Agriculture Analytics Market to Expand at a CAGR of 3.50% by 2032 | Predicts MRFR
Research Reports
Oct 04, 2023
In 2022, the Agriculture Analytics Market Size was estimated to be worth USD 3.1 billion. During the forecast period (2023-2032), the agriculture analytics market industry is anticipated to expand from USD 3.2085 billion in 2023 to USD 4.2249 billion, at a compound yearly growth rate (CAGR) of 3.50%. The key market drivers boosting the market growth are increased demand for mobility, increasing mobile integration, and upgrading 5G mobile networks with next-generation satellite capabilities.
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Agriculture analytics uses cutting-edge technology like big data, artificial intelligence, cloud computing, and the Internet of Things to manage and automate farming activities like crops, fields, livestock, and others. Modern farming techniques are being adopted due to the rising global food demand. The UN estimates that by 2050, there will be 9.8 billion people on Earth. Due to the population’s rapid growth, there will be a two-fold rise in future food demand. As a result, it is projected that the use of agro analytics technology would help the industry in the future address its problems.
Major Players in the Agriculture Analytics Market Including
- 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)
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The amount of arable land is decreasing, which is showing similar tendencies. Urbanisation, water shortages, climate change, and population increase have a significant negative impact on agricultural land. To control the rising food demand, businesses and the government are supporting urban and vertical farming. The use of unused land and existing buildings to set up vertical columns for crop yields is what drives the demand for agricultural analytics solutions. Additionally, the technology offers warnings and information on a variety of subjects, such as soil condition, field planning, breeding control, and irrigation management. This not only lessens damage but also encourages the development of superior crops.
The use of sensors and analytics in agriculture helps to prevent crop deterioration and food-borne illness after collecting hundreds of photos of field crops and providing considerable actionable information and reports on farming. Analytics in agriculture has also benefited agricultural supply networks. It provides a platform for facilitating the movement of agricultural products from the farm to the market. Because of population expansion, we now need to think about food security.
Segmentation of Agriculture Analytics Market
The agriculture analytics industry is divided into cloud and on-premises implementation types. The market was dominated by the on-premises segment.
Farm analytics, livestock analytics, and aquaculture analytics are part of the market segmentation for agriculture analytics based on application. The category for livestock analytics brought in the highest money.
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Regional Analysis
The analysis offers market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. From 2023 to 2032, the Asia-Pacific Agriculture Analytics Market is anticipated to experience the quickest CAGR growth. The growing government drive to digitalize and develop farming practises would probably fuel the demand for agriculture analytics. The adoption of cutting-edge technologies to boost output is further encouraged by the rapid population growth in countries like China, Japan, and India.
The Middle East and Africa will see a notable growth in the usage of agriculture analytics due to the lower availability of water resources in most places. Crop irrigation can be handled with the least amount of water waste feasible by employing agriculture analytics.
With market share during the predicted period, North America will dominate the agriculture analytics industry. The market’s growth is being fueled by the region’s dense concentration of cloud computing, big data analytics, artificial intelligence, and other technology suppliers. The US is projected to rule the industry due to the early adoption of technologies across all industries. During the era of the prediction, significant growth will also occur in Europe. The use of agriculture analytics in the farming industry is being driven by the increased demand for fresh, high-quality food. Additionally, the US farm analytics market had the quickest rate of growth in North America, while the Canada agriculture analytics market had the largest market share.
One of the primary business strategies used by manufacturers in the agriculture analytics sector to help customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine in recent years have come from the agriculture analytics sector.
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