Meticulous Research – a leading global market research company, published a research report titled “Agriculture Analytics Market by Component (Software, Services), Application (Farm, Livestock, Aquaculture, and Others), Deployment (Cloud, On-premise), Farm Size (Small and Medium-sized Farms, Large Farms), and Region – Global Forecast to 2027”.
According to this latest publication from Meticulous Research, the agriculture analytics market is expected to grow at a CAGR of 17.5% from 2020 to 2027 to reach $2.27 billion by 2027. The increasing demand for specialized digital agriculture solutions & services, rising pressure to meet global demand for food, and government initiatives for deploying modern agricultural techniques are some of the key factors driving the growth of the agriculture analytics market. The increasing demand for specialized digital agriculture services and government initiatives to promote modern agricultural techniques are poised to offer significant opportunities for players in this market. However, the fragmented agriculture industry, heavy capital investment, and reluctance to adopt agriculture analytics due to data privacy and security concerns are expected to hinder this market's growth.
The agriculture analytics market study presents historical market data in terms of value (2018 and 2019), current data (2020), and forecasts for 2027. The market is segmented into component, deployment type, application, farm size, and geography. The study also evaluates industry competitors and analyses the market at the country level.
In 2020, based on component, the software segment commanded the largest share of the agriculture analytics market. The large share of this segment is mainly attributed to the increasing usage of software solutions to manage and improvise the efficiency of the agriculture business by streamlining farming operations. The agriculture analytics customized software is majorly adopted to forecast and measure profits, develop crop plans, track and measure field activities, and manage risk portfolios.
In 2020, based on application, the farming segment commanded the largest share of the agriculture analytics market. Farm analytics consists of different sub-applications, including farm planning, production, and post-harvesting activities, such as storage, processing, and transportation. The large share of the farming segment is primarily attributed to the farmers' growing traction on precision agriculture, enabling them to use modern technology for numerous agricultural applications.
Besides, the livestock analytics segment is poised to grow with the highest CAGR in the forecasted period due to the growing demand for software solutions for managing livestock. Intelligent agriculture increases sustainability and productivity in agriculture and livestock through efficient and precise resources. Thus, it promotes growth in developing countries through automation and control of repetitive farming activities.
In 2020, based on deployment type, the cloud-based segment commanded the largest share of the agriculture analytics market. The large share of this segment is attributed to the extensive benefits provided by cloud providers in terms of SaaS, PaaS, and IaaS for agriculture analytics. Besides, the cloud-hosted software is maintained, updated, and secured by cloud providers and allows farmers to use the software freely. This is helping the segment to grow with the highest growth rate over the forecast period.
In 2020, based on farm size, the large farms segment accounted for the largest share of the agriculture analytics market. This can be attributed to the growing technical awareness to reduce excessive manual efforts. Besides, the implementation of advanced technologies on a large scale proves to be more affordable and viable for large farms. However, the small and medium-sized farms are expected to grow with the highest CAGR due to the increasing investments and funding offered to start-ups in the industry to inculcate advanced analytics solutions that can enhance the agriculture process.
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In 2020, geographically, North America commanded the largest share of the agriculture analytics market. This large share is primarily attributed to the presence of major agriculture analytics companies and their focus on developing advanced agriculture analytics technology, along with increasing government funding for agriculture analytics advancements. Besides, large-sized agricultural fields and acceptance of technology among farms have further contributed to North America’s large share in the agriculture analytics market.
Also, Asia-Pacific is expected to witness a high growth rate in the forecast period, owing to the rising spending capacity of farmers on data-driven solutions and the increasing number of start-ups offering innovative agriculture analytics solutions at affordable prices. Countries with emerging economic conditions, such as Bhutan and Thailand, have already adapted smart solutions in their agricultural processes, thus transforming their business with increased profitability.
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The report includes a competitive landscape based on the extensive assessment of the key strategic developments adopted by the leading market participants in the agriculture analytics industry over the last four years (2016-2020). The key players profiled in the agriculture analytics market are Accenture plc. (Ireland), Agribotix LLC (U.S.), Agrivi (U.K.), aWhere, Inc. (U.S.), Conservis Corporation (U.S.), Deere & Company (U.S.), DeLaval Inc. (Switzerland), DTN (U.S.), Farmer's Business Network, Inc. (U.S.), Farmers Edge Inc. (Canada), Geosys, Inc. (U.S.), Granular, Inc. (U.S.), Gro Intelligence, Inc. (U.S.), IBM Corporation (U.S.), Iteris Inc. (U.S.), Monsanto Company (U.S.), Oracle Corporation (U.S.), PrecisionHawk Inc. (U.S.), SAP (Germany), Bayer AG (Germany), and Trimble Inc. (U.S.), among others.
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