Description
Agriculture Analytics Market to surpass USD 3.86 billion by 2031 from USD 0.92 billion in 2021 at a CAGR of 15.41% within the coming years, i.e., 2021-31.
Product Overview
Agriculture Analytics delivers real-time understandings that can be used by farmers or cultivators as inputs to enhance their agricultural performance according to the various weather conditions or disease outbursts. The use of technologies and big data analytics is still unused in the field of farming. The overview of big data analytics in agriculture has led to precision farming, thus saves time and capitals of the farmers along with better yield.
Market Highlights
Agriculture Analytics Market is predicted to project a notable CAGR of 15.41% in 2031
The upsurge in population with rise in demand for superior food products is a chief feature influencing the progress of the Agriculture Analytics Market. Furthermore, the rising adoption of smart technologies to allow accuracy agriculture and growing artificial intelligence and predictive analytics to expand the yield proposal important growth prospects for Agriculture Analytics Market players.
Agriculture Analytics Market: Segments
Solution segment to grow with the highest CAGR during 2021-2031
Based on Component, the market is segmented into Services and Solutions. Solution segment holds the highest market share of Agriculture Analytics Market. Rising need for more accurate crop forecasting and yield is driving the demand of Agriculture Analytics Solutions as the solution services in evaluating decades of crops information and support agriculturalists in predicting the number and state of crops produced before the seed are even planted. Agriculture Analytics Solutions has the capability to maximize crop production in the shortest timeframe.
Livestock Analytics Segment to grow with the highest CAGR during 2021-2031
Based on Application, the market is segmented into Farm Analytics, Livestock Analytics, Aquaculture Analytics, and others. The Livestock Analytics segment is predictable to grow at the highest CAGR during the forecast period. Agriculture Analytics solutions and services benefit livestock manufacturers make improved decisions by obtaining real-time information about animals and improve various livestock management processes like nursing management, heat pressure management, milk gathering, breed management, behavior monitoring, and management, calf management, genetic management, and cattle sorting. Miss organization in the nourishment or diet or tracking of the animals can cause huge losses to the farmers. Thus, farmers are capitalizing toward Agricultural Analytics solutions that help them in handling their livestock process for superiority production.
Agriculture Analytics Market: Market Dynamics
Drivers
Increasing use of data by farmers
The increasing need to contract out field-related processes due to scarcity of labor is predictable to drive the growth of the accomplished services in the Agriculture Analytics Market. Managed service providers practice their powerful analytical devices to assemble, process, and examine data to offer valuable visions to agriculturalists. By these actionable insights, farmers can estimate their crop production, expand crop cultivation, and make healthier decisions.
Solve the problems of Urban Farming
Prepared with big data analysis and artificial intelligence, urban farmers can expand effectiveness, productivity and maximize the potential of the limited space offered to them. Some scholars believe that those efforts could eventually produce as much as 190 million metric tons of food every year, showing about ten percent of the worldwide output of legumes, roots, and tubers, and vegetable crops.
Restraints
High cost of gathering precise field data
The main restraining factor for the Agriculture Analytics is the high cost of collecting precise field figures. Artificial intelligence technology involves high primary investments, well-organized farming tools, and trained and knowledgeable farmers, among others, thus making the farmers worried about using this technology for extracting precise field data. Farmers or cultivators must make huge investments in GPS, GIS, and drones to gather input figures for variable rate application technology from cables and other GPS devices.
Impact of the COVID-19 on the Agriculture Analytics Market
The COVID-19 effect on various countries has affected the accessibility of labor, harvesting of crops, and disturbed crop monitoring. Digital agrarian processes such as drones and robotic machines are expected not only to raise productivity but also will need less workforce. Countries such as China, France, and the US have taken steps to increase the implementation of digital farming technologies to cope up with the current crisis situation. Even in other nations such as India and Spain, the demand for digital agriculture is likely to grow as a long-term optimistic effect of the COVID-19 condition.
Agriculture Analytics Market: Key Players
IBM (US)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Deere & Company (US)
IBM (US)
SAP SE (Germany)
Trimble (US)
Monsanto (US)
Oracle (US)
Accenture (Ireland)
Iteris (US)
Taranis (Israel)
Agribotix (US)
Agrivi (UK)
DTN (US)
aWhere (US)
Conservis Corporation (US)
DeLaval (Sweden)
FBN (US)
Other prominent players
Agriculture Analytics Market: Regions
Agriculture Analytics Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. North America is estimated to contribute the largest share of the Agriculture Analytics Market during the forecast period owing to the over-all preference and enthusiasm shown by the general population in the region towards adopting Agriculture Analytics. The region has big farms with finest farming apparatus, which mainly contribute to the development of the farming analytics market. Moreover, large number of players functioning in this region also influence to drive growth of the market in North America. Asia Pacific also holds a major share of the global market. The market in the region is also projected to register the highest CAGR during the forecast period.
Agriculture Analytics Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Agriculture Analytics Market report also contains analysis on:
Agriculture Analytics Market Segments:
By Component
Services
Solution
By Application
Farm Analytics
Livestock Analytics
Aquaculture Analytics
others
By Deployment
Cloud
On-premise
Agriculture Analytics Market Dynamics
Agriculture Analytics Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Agriculture Analytics Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 0.92 billion
Revenue forecast in 2031 USD 3.86 billion
Growth Rate CAGR of 15.41% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD billion and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Application, Deployment Mode, Component, and region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Deere & Company (US), IBM (US), SAP SE (Germany), Trimble (US), Monsanto (US), Oracle (US), Accenture (Ireland), Iteris (US), Taranis (Israel), Agribotix (US), Agrivi (UK), DTN (US), aWhere (US), Conservis Corporation (US), DeLaval (Sweden), FBN (US)
Frequently Asked Questions on the Agriculture Analytics Market
How widely can an Agriculture Analytics Market expand?
Who are the key players in the Agriculture Analytics Market?
Which segment is anticipated to hold the largest Agriculture Analytics Market share?
What could be the factors driving the growth of the Agriculture Analytics Market?
What could be the exigent factors in the growth of Agriculture Analytics Market?
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