Agriculture Analytics Market

Agriculture Analytics Market Latest Trends & Key Market Insights

[318 Pages Report] The global Agriculture analytics market size is expected to grow from USD 1.4 billion in 2023 to USD 2.5 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.1%. The growing trend of digitization and the rising need for optimal resource utilization is also expected to drive market growth. However, high cost associated with data collection and analysis is one of the factors hindering the industry growth.

To know about the assumptions considered for the study, Request for Free Sample Report

To know about the assumptions considered for the study, download the pdf brochure

Market Dynamics

Driver: Rising need for optimal resource utilization

Efficient resource utilization is crucial for sustainable agriculture, and agriculture analytics solutions play a vital role in optimizing resource allocation on farms. With the integration of data from various sources, including field sensors, machinery, and weather stations, farmers can gather information on resource availability and requirements. This data, combined with advanced analytics tools, allows farmers to make data-driven decisions to allocate resources effectively. For example, by analysing soil moisture data from field sensors and weather data, farmers can determine the optimal irrigation schedule for their crops. This helps avoid over- or under-watering, reducing water waste and ensuring that crops receive the right amount of moisture for their growth. Similarly, by monitoring nutrient levels in the soil and analysing crop health data, farmers can apply fertilizers more precisely, avoiding excessive use and minimizing environmental impact. This targeted approach to resource allocation not only reduces waste but also improves crop health and productivity.

Agriculture analytics solutions also enable farmers to optimize the use of machinery and equipment. By analysing data on equipment performance, fuel consumption, and operational efficiency, farmers can identify opportunities to improve machinery utilization and reduce downtime. This helps farmers make informed decisions regarding equipment maintenance, replacement, or upgrades, ultimately saving costs and improving overall farm productivity. Overall, the use of agriculture analytics solutions facilitates optimal resource utilization, reducing waste, minimizing environmental impact, and improving the sustainability of farming practices.

Restraint: Data privacy and security concern

Technology advancements like sensors, drones, and data analysis tools are used in precision agriculture to increase resource production and decision-making on farms. Farmers are concerned about the privacy of their data because these technologies collect a lot of information about farms. Farmers are worried about agricultural technology providers unauthorized access to, collection of, and sharing of their data with outside parties. Data privacy and security in agriculture analytics can be challenging due to data volume, data variety, data integration, human error, and lack of awareness. Moreover, the absence of best practices and regulations for the protection of farm data exacerbates the situation. Strong data privacy and security policies, the use of cutting-edge security technology like encryption and access controls and ensuring that all staff are trained in data privacy and security best practices are necessary to handle these difficulties.

Opportunity:     Technological advancements such as IoT, AI, ML

Technological advancements have played a significant role in driving the adoption of agriculture analytics by revolutionizing data collection, analysis, and decision-making processes in the agricultural sector. Firstly, the development and widespread availability of IoT devices, sensors, and drones have enabled farmers to collect real-time data on various aspects of their operations. This data includes information on soil conditions, weather patterns, crop health, and equipment performance. The ability to gather such detailed and up-to-date data has provided a foundation for more accurate and insightful analytics in agriculture. AI technologies, including machine learning and predictive analytics, enable farmers to make accurate predictions and recommendations based on historical and real-time data. AI algorithms can analyze complex datasets, recognize patterns, and provide insights for optimizing crop management, disease detection, yield prediction, and resource allocation. Machine learning algorithms can analyze historical data to identify patterns and make predictions. In agriculture, machine learning models can help predict crop diseases, optimize irrigation schedules, detect anomalies in livestock behavior, and automate various tasks. These models can continuously learn and improve as more data becomes available.

Challenge: Technological literacy and the skills gap

Technological literacy and the skills gap present significant challenges to the growth of the agriculture analytics market. One key challenge is the lack of awareness and understanding among farmers and agricultural stakeholders about the potential benefits of analytics in agriculture. Many may be unfamiliar with the concepts of data analysis and how it can improve decision-making and productivity. This lack of awareness can hinder the adoption of agriculture analytics solutions, as potential users may not perceive them as valuable or relevant to their operations. Another challenge is the limited availability of training and educational resources tailored to the specific needs of the agriculture sector. Farmers and agricultural stakeholders require practical and accessible training programs that teach them how to effectively use analytics tools and interpret the results. However, the availability of such resources is often limited, especially in rural areas where access to training institutions and programs may be scarce. This gap in educational resources and training opportunities contributes to the skills gap and inhibits the growth of the agriculture analytics market.

Furthermore, the rapid pace of technological advancements can pose challenges for individuals with limited technological literacy. New analytics tools and platforms constantly emerge, and staying up to date with the latest developments can be overwhelming for farmers and agricultural stakeholders who already have busy schedules and limited resources. The lack of ongoing support and training to keep up with evolving technologies can make it difficult for users to effectively utilize agriculture analytics solutions, further hindering market growth.

To address these challenges, it is crucial to invest in comprehensive awareness campaigns and education programs targeted specifically at the agricultural community. These initiatives should emphasize the tangible benefits of agriculture analytics and provide practical examples of how analytics can enhance farming operations and improve yields. Additionally, the development of user-friendly analytics tools with intuitive interfaces can help bridge the technological literacy gap and make the adoption process easier for farmers and stakeholders. Ongoing support, including training, workshops, and technical assistance, is also vital to ensure users can fully leverage the potential of agriculture analytics and contribute to the market's growth.

Market Ecosystem

By Agriculture type,precision farming segment to grow at the highest CAGR during the forecast period

Livestock farming using agriculture analytics solutions and services helps gather real-time information about animal health, feeding behavior, hygiene, and location tracking, among others, to enhance the livestock management process and improve productivity and production quality. Livestock farming uses devices such as RFID, GPS, feeding systems, farm management systems, robotic milking machines, and other software technology solutions to improve farm production.

