New York, United States , July 23, 2024 (GLOBE NEWSWIRE) -- The Global Agriculture Analytics Market Size is to Grow from USD 1.3 Billion in 2023 to USD 4.38 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 12.92% during the projected period.
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Modern technologies like cloud computing, big data, artificial intelligence, and the Internet of Things are just a few that are being utilized to control and automate farming operations, such as field, animal, and crop management. The growing worldwide need for food is driving the farming industries to adopt cutting-edge technologies. Due to the population's rapid growth, future food demand will more than double. As a result, it is anticipated that the agriculture industry will use agro-analytics technology to address future issues. There is a growing shortage of arable land. Factors such as urbanization, water shortages, climate change, and population increase are having a significant impact on agricultural land. Industries and the government are promoting the use of vertical farming and urban farming to address the growing food demand. Furthermore, farmers benefit from analytics solutions since they can make more relevant and well-informed decisions, which raises overall production and efficiency. Thus, it is projected that the adoption of cutting-edge technology by farmland owners to increase harvest and increase investment in the agriculture sector will be major factors driving global market expansion. Farmers are under significant pressure to expand their food supply due to the growing global population and its associated increased demand for food. Furthermore, various obstacles such as shifting weather patterns and deteriorating soil quality are impeding farmers' capacity to achieve maximum crop yields. In light of this complex situation, farmland owners are increasingly implementing analytical farm solutions. These solutions leverage technologies such as unmanned aerial vehicles (drones), global positioning systems (GPS), and global navigation satellite systems (GNSS) to enable better decision-making and increase overall efficiency in agricultural practices and management. However, the lack of understanding among farmers regarding the advantages and applications of agricultural analytics is one of the primary obstacles to growth. The growth prospects of the global market are complicated by the dearth of qualified individuals to effectively adopt and supervise these advanced technologies.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the " Global Agriculture Analytics Market Size, Share, and COVID-19 Impact Analysis, By Offerings (Solutions and Services), By Agriculture Type (Precision Farming, Livestock Farming, and Vertical Farming), By Deployment Mode (Cloud and On-Premises), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
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The service segment is anticipated to hold the greatest share of the global agriculture analytics market during the projected timeframe.
Based on the offerings, the global agriculture analytics market is divided into solutions and services. Among these, the service segment is anticipated to hold the greatest share of the global agriculture analytics market during the projected timeframe. The main reason for the rise is farmers' unawareness and lack of understanding regarding the usage of advanced farm analytical equipment. This lack of experience is expected to lead to a growth in the market's service sector. The provision of critical services by analytical solution providers, such as system integration and deployment, training, and advice, is essential to the market's expansion. These services might assist close the knowledge gap and ensure more effective use of these technologies by reducing the complexity associated with installing contemporary agricultural analytics systems.
The livestock farming segment is expected to grow at the fastest pace in the global agriculture analytics market during the projected timeframe.
Based on the agriculture type, the global agriculture analytics market is divided into precision farming, livestock farming, and vertical farming. Among these, the livestock farming segment is expected to grow at the fastest pace in the global agriculture analytics market during the projected timeframe. Collecting real-time data on animal health, feeding patterns, hygienic practices, and location monitoring, among other aspects, is made possible by using agriculture analytics services and solutions for livestock farming. This helps to improve livestock management procedures and increase the quality and productivity of output. Livestock farming uses a variety of technology devices, including feeding systems, robotic milking machines, GPS, RFID, and farm management systems, to boost farm output.
The on-premises segment is predicted for the largest revenue share in the global agriculture analytics market during the estimated period.
Based on the deployment mode, the global agriculture analytics market is divided into cloud and on-premises. Among these, the on-premises segment is predicted for the largest revenue share in the global agriculture analytics market during the estimated period. Consumers' concerns about data security are driving demand for on-premises farm analytics globally. Large farms with better financial positions are the primary users of on-premises agricultural analytics.
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North America is anticipated to hold the largest share of the global agriculture analytics market over the predicted timeframe.
North America is anticipated to hold the largest share of the global agriculture analytics market over the predicted timeframe. Owing to the region's well-established infrastructure makes it easier for analytical services to be integrated seamlessly. Having a strong and well-developed infrastructure makes it easier to access and apply sophisticated analytics solutions to farming operations. The need for agriculture analytics solutions is also anticipated to rise as more North American farmers become aware of the advantages of sensor and analytics technologies. This increased understanding enables farmers to use these technologies to increase farm yields and improve operational efficiency, which supports the region's agriculture analytics market's steady expansion.
Asia Pacific is expected to grow at the fastest CAGR growth of the global agriculture analytics market during the forecast period. The Asia-Pacific region's rapidly growing population and growing food demand have increased farmers' need to increase agricultural productivity. A significant trend toward the use of cutting-edge analytical solutions is being driven by this rising demand as well as higher government spending in the agriculture sector. The obstacles in agricultural operations are greatly mitigated by these analytical solutions, which also contribute to better farm management, higher traceability, and better monitoring. Advanced analytics offers helpful insights for making wise decisions and allocating resources as farmers work to face the difficulties of growing their offerings.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the Global Agriculture Analytics Market size IBM Corporation, SAP SE, Oracle Corporation, Trimble Navigation Limited, Monsanto Company, Deere & Company, Agribotix LLC, Agjunction Inc., SST Development Group Inc., Iteris Inc., Taranis, Farmer’s Business Network Inc., Agrivi, Granular Inc., and Others
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global agriculture analytics market based on the below-mentioned segments:
Global Agriculture Analytics Market, By Offerings
- Solutions
- Services
Global Agriculture Analytics Market, By Agriculture Type
- Precision Farming
- Livestock Farming
- Vertical Farming
Global Agriculture Analytics Market, By Deployment Mode
- Cloud
- On-Premises
Global Agriculture Analytics Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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