Dublin, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The "Agriculture Analytics Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The agriculture analytics market is projected to grow at 14.4% CAGR during the forecast period of 2020-2025. Agriculture analytics is the application of cutting-edge technologies like Big Data, IoT, and other analytics tools in agricultural farming. The primary growth factor for the agriculture analytics market is increasing government initiatives for deploying improved agricultural techniques. Data volumes in the agriculture sector are growing exponentially.
The increasing adoption of IoT devices that collect data from connected farm equipment such as smart tractors and drones is also driving the growth of agriculture analytics. Crop growers and agribusiness players are recognizing the potential for uncovering breakthroughs on plant genomics, livestock management, soil health, and faster development of new technologies in big data and other analytics methods.
Key Market Trends
Farm Analytics is Expected to Grow at a Significant Rate Over the Forecast Period
Agriculture researchers are using artificial intelligence and data science to make on-farm predictive analytics before delivering the insights that matter in the farming land. The rising subscription-based service model aims to cut down the cost for farmers and provide them real-time alerts about crop conditions. Moreover, predictive models and optimization of daily tasks will give complete control over their future harvest.
- Companies like Ag-Analytics access insights from precision agriculture data to address weather impacting concerns. The company uses tools like FarmScope, which combine diverse data sources like satellite, soil, weather, historical crop, and farm equipment data to create an analysis of the current state of an agricultural field and forecast for future yield.
- In February 2020, AI and Robotics Ventures, a subsidiary of PTT Exploration, is diversifying into agriculture business by developing AI and data analytics systems for local farming. The company has planned to collaborate with Thaicom for the project. These rising investments by existing vendors drive the growth of the farm analytics segment over the forecast period.
- However, the growing AI and other emerging technologies require high initial investments, efficient farming tools, and skilled and knowledgeable farmers or growers, thereby making farmers apprehensive about using farm analytics to analyze precise field data.
North America Geographic Segment is Expected to Hold a Significant Share Throughout the Forecast Period
The primary driving force for the growth of the North America geographic segment is the significant presence of technology providers and increasing government initiatives towards smart farming. These players focus on entering into partnerships, merger-acquisitions, and innovative solutions offerings to stay in the regional and globally competitive landscape.
- For instance, in May 2019, IBM Corporation announced the global expansion of the Watson Decision Platform for Agriculture, with AI technology tailored for new crops to feed a growing population across the United States. The company is providing a global agriculture solution that combines predictive technology with data from The Weather Company, an IBM Business, and IoT data to help give farmers around the world more significant insights about planning, plowing, planting, spraying, and harvesting.
- During the last few decades, there has been a considerable shift from traditional agricultural activities to an organized one to improve agricultural activities through the application of analytics and smart devices.
- For instance, General Mills, a multinational manufacturer and marketer of branded consumer foods, is planning to advance regenerative agriculture practices on one million acres of farmland in the United States by 2030.
- There is high market penetration for emerging technology-enabled agriculture across the United States. In July 2019, the Federal Communications Commission decided to form a new task force to advise the commission on how to ensure farmers and ranchers have the connectivity they need to use and benefit from precision agriculture. This task force will work with USDA to develop policy recommendations to promote the rapid, expanded deployment of broadband internet service in unserved agricultural land, to achieve strong capabilities on 95% of agricultural land in the United States by 2025.
Competitive Landscape
The agriculture analytics market is moderately competitive and consists of a significant number of global and regional players. These players account for a considerable share in the market and focusing on expanding their customer base across the globe. These vendors are focusing on the research and development activities, strategic partnerships, and other organic & inorganic growth strategies to earn a competitive edge throughout the forecast period.
In April 2020, Ag-Analytics announced the release of fully remote, on-demand UAV service to assist crop growers by providing cost-effective UAV flights and machine learning analytics. With the help of this service, farmers can easily place a no-obligation order in less time when the fly-out occurs in 3-5 days. The process is done entirely remotely, which does not require any physical contact.
- In March 2020, Growers Holdings, Inc., a software and analytics company, is entering into a strategic partnership with SAS Institute to help farmers with data-driven insights, making better agronomic decisions across their entire agriculture ecosystem. With the help of this partnership, the alliance will have the opportunity to address the global food crisis in the coming years.
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Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Usage of Cutting-edge Technology-based Solutions for Farming
5.2 Market Challenges
5.2.1 Problems Related to Data Management and Data Aggregation
6 IMPACT OF COVID-19 ON THE AGRICULTURE ANALYTICS MARKET
7 MARKET SEGMENTATION
7.1 Component Type
7.1.1 Solutions
7.1.2 Services
7.2 Type
7.2.1 Farm Analytics
7.2.2 Livestock Analytics
7.3 Deployment Type
7.3.1 On-Premise
7.3.2 Cloud
7.4 Farm Size
7.4.1 Small and Medium Farms
7.4.2 Large Farms
7.5 Geography
7.5.1 North America
7.5.2 Europe
7.5.3 Asia Pacific
7.5.4 Latin America
7.5.5 Middle East & Africa
8 COMPETITIVE LANDSCAPE
8.1 Key Vendor Profiles
8.1.1 Trimble Inc.
8.1.2 IBM Corporation
8.1.3 Deere & Company
8.1.4 Vistex, Inc.
8.1.5 Bayer AG
8.1.6 Iteris Inc
8.1.7 Ageagle Aerial Systems Inc
8.1.8 Agrivi
8.1.9 Conservis Corporation
8.1.10 PrecisionHawk, Inc.
8.1.11 SAS Institute Inc.
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET
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