The global Agriculture Analytics market was valued at USD 1.7 Billion in 2022 and is projected to reach USD 3.3 Billion by 2030, registering a CAGR of 8.05 % for the forecast period 2023-2030.
Market Definition
With the governments initiative to create awareness in farmers about the use of analytics in farming to drive the markets growth. Agriculture analytics can be termed as the use of data and analysis for improvements with the agricultural practices and analysis of the data from varied sources such as weather reports, soil conditions, crop growth, and livestock performances. Improved decision-making, increased efficiency, reduction in operational costs, increase in yields and profitability are some of the benefits gained with the usage of analytics in the sector of agriculture. Agriculture analytics emerged as the vital tool with the components including for data collection & data analytics software, decision support systems, remote sensing & imaging technologies, IOT connectivity, wide range of sensors, drones, satellites and many more. The technological advancements with the concerns for data security and privacy to further drive the agriculture analytics market.
Market Size:
- 2022: USD 1.7 billion
- 2030: USD 3.3 billion
- CAGR (2023-2030): 8.05%
Agriculture Analytics Market Dynamics
Drivers Propelling the Demand for Agriculture Analytics include:
Government initative to create awareness driving the agriculture analytics market:
Governments of various countries have recognized the potential of analytics in the sector of agriculture and have started promoting it and creating awareness among farmers by providing incentives for growing adoption of these tools and techniques. Governments are also giving grants, subsidies, and investment help for supporting digital infrastructure development. With these initiatives taken farmers are getting aware about the benefits gained such as improvement in yields, reduction in waste, and even improvement with sustainable farming to drive the agriculture analytics market. The technological advancement in AI, ML, and other tech to help improve the operations of farms even better with the increase in the demand for food to further drive the agriculture analytics market.
Recent Developments
In March 2023, IBM and The Climate Corporation underwent a partnership for developing a new agriculture analytical solution.
In January 2023, John Deere & Nutrien Ag Solutions underwent a partnership for digital connectivity which will enable better serve growers for both these companies.
Restraint
Unawareness and insufficient financials to restraint the market:
The primary factor restraining the agriculture analytics market is the lagging awareness and understanding about the concepts and benefits gained with the analytics tools and services. As many farmers belong to the rural regions which provides no better infrastructure, facilities, or the skilled experts for guidance or implementations of these services. Being from rural regions these farmers also have several financial barriers which makes it difficult for them to take a step to adopt these tools or services. Data privacy and security concerns arises as farmers are naturally cautious about sharing their data with varied stakeholders is further restraining the agriculture analytics market.
Challenges
Lagging in technical expertise and financial barrier to give challenges to the agriculture analytics market:
The agriculture analytics market faced several challenges such as the data quality, integration with the rising dependency on the data-based decision making there is a possibility of inconsistent, inaccurate, or false data collection from multiple sources and formats. The other challenges faced by the agriculture analytics market were the digital divide which complicated the adoptions of these products and services as small farmers find it difficult to adopt due to limited access to digital infrastructures, lagging with technical expertise, and financial barriers.
Opportunities
Growing need for software to create new opportunities in agriculture analytics:
The agriculture analytics offers immense opportunities in the sector of agriculture with the primary focus on precision farming that provides data on crop health, soil conditions, and weather forecasts. Which helps in better decision making based on data and improves crop yield, reduces wastage of resources, and helps in overall sustainability. The development in the data collection devices and sensor technologies to further drive the openings with advanced sensors, drones, and satellite data for real-time monitoring and data acquisition on soil quality, environmental conditions and the health of crops. The software in the agriculture analytics is on expansion creating wide range of openings for the companies in the data and decision support tools.
Snapshot:
| Attributes | Details |
| Market Size in 2022 | USD 1.7 Billion |
| Market Forecast in 2030 | USD 3.3 Billion |
| Compound Annual Growth Rate (CAGR) | 8.05 % |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Component, By Agriculture Type, By Farm Size, By Technology, By End-User, & By region |
| By Component |
|
| By Agriculture Type |
|
| By Technology |
|
| By End-User |
|
| By End-User |
|
| By Region |
|
| Base Year | 2022 |
| Historical Year | 2018 - 2022 |
| Forecast Year | 2023 - 2030 |
Segment Analysis of the Agriculture Analytics Market
The agriculture analytics market is segmented by component, agriculture type, farm size, technology, end-user and region.
By Technology
The visualization & reporting segment to grow at highest CAGR during the forecast period:
Based on technology the market for agriculture analytics is classified into remote sensing & satellite imagery, geographic information system, robotics & automation, big data & cloud computing, visualization & reporting, blockchain technology and others. Off which the visualization & reporting is growing at the highest CAGR during the forecasted period. It plays a vital role by providing insights and helping in decision making. Agronomists make use of these graphical representation of the agricultural data and understand pattern and make better decisions.
By End-User
The agriculture analytics market based on end-user is segmented into farmers, agronomists, agribusinesses, agricultural researchers, government agencies and others. Off which the agronomist’s segment is expected to dominated the market in 2022. Agronomists plays a vital role in farming with great knowledge of subjects such as soil, plants, crops can help in presized data collection and analysis which can be the key to irrigation, fertilization and other farming-based decisions.
Regional Analysis
North America dominated the market in 2022:
North America to dominate the agriculture analytics market in 2022. With the significant presence of the key players offering varied solutions such as artificial intelligence, cloud computing, big data, and many other to contribute to the region’s domination. With increasing adoption of advanced technologies and easy availability of immense data farmers and other organizations can benefit with the usage of analytics and drawing results through it. The rising development in infrastructure and demand for the data-based decisions to further drive the market.
Segmentation Analysis of the Agriculture Analytics Market
By Component
- Solutions
- Services
- Precision Farming
- Livestock Farming
- Aquaculture Farming
- Vertical Farming
- Others
- Large
- Medium
- Small
- Remote Sensing and Satellite Imagery
- Geographic Information System
- Robotics & Automation
- Big Data & Cloud Computing
- Visualization & Reporting
- Blockchain Technology
- Others
- Farmers
- Agronomists
- Agribusinesses
- Agricultural Researchers
- Government Agencies
- Others
List of the prominent players in the Agriculture Analytics Market:
- Deere & Company
- IBM
- Bayer Ag
- SAP
- Trimble
- Accenture
- ABACO
- DeLaval
- Oracle
- DTN
- Farmers Edge
- SAS Institute
- Iteris
- Precision Hawk
- Conservis
- Stesalit Systems
- Agribotix
- Agrivi
- Granular
- FBN
- Gro Intelligence
- Resson
- AgVue Technologies
- Taranis
- CropX
- Trace Genomics
- Fasal
- AgEye Technologies
- HelioPas AI
- OneSoil
- Root AI
- AgShift
Impact of the COVID-19 Pandemic on the Agriculture Analytics Market:
COVID-19 significantly impacted the agriculture analytics market. The pandemic led to closure of factories and plants and even travel restrictions imposed by the governments created shortages of raw materials, labors, and supply chain disruption impacted the overall production volumes. The covid-19 highlighted the importance of data-based decision making in each and every industry. In the sector of agriculture, it helps in the food security and minimizing disruptions in the food supply chain. Covid-19 boosted the digital transformation in the agriculture sector with the need for remote operation and management of farms this lead to rise in adoption of various technologies such as IOT sensors, drones, remote sensing for data collection, cloud-based analytics platforms on large scale.
Further, the growing awareness of benefits of agriculture analytics like improved yields, reduced waste, and more sustainable farming practices to create opportunities for the agriculture analytics.
