ID: MRFR/ICT/8925-HCR | January 2021 | Region: Global | 141 pages
Agriculture Analytics techniques improve forecasting to better optimize supply chains. It aids agribusinesses to gain new insights through information critical to maintain or grow market share for products. This technique enables faster delivery of goods produced to distribution centers and consumers. Agriculture analytics diagnose correlations between farm field and weather and commodity data for the optimal irrigation, fertilization, and harvesting of crops and the optimal feeding and shipping of livestock to market. The role of analytics techniques in the agriculture sector provides an opportunity to enhance the economic gain of the farmers by undergoing a digital revolution. Thus, increasing adoption of agriculture analytics techniques across. Analytics techniques are increasingly being adopted in the agriculture sector to improve harvest quality and accuracy as they help analyze farm data.
The major factors affecting the growth of the agriculture analytics market include the growing demand for digital agriculture services, increasing government initiatives for deploying modern agricultural techniques, and the rising need for improving farm productivity & farming operations. The rising adoption of IoT devices that collect data from connected farm equipment such as smart tractors and drones is also expected to drive the market growth. However, the lack of standardization for data management and data aggregation in the agriculture industry and high capital investments in deploying agriculture analytics solutions and services are factors hindering the market growth. Global Agriculture Analytics Market size is projected to grow from USD 0.7 Billion in 2019 to USD 1.5 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.71% during the forecast period
Impact of COVID 19
Agriculture Analytics Market has been significantly affected by the escalating COVID-19 situation across the world. COVID-19 has restricted the movement of several essential services, which has affected the operations of the agricultural industry. The spread of COVID-19 and the lockdowns across the globe have negatively affected the prices and quantities of products traded in agricultural markets. The lockdown has disrupted economic activities and the supply chains significantly. As a result, it has impacted the demand for agricultural products, dislocating the labor force and disrupting supply chains. Fluctuating consumer preferences and behavior due to the changing global pandemic scenario will considerably influence the agriculture analytics market over the projected timeframe. There is a high probability that the outbreak of novel coronavirus will have a long-term effect on consumer lifestyle and behavior. It may also result in increased usage of agriculture analytics techniques owing to the rising awareness of social distancing and the cause for the spread of the virus.
Global Agriculture Analytics Market has been segmented based on Component, Farm Size, Deployment, Application, and Region.
Based on component, the agriculture analytics market has been segmented into solution and services.
Based on farm size, the agriculture analytics market has been segmented into large farms and small and medium-sized farms.
Based on deployment modes, the agriculture analytics market has been segmented into cloud and on-premises.
Based on application, the agriculture analytics market has been segmented into farm analytics, livestock analytics, aquaculture analytics, and others. Furthermore, the others segment is subdivided into orchid, forestry, and horticulture.
Geographically, the Global Agriculture Analytics Market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America is expected to account for the largest market size and dominate the agriculture analytics market from 2020 to 2026 due to the leading industrial automation industry and adoption of analytics solutions in the region. Increasing investment in automation and advanced technologies are anticipated to boost the market growth in this region. The regional market also benefits from the presence of numerous agricultural analytics solutions providers, including Deere & Company, IBM, Trimble, Monsanto, and Oracle.
Asia-Pacific is projected to register the highest CAGR over the forecast period. The region comprises several emerging economies, such as China, India, Japan, and Singapore, which are likely to witness high growth rates in the agriculture analytics market. Its growth is attributed to the growing adoption of analytics technologies in the agriculture sector.
Key Industry Participants in the Global Agriculture Analytics Market include Deere & Company (US), IBM (US), SAP SE (Germany), Trimble (US), Monsanto (US), Oracle (US), Accenture (Ireland), Iteris (US), Taranis (Israel), Agribotix (US), Agrivi (UK), DTN (US), aWhere (US), Conservis Corporation (US), DeLaval (Sweden), FBN (US), Farmers Edge (US), GEOSYS (US), Granular (US), Gro Intelligence (US), Proagrica (UK), PrecisionHawk (US), RESSON (Canada), Stesalit Systems (India), AgVue Technologies (US), Fasal (India), AGEYE Technologies (US), HelioPas AI (Baden-Württemberg), OneSoil (Belarus), and Root AI (US).
Key Industry Developments
In May 2019, IBM introduced the global expansion of its Watson Decision Platform for Agriculture, with AI technology tailored for new crops and specific regions to help feed the rapidly growing population. It offers agricultural solutions that combine predictive technology with data from The Weather Company. Furthermore, it provides significant insights for the planning, plowing, planting, spraying, and harvesting processes.
In February 2019, Trimble collaborated with MagGrow to offers innovative spraying technology through the Trimble Dealer and Vantage distribution networks. This partnership offers growers precision agriculture technology that helps reduce cost, improve yield, and protect the environment.
Global Agriculture Analytics Market, 2018–2026 (USD Billion)
Source: MRFR Analysis
Key Questions Addressed by the Report