The global agriculture analytics market size is expected to reach USD 1,991.6 million by 2026 according to a new study by Polaris Market Research. The report “Agriculture Analytics Market Share, Size, Trends, Industry Analysis Report By Application Area (Farm Analytics, Livestock Analytics, and Aquaculture Analytics); Component (Solution and Services); Farm Size (Small, Medium Sized, and Large); By Regions, Segments & Forecast, 2020 - 2026”gives a detailed insight into current market dynamics and provides analysis on future market growth.
The primary growth driver for the farm analytics sector is government projects to implement modern agricultural techniques. Increasing pressure to satisfy the increasing global demand for food in combination with the need to enhance farm productivity also contributes to the application of agricultural analytics and the growth of the agricultural analytics sector. Agricultural digitization is anticipated to assist feed the increasing population. It is anticipated that the global population will rise by about 40% and reach 9.6 million by 2050. Therefore, to satisfy the increasing demand for food, the general food production requires to double. The present production rate, process, and distribution technique would not be adequate to feed the increasing population; therefore, it is anticipated that the implementation of fresh and advanced technology at different stages of farming will become essential to satisfy the increasing demand.
Implementing analytics in farming and agricultural operations helps farmers evaluate all real-time information such as moisture, soil, crop, weather, and more. It also allows for an organized plan for the post-harvest operations of farm manufacturing. Accentuating government and regulatory bodies for the implementation of contemporary techniques in agriculture and agriculture such as the use of analytics, artificial intelligence among farmers has led in a favorable development of the market in agricultural analytics. Because of the enormous capital needed to implement sophisticated agricultural technology, the development of the agricultural analytics industry could be hampered. Nevertheless, technological improvements, sophisticated infrastructure and the use of high-end farm equipment enable farm investors to take measures towards the farming sector, which is expected to increase the development of the market for agricultural analytics in the foreseeable years.
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Large farms held the largest market share in the global market in 2019. Because of the affordability and high economies of scale, the implementation of agricultural analytics solution in big farms is greater than that of small and medium-sized farms. The increasingly competitive landscape and the need to satisfy worldwide food demands inspire them to turn to the solution and services of agricultural analytics to improve the use of resources for better manufacturing. Large farm size carries out high-level company activities that produce big amounts of data. Providers of agricultural analytics services assist big farms manage and use the information efficiently for maximum production.
Over the forecast period, North America is anticipated to dominate the global market for agricultural. This development is due to the increasing implementation of sophisticated farming machinery and is probable to stimulate the development of the worldwide agricultural analytics industry. However, Asia Pacific is anticipated to give the agricultural analytics market numerous favorable avenues for development.
Accenture, Agribotix, Agrivi, Agvue Technologies, Awhere, Conservis Corporation, Deere & Company, Delaval, DTN, Farmers Business Network, Farmers Edge, Geosys, Granular, Gro Intelligence, IBM, Iteris, Monsanto Company, Oracle, Precisionhawk, Proagrica, Resson, SAP, Stesalit, Taranis, and Trimble are some of the players operating in the global market. These businesses are also attempting to enter into strategic alliances, company expansions, mergers and acquisitions, and advances in product / service.
Polaris Market research has segmented the agriculture analytics industry report on the basis of application area, component, farm size and region
Agriculture Analytics Application Area Outlook (Revenue, USD Million, 2015 – 2026)
Agriculture Analytics Component Outlook (Revenue, USD Million, 2015 – 2026)
Agriculture Analytics Farm Size Outlook (Revenue, USD Million, 2015 – 2026)
Agriculture Analytics Regional Outlook (Revenue, USD Million, 2015 – 2026)