Chicago, Aug. 05, 2024 (GLOBE NEWSWIRE) -- The global Agriculture Analytics Market size is expected to grow from USD 1.4 billion in 2023 to USD 2.5 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.1%, according to a new report by MarketsandMarkets™. Agriculture has prevailed since the dawn of human civilization as a society. It had always been a labor-intensive task to rear crops and animals. Farming has undergone a lot of changes with regard to methods, tools, and machinery. A lot of research and development has been done to bring agriculture to the present stage, and it is still in the phase of continuous improvement.
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342 - Tables
54 - Figures
318 - Pages
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Agriculture Analytics Market Dynamics:
Drivers:
- Increasing size and complexity of farms
- Rising need for optimal resource utilization
- Enhancing sustainability and reducing environmental impact
- Applying Big Data in farming
Restraints:
- High costs associated with data collection and analysis.
- Data privacy and security concerns
Opportunities:
- Technological advancements such as IoT, AI, and ML
- Prospect of public-private collaborations to advance use of agriculture analytics
List of Top Companies in Agriculture Analytics Market:
- Deere & Company(US)
- IBM(US)
- Bayer Ag (Germany)
- SAP(Germany)
- Trimble(US)
- Accenture(Ireland)
- ABACO(Italy)
- DeLaval(Sweden)
- Oracle(US)
- DTN(US)
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The report segments the agriculture analytics market by offering (solution and services), agriculture type, farm size, technology, end users, and region, along with providing in-depth analysis and market size estimations. The services component has professional and managed services segments. The professional services segment includes integration and implementation, consulting, support and maintenance, and training and education subsegments. The agriculture analytics solution holds the largest market size, and the services component is expected to display a higher CAGR during the forecast period. The system integration and implementation services segment is expected to exhibit the highest CAGR during the forecast period.
Agriculture analytics solutions process and analyze historical and real-time field data about the crop, soil, weather, irrigation, livestock, etc. It facilitates growers and agriculture suppliers to analyze data gathered from various sources and deliver actionable insights in real time, helping them improve yield and productivity. Furthermore, they help in predicting future outcomes based on historical data sets. Agriculture analytics solutions empower stakeholders in improving forecasting and operational efficiency, enabling them to make enhanced and timely decisions.
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North America is rapidly adopting agriculture analytics solutions, owing to the early adoption of various technologies, including smart agriculture, predictive analytics, AI, IoT, mobile, and cloud. Advancements in these technologies have empowered agricultural stakeholders in the region with advanced infrastructure, high-end farm equipment, and enhanced forecasting capabilities to drive their field productivity. North America is expected to be the largest revenue-generating region for agriculture analytics vendors during the forecast period. Europe is estimated to be the second-largest region in the market, and Asia Pacific is expected to exhibit the highest rate during the forecast period.
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