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The agriculture analytics market size is forecast to increase by USD 1.23 billion at a CAGR of 12.97% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for food production to meet the needs of a growing global population. Infrastructure development, including the integration of artificial intelligence (AI) and smart farming technologies, is a key driver in this market. Smart farming practices, such as field planning and irrigation management, are becoming increasingly important for sustainable agricultural production. However, the high cost of implementing analytics in agriculture remains a challenge for many farmers and agribusinesses, particularly in developing countries. Despite this, the long-term benefits of using data analytics insights to optimize farming practices are expected to outweigh the initial investment costs. By utilizing AI and other advanced technologies, farmers can optimize their operations, improve crop yields, and reduce water usage, ultimately leading to more sustainable and profitable farming practices. The market is expected to continue growing as more farmers adopt these technologies to meet the demands of a changing agricultural landscape.
The market is witnessing significant growth as farmers and agricultural businesses seek to enhance their productivity and efficiency. This market is driven by the increasing demand for food production to meet the growing population and the need to address various challenges in the agricultural sector. Cloud computing and internet of things (IoT) technologies are playing a crucial role in the market. Farmers can now collect vast amounts of data from various sources, including weather data analytics, crop growth monitoring, land preparation, and farm operations. This data is then analyzed using predictive models to optimize farm output and improve efficiency.
Moreover, positioning systems and navigation satellite systems, such as those used in drones, are also contributing to the market. These technologies enable farmers to monitor their crops and livestock with precision, ensuring optimal growth conditions and preventing potential losses. Crop management is a significant application area for agriculture analytics. By analyzing data on soil degradation, climatic conditions, and crop growth patterns, farmers can make informed decisions on land preparation, irrigation, and fertilizer application. This results in improved crop yields and reduced waste. Livestock farming is another area where agriculture analytics is making a significant impact. Livestock analytics provides farmers with insights into animal health and productivity, enabling them to optimize feeding and breeding programs.
Also, this leads to increased profitability and improved animal welfare. Aquaculture analytics is another emerging application area in the market. By monitoring water quality, fish behavior, and environmental conditions, farmers can optimize fish farming operations and reduce the risk of disease outbreaks. The market offers both cloud deployment and on-premises deployment options. Cloud deployment provides farmers with the flexibility to access data and insights from anywhere, while on-premises deployment offers greater control over data security. Data Security is a critical concern in the market. Farmers must ensure that their data is protected from unauthorized access and cyber threats.
Additionally, advanced security measures, such as encryption and access controls, are essential to safeguard sensitive agricultural data. In conclusion, the market is transforming the agricultural sector by providing farmers and agricultural businesses with data-driven insights to optimize their operations, increase productivity, and improve efficiency. The market is driven by the growing demand for food production and the need to address various challenges in the agricultural sector, including climatic conditions, soil degradation, and positioning systems. By leveraging cloud computing, IoT, and advanced analytics techniques, farmers can make informed decisions and improve their bottom line.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The solutions segment is estimated to witness significant growth during the forecast period. The market offers a range of solutions to address the intricacies of food demand and crop management. These solutions encompass data management platforms, visualization tools, and predictive analytics. Data management platforms streamline complex agricultural data, making it more valuable through organization. Visualization tools simplify complex data by presenting it in easily comprehensible graphical formats. Predictive analytics harnesses historical data and algorithms to forecast future conditions, enabling informed decision-making. This innovative tool enables farmers to explore challenges like water management and input optimization in a simulated environment. By enhancing operational efficiency, Virtual Farm expands Trimble's market presence.
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The solutions segment accounted for USD 483.30 million in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is experiencing significant growth in North America, driven by advancements in technology and a commitment to efficiency in farming operations. In the United States and Canada, there is a strong emphasis on precision agriculture, which has been facilitated by substantial investments in research and development. This initiative, part of President Biden's Investing in America agenda, supports projects that promote conservation practices among farmers, ranchers, and forest landowners. These projects aim to enhance natural resources, mitigate the effects of climatic conditions, and address soil degradation. By fostering innovation and sustainability, the agriculture sector in North America is well-positioned to meet the challenges of modern farming and contribute to the broader goal of combatting climate change.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising global population boosting food demand is the key driver of the market. The global agricultural sector is experiencing significant growth due to the increasing demand for food as a result of population expansion. According to the United Nations, the world population is projected to reach approximately 10.3 billion by the mid-2080s, necessitating innovative farming solutions to meet the escalating food requirements. In response, farmers and agricultural businesses are adopting advanced technologies such as navigation satellite systems and Drones to optimize crop production, resource utilization, and sustainability. These technologies, including precision farming, are particularly beneficial for large and medium-sized farms, enabling them to increase efficiency and productivity. By implementing these solutions, the agriculture industry can enhance food security and contribute to a sustainable future. In the US context, agriculture analytics is a critical area of focus for farmers and businesses seeking to remain competitive and meet the evolving needs of consumers.
