead in Global Market
North America is expected to lead in the global agriculture analytics market due to presence of large swathes of arable land and adoption of automation. Investments from automated technologies and presence of players such as John Deere can drive market demand significantly. Optimization of data for management of livestock farms, horticulture, aquaculture, forestry, and orchids can bolster market growth.
APAC to Register Huge Growth
Asia-Pacific (APAC) can register a stellar growth rate during the forecast period due to investments in digital farming techniques and adoption of cloud for storing data. But lack of standardization for storing data can hamper regional market growth.
COVID-19 Impact on the Global Agriculture Analytics Market
The COVID-19 pandemic has affected the operations and supply chain of the agriculture sector and impacted the adoption of agriculture analytics. Shutdown of facilities and closure of borders had impacted sales of crops and caused huge losses to farmers. But rise of urban farming can provide opportunities to the market. However, inadequate cultivable land can pose a challenge to market growth.
Industry News
Ag-Analytics has acquired AcreValue, a subsidiary of Corteva Agriscience. The move will integrate precision farm analytics and sustainability metrics for enhancing land management tools.
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