Global Agriculture Analytics Market 2024-2031

Global Agriculture Analytics Market 2024-2031

Global Agriculture Analytics Market Size, Share & Trends Analysis Report by Type (Farm Analytic and Livestock Analytic), by Offering (Solution and Services), and by Technology (Visualization and Reporting, Robotics and Automation, Big Data and Cloud Computing and Others) Forecast Period (2024-2031)

Global agriculture analytics market is anticipated to grow at a significant CAGR of 12.2% during the forecast period (2024-2031). Pivotal factors such as the rising precision agriculture adoption and increasing demand for yield optimization, technological advancements and the emergence of new farm management software in emerging economies such as US, China, and India are driving the global market growth. Farmland owners are increasingly inclined to use analytics tools that help them optimize agriculture operations, such as crop growth monitoring, weather data analytics, land preparation, and more, resulting in driving the growth of the market. The market players are introducing agriculture analytics solutions that further bolster the market growth.

Market Dynamics

Increasing adoption of farm management software tools in agriculture analytics

Increasing adoption of farm management software that streamlines operations, manages resources efficiently and analyzes data for better decision-making processes. Farmers maximize the utilization of machinery and equipment with the help of agriculture analytics tools. Farmers increase machinery utilization and decrease downtime by evaluating data on equipment performance, fuel consumption, and operational efficiency. Through informed decision-making about equipment upkeep, modifications, and replacement, farmers can save expenses and increase overall farm output.

Rising technological advancement driving the adoption of agriculture analytics

The adoption of agriculture analytics has been further accelerated by innovations in technology, which transformed data gathering, analysis, and decision-making processes in the agricultural industry. Farmers are able to gather data in real-time on a variety of operational factors owing to the development and broad availability of loT devices, sensors, and drones. This data contains details on crop health, weather patterns, soil conditions, and equipment performance.

Market Segmentation

Our in-depth analysis of the global agriculture analytics market includes the following segments by type,offering, and technology

Based on type, the market is sub-segmented into farm analytics and livestock analytics.

Based on offering, the market is sub-segmented into solutions and services.

Based on technology, the market is sub-segmented into visualization and reporting, robotics and automation, big data and cloud computing and others (mobile applications, internet of things (IoT) and machine learning and Al).

Farm Analytic is Projected to Emerge as the Largest Segment

Based on the type, the global agriculture analytics market is sub-segmented into farm analytics and livestock analytics. Among these, the farm analytics sub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includes the growing adoption of farm operations and management that increased efficiency with the help of farm analytical solutions. These solutions make use of technologies like drones, global positioning systems (GPS), and global navigation satellite systems (GNSS).With the use of these analytical tools, farmers can better plan their crops, allocate resources, and employ precision farming methods.

Regional Outlook

The global agriculture analytics market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).

Increasing adoption of agriculture technology insights in Europe

To obtain important insights into their operations and make well-informed decisions, farmers, and agribusinesses are utilizing analytics owing to the growing adoption of new technology and the abundance of data available.

The demand for data-driven solutions, the high acceptance rate of digital technologies, and the rapid growth of infrastructure all support the region's agriculture analytics market expansion.

North America Holds Major Market Share

Among all the regions, North America holds a significant share owing to the adoption of agricultural infrastructure that facilitates the seamless integration of analytical services. The availability of robust and developed infrastructure aids in easily accessing and incorporating advanced analytics solutions in agricultural practices. The demand for agriculture analytics solutions is also anticipated to rise as more North American farmers are aware of the advantages of sensor and analytics technologies.InNovember 2023, Bayer collaborated with Microsoft for agriculture solutions. New data connectors allow the secure, compliant exchange of farm data between Bayer’s flagship digital farming product Climate FieldView and original equipment manufacturers (OEMs) through the industry platform Microsoft Azure Data Manager for agriculture. Such developments are further aiding to the regional market growth.

Market Players Outlook

The major companies serving the global agriculture analytics market include Farmers Edge Inc., IBM Corp., John Deere Group, SAP SE, Trimble Inc.,among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in June 2022, General Mills and Regrow Agriculture partnered to monitor agricultural practices and their environmental impacts across 175 million acres of farmland in North America, Europe, and South America. General Mills leverages Regrow Agriculture’s software platform, Sustainability Insights, and its technology and data capabilities, including Operational Tillage Information System (OpTIS) and DeNitrification-DeComposition (DNDC), to monitor trends and estimate impacts where regenerative agriculture principles are being advanced on farmland.

Recent Development

In June 2023, SAS India and Ganpat University collaborated to launch M.Sc. Program in Agriculture Analytics. The association is significant to SAS owing to its genesis from an agricultural data analysis project at North Carolina State University. Globally, agriculture is undergoing significant changes to pave the way forward for accessing safe, affordable, nutritious foods that are produced sustainably.

In October 2022, Trimble Inc. launched its next-generation displays for precision agriculture applications—the Trimble® GFX-1060™ and GFX-1260™ displays. Trimble’s portfolio of innovative displays enables farmers to complete in-field operations quickly and efficiently while also mapping and monitoring field information in real-time with precision. With a range of functionality and price points, farmers can select the guidance solution that best fits their farming needs.

In September 2022, Cropin launched Cropin Cloud, the first purpose-built industry cloud for agriculture. Cropin Cloud is a multi-tenant, secure, scalable, flexible, intelligent cloud platform enabling agribusinesses, development agencies, governments, and allied industries to accelerate digital transformation across their business value chain.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global agriculture analytics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.