San Francisco, 03 April 2024: The Report Agriculture Analytics Market Size, Share & Trends Analysis Report By Offering (Solutions And Services), By Application, By Farm Size, By Region, And Segment Forecasts, 2023 - 2030

The global agriculture analytics market size is expected to reach USD 14.22 billion by 2030, registering a CAGR of 13.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The global market is anticipated to be propelled by the increasing demand for food worldwide due to the rising global population, along with the surge in government spending on the development of agriculture infrastructure.

Governments, particularly in developing countries, are allocating substantial resources to enhance agricultural infrastructure. This heightened governmental investment is anticipated to facilitate the seamless integration of advanced analytics in agriculture, providing farmers and agribusinesses with valuable tools for optimizing farm operations.

Farmers and agribusinesses, recognizing the need to meet growing food demands, are actively seeking solutions that can enhance farm yield and operational efficiency. Agriculture analytics plays a crucial role by enabling remote monitoring of farm equipment, monitoring farm processes, and predicting crop yield, which is expected to increase its adoption among farmers and agribusinesses, thus supporting the growth of the market.

From the farmer's perspective, agriculture analytics serves as a critical tool for informed decision-making, enhancing overall operational efficiency and management effectiveness. Agriculture analytics solution provides the capability to manage and analyze data related to weather, soil, and other environmental conditions, enabling farmers to make strategic decisions that not only optimize economic returns but also contribute to a reduced environmental impact.

By harnessing analytical solutions, farmers gain valuable insights into crop management, resource allocation, and sustainability practices, allowing for a more precise and sustainable approach to agriculture. The adoption of agriculture analytics thus emerges as a new solution for modern farmers seeking to balance profitability with sustainable and responsible agricultural practices.

The market is competitive and has the presence of several key market players. Some prominent players in the market include Trimble; IBM Corporation; Wipro; SAP; among others. These players are adopting strategies such as partnerships and collaborations to gain a competitive edge. For instance, in September 2021, Ag-Analytics Technology Company, a farm data technology company, announced the acquisition of AcreValue. The acquisition is expected to help Ag-Analytics enhance its precision farm analytics and deliver enhanced land management tools to customers.

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The global agricultural sector is experiencing a surge in investment and rapid technological advancements, reflecting a collective effort to enhance farm offering. Moreover, farmland owners are increasingly inclined towards adopting analytics solutions encompassing weather data analytics, crop growth monitoring, land preparation, and more that help them optimize agriculture operations.

Agriculture Analytics Market Report Highlights

• The solution segment is estimated to be the largest in the agriculture analytics market in 2022, with a market share of 57.19%, and will continue to retain its dominance over the forecast period due to increasing demand for a comprehensive solution that aids in optimum resource utilization and increases the farm output.
• The precision farming segment is projected to grow at the fastest CAGR over the forecast period. The segment growth can be attributed to increasing demand from large farmland owners’ solutions that aid in better crop management and irrigation management.
• The farm size segment is expected to have a significant rate of growth over the forecast period, owing to increasing farm spending capacity. Large farmland owners adopt agriculture analytics solutions to increase crop management and increase farm yield.
• The North America region is anticipated to account for the largest revenue share in the market in 2022, due to the availability of developed infrastructure that aids in the easy integration of advanced solutions and full utilization of analytical solutions.

Analytics tools aid farmland owners in enhancing overall farm output and efficiency as these solutions empower them to make more informed and relevant decisions. Thus, increasing investment in the agriculture sector, coupled with farmland owners’ approach towards the adoption of advanced solutions to increase farm output, are major factors expected to drive global market growth.

The escalating demand for food, driven by a growing global population, is responsible for putting significant pressure on farmland owners to enhance food offerings. Furthermore, challenges such as changing climatic conditions and soil degradation are impeding the ability of farm owners to achieve optimal crop yields. Thus, to tackle this complex scenario, there is a noticeable increase in the adoption of farm analytical solutions from farmland owners as these solutions use technologies such as global positioning systems (GPS), global navigation satellite systems (GNSS), and unmanned aerial vehicles (drones) that aid in taking a more informed decision and enhancing overall efficiency in farm operations and management.

These analytical solutions empower farm owners with valuable insights, allowing them to optimize resource allocation, crop planning, and precision farming techniques. The integration of technology in agriculture is becoming indispensable, offering sustainable and efficient practices to meet the rising food demand. As farmland owners increasingly recognize the benefits of these advanced analytical tools, the agricultural sector is poised to transform, ensuring more effective and environmentally sustainable farming practices for the future. The table below provides some insights into the adoption of agriculture analytics across countries.

Agriculture Analytics Market Report Scope

In developing countries, farmland owners situated in remote areas encounter significant challenges due to the limited access to essential amenities, including roads, water, and electricity. This infrastructural deficit poses an obstacle to the effective deployment of agriculture analytics solutions in these regions. In addition, a notable percentage of farmers in developing countries face challenges in adopting advanced farming devices/solutions due to a lack of knowledge and understanding. This knowledge gap becomes a critical factor impeding the widespread adoption of smart solutions among farmers.

Moreover, the low awareness levels among farmers regarding the utility and advantages of farm analytics pose a major obstacle to the growth of the agriculture analytics market. The shortage of skilled workers capable of effectively implementing and managing these advanced technologies adds another layer of complexity to the growth prospects of the global market.

List of Key Players in the Agriculture Analytics Market

• Trimble Inc.
• IBM Corporation
• Wipro
• SAP
• Iteris
• Taranis
• Oracle Corporation
• Conservis Corporation
• Geosys Inc.
• Xylem Inc.
• PrecisionHawk
• Gro Intelligence