Agriculture Analytics Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Agriculture Analytics Market is segmented By Component (Solution, Services), By Application (Farm Analytics, Livestock Analytics, Aquaculture, Others), By Deployment (Cloud, On-Premises), By Farm Size (Large Farms, Small & Medium Farms), and By Region (North America, Europe, South America, Asia Pacific, Middle East, And Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Agriculture Analytics Market Size

Global Agriculture Analytics Market reached US$ 1.2 billion in 2022 and is expected to reach US$ 2.8 billion by 2030 growing with a CAGR of 11.5% during the forecast period 2023-2030. Agriculture analytics makes use of superior technologies which include big data, artificial intelligence, cloud computing, Internet of Things amongst different to manage and automate farming activities consisting of crops, fields, live stocks, and others.

The growing food demand across the globe is using the adoption of advanced solutions in the farming industries. 

According to the United Nations, worldwide population through the year 2050 is expected to be 9.8 billion. This rapid boom in population will double the demand for food in the future. Hence, with the adoption of agriculture analytics technology, the agriculture industry is expected to tackle the upcoming challenges.

IoT and sensor technologies are being increasingly integrated into agriculture analytics solutions. These technologies enable the collection of real-time data from various sources such as soil moisture sensors, weather stations, drones, and farm equipment. The integration of IoT and sensors enhances data accuracy, enables precision monitoring, and facilitates automated decision-making in agriculture.

Agriculture Analytics Market Scope

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Agriculture Analytics Market Dynamics

Adoption of Agriculture Analytics Technology to Promote Better Field Management is Driving the Agriculture Analytics Market Growth

Agriculture analytics technology enables farmers to make data-driven decisions by providing insights into various aspects of field management, such as crop growth, soil health, and pest/disease management. By leveraging analytics tools, farmers can optimize resource allocation, plan irrigation schedules, determine optimal planting times, and implement effective pest control strategies.

The adoption of agriculture analytics technology promotes precision farming practices, which involve site-specific management of crops and resources. By analyzing data from sensors, drones, satellite imagery, and other sources, farmers can identify variability within their fields and adjust inputs accordingly. This precision approach optimizes the use of fertilizers, water, and other resources, leading to better field management and increased yields.

Growing Requirement for Optimal Resource Utilization is Expected to Foster the Agriculture Analytics Market Growth

Optimal resource utilization, specifically in water control, is an essential situation in agriculture. According to the Food and Agriculture Organization (FAO), agriculture accounts for about 70% of global freshwater withdrawals. However, water shortage and the need for sustainable water management practices have become increasingly important. Agriculture analytics can aid in optimizing water utilization by providing data-driven insights into soil moisture levels, weather patterns, and crop water requirements. This enables farmers to implement precise irrigation techniques, reducing water waste and promoting efficient water usage.

Efficient nutrient management is important for sustainable agriculture and optimal crop growth. Over-fertilization can cause environmental pollution, while under-fertilization can bring about reduced yields. Agriculture analytics facilitates farmers to monitor soil nutrient levels, analyze crop nutrient uptake, and provide recommendations for unique nutrient applications. By optimizing nutrient management based on data insights, farmers can enhance crop productivity while minimizing environmental effects.

High Cost of Investment in the Technology Associated with it is Restraining the Agriculture Analytics Market

Imposing agriculture analytics technology often requires a widespread investment in technology infrastructure. This consists of hardware inclusive of sensors, IoT devices, drones, and remote sensing devices, as well as software programs for data collection, storage, analysis, and visualization. The costs associated with obtaining and maintaining those technologies may be a massive barrier for some farmers, especially those with limited financial resources.

Agriculture analytics is predicated on the collection, storage, and management of huge volumes of data. This requires robust records collection systems, data storage facilities, and data management tools. The costs associated with setting up and maintaining these systems, including data servers, data management software, and personnel, can be substantial. Moreover, ensuring data security and privacy compliance adds to the overall value.

