Agriculture Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Agriculture analytics is a technology used in the agricultural sector that provides useful information for optimizing farming operations. Farmers can make smart farming decisions using that information throughout the production cycle from planning to plantation, harvesting and marketing. Agriculture analytics provides considerable data and reports on farming by collecting thousands of images of field crops and uses sensors and analytics for minimizing crop spoilages and food-borne diseases. Analytics provides a platform to the farmers for optimizing farming performances according to weather conditions resulting in improving the crop yield.
The investment in this market is rising globally as the introduction of this automated technology in agriculture has led to precision farming leading to saving time as well as resources of the farmers.
The market for agriculture analytics is projected to experience substantial rise in the growth rate along with a steady rise in its CAGR through 2030 owing to rising government initiatives for deploying improved agricultural methods.
Key Growth Factors:
The rising pressure to meet the global demand for food due to increasing population along with the need to improve crop yield is surging the growth of agriculture analytics market. Consciousness regarding the health and well-being is further adding its contribution to the growing demand as this technology results in preventing food-borne diseases and improves productivity.
Initiatives taken by the government across the globe in the form of awareness programs and assistances such as provision of loans, subsidies, incentives etc to the farmers for introducing smart farming technologies are augmenting the growth of this market.
The facilitation of agricultural operations by the adoption of this technology is attracting the farmers as well as manufacturers to introduce agriculture analytics in their operations. This technology enables the farmers to optimize their operations according to changing climatic conditions, reduce crop infections, avoid wastage of resources, and improve crop yields.
High intial cost is a major restraint to this market. The farmers have to make high investments in global positioning systems, drones, GIS etc to collect data from GPS devices. The covid 19 pandemic has disrupted the progress of this market globally due to restrictions in import and export activities, shut-down of production hubs and transport barriers. The farmers are going through acute financial crisis leading to further decline in the market growth.
The pandemic has negatively influenced the global market for agriculture analytics. Several industrial players are facing its dire consequences. Lockdown, social distancing, trade barriers, transportation limitations, shut down of production centers etc have created a decline in the progress of agriculture analytics market. The farmers across the world are suffering from financial crisis leading to reduction in the adoption of these technologies. Since the time relaxtions in import-export activities, transportations, opening of production centers etc have been given by the government, the market is observing little progress everyday. The market players are trying to regain their earlier position through the adoption of organic as well as inorganic strategies in their operations. As per analysts, the market for agriculture analytics will experience steady rise in its growth rate even in the pandemic due to growing consciousness regarding health, sanitation and well-being of people as well the government’s initiatives to adopt smart technologies globally.
The market for agriculture analytics is currently going through expansion phase with rising demands from agricultural sector. North America is projected to witness a steady rise in its market growth over the forecast period. The government initiatives towards smart farming in United States, Mexico and Canada are creating significant opportunities for the market players in North America to expand their operations globally. According to analysis, the US will continue to be one of the leading markets for agriculture analytics globally.
On the other hand, Asia Pacific is expected to be the second largest market due to extraordinary efforts given by the goverment in India and China. Indian government is actively focusing in encouraging the farmers to adopt advanced farming equipments and techniques which is propelling the market growth in Asia Pacific. The government is providing subsidies, incentives and loans to the farmers with zero interest rates in India. The rising investments by the manufacturers in agriculture analytics in China and Japan is further leading to the rising market growth.
Furthermore, the growing need to maintain a healthy agricultural yield in Germany, France, Italy and Spain is surging the market growth in Europe. Europe is predicted to achieve third largest position in this market globally owing to a number of factors such as increasing food demand, rising government initiatives, awareness regarding healthy agricultural yield, adoption of latest technologies, rising investments in agricultural automation etc.
Middle East and Africa is anticipated to witness fastest growing CAGR rate through 2030 on account of rising pressure to meet global demand for food, need to improve crop yield and adoption of modern farming practices.
By Deployment Modes:
By Farm Size :
The global market for agriculture analytics is highly fragmented. Some of theprominent vendors in this market are Deere & Company, IBM Corporation, SAP SE Company, Accenture Incorporation, HelioPas AI Corporation, AgVueTechnologies, Conservis Corporation, Gro Intelligence Corporation, Farmers Edge Corporation, Trimble, Monsanto, Agribotix Technologies, Proagrica, Precision Hawk, Stesalit Systems, AGEYE Technologies, Agrivi Corporation, RESSON Incorporation, Fasal Company, Onesoil Corporation, Root AI etc.
The leading players in this market are introducing new varieties of products, bringing upgradations, innovations and improvisations in their existing products and services and are constantly focusing on expansions, joint ventures as well as collaborations with other corporations to combat the rising competition.For instance, Trimble Corporation has introduced a new entry level Trimble Ag Software subscription known as Farmer Core to enable the farmers to connect all aspects of their farm operations leading to facilitation ofagricultural operations and expansion of the market presence. In addition to Trimble Corporation, Deere and Company has launched an updated software to enhance automation, functionality, documentation and security of Generation 4 4600. This updated software namely 19-1 Software has provided high level of automation activation enabling the company’s machine sync harvest functionality on generation 4 for the tractors. This has resulted in helping the company in grabing a major market share.
How big is the global agriculture analytics market?
The agriculture analytics market is worth USD 700 million. Growing use of analytics in agriculture is likely to steer growth at over 14% CAGR through 2030.
Which is the largest market for agriculture analytics?
The US is the largest maret for agriculture analytics. In agrarian economies like China and India, the potential for agriculture analytics is significant
Where is market opportunity concentrated?
The market opportunity is concentrated in the livestock category, as colossal amount of data is generated on a daily basis
How are SMEs adopting ariculture analytics?
The agriculture analytics penetration is quite low among SMEs at the moment. Advanced made previously have been beset by COVID-19 induced dowturn.
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