As per the report published by Fior Markets, the global Agriculture Analytics market is expected to grow from USD 0.7 billion in 2020 and reach USD 2.17 billion by 2028, growing at a CAGR of 15.2% during the forecast period 2021-2028.
The Agriculture Analytics market is witnessing significant growth from the past years. This growth is attributed to rising demand for digital agriculture solutions and services, various government measures to deploy agricultural technology, increasing pressure to fulfill global food demand, and supplying locally farmed products to urban areas.
Agriculture analytics is applying technologies like Big Data, IoT, and other analytics tools in agriculture. Agricultural analytics is a thorough assessment of an agricultural environment that considers ecology, sociology, economics, and politics equally. A subset of agricultural analytics, smart farming is a game-changing use of science and technology in agriculture. The analytics deliver real-time data that farmers may use as inputs to improve their farming performance in reaction to weather events or disease outbreaks. Smart farming has emerged due to the application of big data analytics in agriculture, saving farmers time and resources while improving output. The use of IoT devices to monitor suitable weather conditions for farming, crop, and soil management and manage livestock, dairy, and other modern operations has resulted in massive data that farmers can use to redefine their products to primary principles.
The global Agriculture Analytics market is anticipated to witness significant growth, owing to expanding use of data to understand more about farms and crops, increasing the use of AI and predictive analytics to enhance production, and growing penetration of innovative technology to allow precision agriculture. The factors restraining the market growth are farmers’ lack of awareness of sustainable agriculture, the increased cost of acquiring appropriate field data, data privacy and security issues, and a lack of technical knowledge. The increasing prevalence of big data and IoT devices for improving livestock care will provide market growth opportunities.
Key players operating in the global Agriculture Analytics market include Deere & Company, IBM, Accenture, SAP SE, Trimble, Monsanto, Oracle, Taranis, Agribotix, Agrivi, DTN, Conservis Corporation, FBN, Farmers Edge, GEOSYS, Granular, Gro Intelligence, Proagrica, PrecisionHawk, RESSON, Iteris, and DeLaval. To gain a significant market share in the global Agriculture Analytics market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Oracle and Accenture are some of the key manufacturers operating in the Agriculture Analytics market.
- In June 2020, SAP created the Corona Warn App for the German government. The software was produced in partnership with SAP, Deutsche Telekom, and other partners. It was made in an open-source manner, with the program code available to the public on the development platform GitHub at all times.
- In April 2020, IBM announced novel AI-powered tools to assist the medical and scientific communities to generate COVID-19 medical discoveries and treatments.
- In April 2020, SAP developed the COVID-19 Emergency Fund (USD 3.4 million) to assist the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC) Foundation, and smaller charities and social businesses with their urgent needs. These groups are on the front lines, serving local communities in need.
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Solutions segment dominated the market and held the largest market share of 54.33% in the year 2020
Based on components, the global Agriculture Analytics market is segmented into services and solutions. Solutions segment dominated the market and held the largest market share of 54.33% in the year 2020. This growth is attributed to the rising demand for high-quality agricultural goods, allowing farmers to address new challenges with modern analytics tools and approach traditional problems creatively.
Farm analytics segment dominated the market and held the largest market share of 39.45% in the year 2020
Based on application, the global Agriculture Analytics market is segmented into Farm analytics, Aquaculture Analytics, Livestock Analytics, and others. The farm analytics segment dominated the market and held the largest market share of 39.45% in the year 2020. This growth is attributed to the gaining traction for sustainable agriculture among farmers and allowing farmers to apply cutting-edge technology for various agricultural applications.
Large Farms segment dominated the market and held the largest market share of 57.28% in the year 2020
Based on farm size, the global Agriculture Analytics market is segmented into Large Farms, Small and Medium-Sized Farms. The large Farms segment dominated the market and held the largest market share of 57.28% in the year 2020. This growth is attributed to the increasing investment level in data-driven technology to enhance industry productivity.
Cloud segment dominated the market and held the largest market share of 54.33% in the year 2020
Based on deployment modes, the global Agriculture Analytics market is segmented into Cloud and On-premises. The cloud segment dominated the market and held the largest market share of 54.33% in the year 2020. This growth is attributed to rapid and simple access, easy maintenance, affordable prices, and reliable security feature.