Agriculture Analytics Market Segmentation Analysis

The global agriculture analytics market is segmented based on component, application, deployment, farm size, and region.

Farm Analytics Segment Holds the Largest Market Share in the Agriculture Analytics Market

Farm analytics, also known as farm management analytics, focuses on providing insights and tools for farm-level decision-making and operational management. It encompasses various aspects of agriculture, including crop monitoring, yield analysis, resource optimization, and farm planning. For instance, General Mills, a multinational manufacturer, and marketer of branded consumer foods, is planning to go for advanced regenerative agriculture practices on 1 million acres of farmland in the United States by 2030.

Farm analytics plays a crucial role in helping farmers make data-driven decisions, improve operational efficiency, and enhance productivity. By leveraging advanced technologies such as IoT, AI, and big data analytics, farm analytics solutions offer farmers valuable insights into their farming operations, enabling them to optimize resource allocation, implement precision agriculture techniques, and manage risks effectively.

Global Agriculture Analytics Market Geographical Share

North America is Dominating the Agriculture Analytics Market

North America, particularly the United States, has been at the forefront of technological advancements in the agriculture industry. The region has a strong presence of technology companies, research institutions, and startups focused on developing innovative agriculture analytics solutions. According to American Farm Bureau Federation, one U.S. farm feeds 166 people annually in the U.S. and abroad. This massive production requires technological leadership which contributes to North America's dominance in the agriculture analytics market.

North America has been an early adopter of precision agriculture practices, which heavily rely on data-driven insights and analytics. Precision agriculture techniques, such as variable rate application, GPS guidance systems, and remote sensing, have gained significant traction in the region. The integration of precision agriculture and analytics has enhanced farm management practices, leading to increased productivity and efficiency.

Agriculture Analytics Market Companies

The major global players in the market include Trimble Inc., Bayer AG, IBM Corporation, Deere & Company, Ageagle Aerial Systems Inc, Vistex, Inc., Agrivi, SAS Institute Inc., Conservis Corporation, and Iteris Inc.

COVID-19 Impact on Agriculture Analytics Market

The COVID-19 pandemic highlighted the importance of digitalization and remote monitoring in agriculture. Restrictions on movement and social distancing measures made it challenging for farmers to access on-site consulting and assistance. As a result, there was an increased demand for digital solutions, including agriculture analytics, to remotely monitor and manage farming operations. This increased interest in digitalization has likely accelerated the adoption of agriculture analytics technologies.

By Component

• Solution
• Services

By Application

• Farm Analytics
• Livestock Analytics
• Aquaculture
• Others

By Deployment

• Cloud
• On-premises

By Farm Size

• Large Farms
• Small & Medium Farms

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In July 2023, Agi3 Risk Services Ltd. (ARS), a leader in artificial intelligence (AI) solutions for agriculture risk management, is proud to announce the launch of AgriEnhance an exclusive AI-powered crop insurance solution built to improve the way farmers protect their crops. Capabilities of this product are possible through a collaboration with leading property and casualty insurer Definity Insurance Company, through its brand Economical Insurance.
• In March 2023, PepsiCo announced a $216 million multi-year investment in long-term, strategic partnership agreements with three of the most well-respected farmer-facing organizations Practical Farmers of Iowa (PFI), Soil and Water Outcomes Fund (SWOF), and the IL Corn Growers Association (ICGA) to drive adoption of regenerative agriculture practices across the United States.
• In March 2023, Braiin Limited, an Australia-based company that provides end-to-end precision agriculture solutions and analytics services to farmers and land bureaus that improve farm productivity, crop yields, and environmental sustainability, entered into a business combination agreement with Northern Revival Acquisition Corporation (NRAC).

Why Purchase the Report?

• To visualize the global agriculture analytics market segmentation based on component, application, deployment, farm size, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development. 
• Excel data sheet with numerous data points of agriculture analytics market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study. 
• Product mapping is available as Excel consists of key products of all the major market players.

The global agriculture analytics market report would provide approximately 69 tables, 65 figures, and 190 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies