"Growing Demand for Modern Agricultural Techniques and Technological Advancements Are Likely to Fuel the Growth of the Agriculture Analytics Market"

Globally, the agriculture analytics market is expected to grow with a CAGR of more than 15.3% during the forecast period from 2023 to 2030, starting from US$ 731.3 Mn in 2020. Globally, the agricultural sector is rapidly progressing in terms of technology, machinery, and quantity of yield. Number of farmers and farming companies in various developed and developing countries are increasingly adopting advanced technologies such as big data analytics, artificial intelligence and machine learning with an aim to maintain and improving the track of yield in these changing climatic conditions. Analytics solutions help farmer in planning and execution of various activities that help them fulfill the growing need to enhance the farm production. This major factor is driving the adoption of agriculture analytics across the globe. Moreover, there has been a significant decline in rate of skilled labor in agricultural sector, which is equally affecting the production and quality of the yield. Utilization of analytics enables the farmers to study, evaluate the conditions, and derive solutions to enhance the quantity of yield. In addition to this, increasing government support to provide latest technologies in remote corners for agricultural purposes is also contributing to the increased adoption of analytics in this sector. These factors are expected to drive the growth of agriculture analytics market during the forecast period. However, high cost of analytics solutions and low spending power of farmers in developing and underdeveloped countries, lack of technical skills to use modern tools, and lack of data management and data calibration in agriculture industry are likely to have a negative impact on the growing agriculture analytics market during the forecast period.

"Livestock Management Application is expected to Continue Dominating the Market"

In 2020, the livestock management segment led the market by contributing the maximum market share in the global Agriculture Analytics Market. Livestock is a primary factor of agricultural sector, which is used to perform large number of tasks daily. The activities involving livestock in agriculture generates large volumes of data about animals. Implementation of analytics tools for livestock management enables the farmers to keep a track on activities revolving around the animals such as feeding, milk harvesting, breeding, and behaviors monitoring. In order to eliminate the possibilities of mismanagement and keeping a track on the diet and grooming of these animals, it is essential for the farmers to conduct critical analysis. This helps them maintain the daily routine and reduce the increasing pressure of livestock management. Followed by livestock management, farm analytics segment is also growing at a significant pace.

"Asia Pacific to Register the Fastest Growth"

North America dominates the Agriculture Analytics Market. In 2020, the regional market accounted for nearly 41% of the total revenue generated worldwide. Primary factor attributed to this high market share is growing adoption of modern farming techniques in US and Canada. Companies based in North American region are largely investing in research and development to provide best-in-class farming equipment to the farmers and farming companies at an affordable price. This enables the companies to enhance their annual revenue and contribute to the increasing market size of agricultural analytics. However, Asia-Pacific is projected to grow at a highest CAGR during the forecast period. Based on the fact that huge chuck of agricultural industry is in this region, there has been significant investment in adoption of digital tools in agriculture sector of developing countries. This is expected to primarily contribute to the high growth of this regional segment. Along with this, various international companies are expanding their presence in this region to leverage the lucrative opportunities in this region. However, lack of standardization with respect to data management, and dearth of skilled personnel can hamper the market growth in this region.

Some of the prominent players operating in the Agriculture Analytics Market include Deere & Company, IBM Corporation, SAP SE, Trimble, Monsanto Company, Oracle Corporation, Accenture, Iteris Inc., TARANIS, Agribotix LLC, Agrivi, DTN, aWhere Inc., Conservis Corporation, DeLaval, Farmer's Business Network, Farmers Edge, GEOSYS, Granular, Gro Intelligence, Proagrica, Precision Hawk, RESSON, Stesalit Systems, AgVue Technologies, among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Agriculture Analytics market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Agriculture Analytics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Agriculture Analytics market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Agriculture Analytics market?
• Which is the largest regional market for Agriculture Analytics market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Agriculture Analytics market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Agriculture Analytics market worldwide?