Growing mergers and acquisitions in the global agriculture analytics industry is the upcoming trend in the market. The market in the United States is witnessing an uptick in mergers and acquisitions as companies aim to broaden their offerings and extend their market presence. Major players in the agritech sector and technology providers are acquiring smaller, niche firms to incorporate advanced analytics, IoT, artificial intelligence, and machine learning technologies into their product lines. This tool, specifically designed for farmers worldwide, delivers prompt and precise answers to queries concerning agronomy and Bayer's agricultural solutions. This trend reflects the growing importance of data-driven insights and advanced technologies in agriculture, enabling farmers to optimize their operations, increase productivity, and make informed decisions. These strategic moves demonstrate the competitive landscape's dynamism and the ongoing quest for innovation in the market. As the industry continues to evolve, we can expect more mergers and acquisitions that will shape the future of agriculture and contribute to the sector's growth.
The high cost of implementing analytics in agriculture is a key challenge affecting the market growth. The market faces significant growth impediments due to the high implementation costs associated with advanced analytics in agriculture. The integration of sophisticated technologies and infrastructure necessitates substantial investments, making it challenging for farmers and agribusinesses in developing regions to adopt these solutions. Here's a breakdown of the approximate costs for various types of smart farming applications: A basic farm management app, which includes features such as record-keeping, basic analytics, and weather forecasts, may cost between USD 25,000 and USD 65,000. This app can monitor crops, harvests, expenses, generate reports, visualize data, and provide weather updates and predictions. Another option is a precision agriculture app with basic sensors, which offers real-time data monitoring of soil moisture, temperature, and other environmental factors.
Moreover, the cost for this app ranges between USD 25,000 and USD 35,000. These costs can be prohibitive for many farmers and agribusinesses, particularly those in developing regions. However, the benefits of agriculture analytics, such as improved field planning, irrigation management, and the implementation of sustainable farming practices, can lead to significant long-term cost savings and increased productivity. As the technology becomes more accessible and affordable, it is expected that more farmers and agribusinesses will adopt these solutions. In conclusion, while the high implementation costs of agriculture analytics present a significant challenge, the potential benefits of these solutions, including improved field planning, irrigation management, and sustainable farming practices, make them an attractive investment for farmers and agribusinesses seeking to optimize their operations and increase productivity.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A.A.A Taranis Visual Ltd. - The company offers agriculture analytics solutions such as Taranis AcreForward-a comprehensive drone farming solution and others.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing food demand and the need for sustainable farming practices. With the advent of advanced technologies such as artificial intelligence (AI), Cloud Computing, and the Internet of Things (IoT), agriculture has transitioned from traditional farming to digital agriculture. This shift is enabling farmers to optimize their farm operations, improve crop yield, and ensure food security. Farm size is a crucial factor influencing the adoption of agriculture analytics. Large farms are investing in cloud deployment for data storage and analysis, while medium-size farms are opting for on-premises deployment due to cost considerations.
Moreover, the use of AI and machine learning algorithms is helping farmers in precision farming, crop management, and livestock farming. Environmental factors such as climatic conditions, soil degradation, and weather data analytics are essential components of agriculture analytics. Positioning systems and navigation satellite systems are being used for land preparation and field planning. Drones are being used for crop growth monitoring and irrigation management. Sustainability is a key focus area in agriculture analytics, with farmers adopting sustainable practices to reduce the environmental impact of farming. smart farming techniques are being used to optimize farm output and increase efficiency. Infrastructure development, including the deployment of 5G mobile networks and satellite capabilities, is expected to further drive the growth of the market.
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Market Scope |
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Report Coverage |
Details |
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Page number |
220 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.97% |
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Market growth 2024-2028 |
USD 1.23 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
12.61 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 44% |
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Key countries |
US, China, UK, Canada, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
A.A.A Taranis Visual Ltd., Accenture Plc, AGCO Corp., AGEAGLE AERIAL SYSTEMS Inc., Agribotix, Bayer AG, Conservis Corp., Corteva Inc., Cropin Technology Solutions Pvt. Ltd., Deere and Co., Farmers Edge Inc., International Business Machines Corp., Iteris Inc., Microsoft Corp., Oracle Corp., PrecisionHawk Inc., SAP SE, Trimble Inc., Vistex, Inc., Wipro Ltd., and Xylem Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by Application
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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