By Technology, visualization and reporting segment to grow at the highest CAGR during the forecast period

Visualization and reporting play a crucial role in the agriculture analytics market by providing valuable insights and facilitating data-driven decision-making. In this context, visualization refers to the graphical representation of agricultural data, while reporting involves the presentation of these visualizations along with relevant analysis and findings. The need for farmers, agronomists, and other stakeholders to quickly grasp complex information and identify patterns or trends that may not be immediately apparent in raw data will drive the market

By end users,   the agronomists segment to grow at the highest CAGR during the forecast period

Agronomists are professionals who specialize in the science and practice of crop production and soil management. They play a crucial role in agriculture analytics, utilizing data to improve farming practices, optimize yields, and ensure sustainable agricultural systems. Agronomists work closely with farmers, providing expert advice and guidance on various aspects of crop production. They leverage agriculture analytics to analyze data collected from fields, such as soil samples, weather patterns, and crop performance data. By interpreting this data, agronomists can assess soil fertility, nutrient deficiencies, and disease or pest risks, enabling them to make tailored recommendations to farmers.

North America is expected to account for the largest market size during the forecast period

In North America, agriculture analytics has gained significant importance as farmers and agribusinesses leverage data-driven approaches to optimize their operations. With the increasing adoption of advanced technologies and the availability of vast amounts of data, farmers and agribusinesses are leveraging analytics to gain valuable insights into their operations and make informed decisions. The rapid developments in infrastructure, high adoption of digital technologies, and demand for data-driven solutions contribute to the agriculture analytics market growth in the region.

Key Market Players

The agriculture analytics  platform vendors have implemented various types of organic as well as inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions, to strengthen their offerings in the market. The major vendors offering Agriculture analytics  solutions are Deere & Company(US), IBM(US), Bayer Ag (Germany), SAP(Germany), Trimble(US), Accenture(Ireland), ABACO(Italy), DeLaval(Sweden), Oracle(US), DTN(US), Farmers Edge(Canada), SAS Institute(US), Iteris(US), PrecisionHawk(US), Conservis(US), Stesalit Systems(India), Agribotix(US), Agrivi(UK), Granular(US), FBN(US), Gro Intelligence(US), Resson(Canada), AgVue Technologies(US), Taranis(US), CropX(Israel), Trace Genomics(US), Fasal(India), AgEye Technologies(US), HelioPas AI(Germany), OneSoil (Switzerland), Root AI (US)and AgShift(US).

Get online access to the report on the World's First Market Intelligence Cloud

• Easy to Download Historical Data & Forecast Numbers
• Company Analysis Dashboard for high growth potential opportunities
• Research Analyst Access for customization & queries
• Competitor Analysis with Interactive dashboard
• Latest News, Updates & Trend analysis

Request Sample

Click on image to enlarge

Scope of the Report

The study categorizes the agriculture analytics  market based on component, deployment mode, farm size, application areas at the regional and global level.

On the basis of offering, the agriculture analytics market has been segmented as follows:

• Solutions
• Services

On the basis of agriculture type, the agriculture analytics market has been segmented as follows:

• Precision Farming
• Livestock Farming
• Aquaculture Farming
• Vertical Farming
• Others (Organic and Conventional farming)

On the basis of farm size, the agriculture analytics market has been segmented as follows:

• Large Farms
• Small and Medium-Sized Farms

On the basis of technology, the agriculture analytics market has been segmented as follows:

• Remote Sensing and Satellite Imagery
• Geographic Information System
• Robotics and Automation
• Big Data and Cloud Computing
• Visualization and Reporting
• Blockchain Technology
• Others (Mobile Applications, Internet of Things (IoT) and Machine Learning and AI)

On the basis of end users, the agriculture analytics market has been segmented as follows:

• Farmers
• Agronomists
• Agribusinesses
• Agricultural Researchers
• Government Agencies
• Others (Insurance Assessors,Drone Services, Consumers and Consumers' Organizations)

On the basis of regions, the agriculture analytics market has been segmented as follows:

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • The Netherlands
  • Rest of Europe
• APAC
  • China
  • India
  • Japan
  • ANZ
  • South Korea
  • Rest of Asia Pacific
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Israel
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Mexico
  • Agrentina
  • Rest of Latin America

Recent Developments:

• In March  2023, IBM announced a partnership with The Climate Corporation, a subsidiary of Monsanto, to develop and market a new agriculture analytics solution. The solution will use IBM's Watson IoT platform to collect and analyze data from a variety of sources, including weather data, soil data, and crop data. The data will be used to help farmers make better decisions about how to manage their crops.
• In January 2023, John Deere and Nutrien Ag Solutions partner on digital connectivity. This connectivity enables both companies to better serve growers by optimizing logistics and enabling variable rate agronomic recommendations to be seamlessly transferred to their equipment for execution.
• In January 2023, SAP partnered with DeHaat, a technology-driven platform, offering end-to-end agricultural services to farmers in India. DeHaat, will use SAP’s cloud enterprise resource planning (ERP) solution S/4HANA Cloud.
• In October 2022, Bayer’s launches innovative solutions to the challenges facing farmers, consumers and planet, the company announced of the LifeHub Monheim, a future partnership-focused facility located on the campus of Bayer’s global crop science division headquarters in Monheim, Germany.
• In February 2022, Trimble Agriculture has launched its Virtual Farm. The software explores topics such as labor skill levels, water management, and input management, and then connects the user with opportunities to address those concerns through Trimble’s services

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst