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Agriculture Analytics Market size is set to Reach USD 3.72 Billion by 2031, Driven by Growing Demand for Adoption of IoT and Sensor Technologies

The SNS Insider report indicates that the Agriculture Analytics Market Size was valued at USD 1.36 Billion in 2023 and is expected to reach USD 3.72 Billion by 2031, growing at a CAGR of 13.4% over the forecast period 2024-2031.

Market Report Scope

The agricultural sector is experiencing a surge in investment and rapid technological advancements, reflecting a collective effort to enhance farm offerings. Moreover, farmland owners are increasingly inclined towards adopting analytics solutions encompassing weather data analytics, crop growth monitoring, land preparation, and more that help them optimize agriculture operations. Analytics tools aid farmland owners in enhancing overall farm output and efficiency as these solutions empower them to make more informed and relevant decisions. Thus, increasing investment in the agriculture sector, coupled with farmland owners’ approach towards the adoption of advanced solutions to increase farm output, are major factors expected to drive market growth.

The escalating demand for food, driven by a growing population, is responsible for putting significant pressure on farmland owners to enhance food offerings. Furthermore, challenges such as changing climatic conditions and soil degradation are impeding the ability of farm owners to achieve optimal crop yields.

Market Analysis

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.

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Major The Key Players of Agriculture Analytics Market

  • Climate Corporation
  • Trimble Inc
  • Deere & Company
  • IBM Corporation
  • AGCO Corporation
  • SST Software
  • Iteris Inc
  • Taranis
  • Agribotix LLC
  • Precision Hawk

Segmentation Analysis

By Agriculture type, Livestock farming dominates the Agriculture Analytics Market as it utilizes solutions and services to gather real-time information about animal health, feeding behavior, hygiene, and location tracking, enhancing livestock management and productivity. By Technology, Visualization and reporting are key, facilitating data-driven decision-making. By end users, Agronomists utilize data to improve farming practices and optimize yields.

Growth Factors

  • Rising Demand for Precision Agriculture

The increasing adoption of precision agriculture techniques is a significant growth factor. Precision agriculture relies heavily on data analytics to optimize inputs, monitor crop health, and maximize yields. As farmers strive to achieve higher efficiency and sustainability in their operations, they are turning to analytics solutions for data-driven insights.

  • Emergence of AI and IoT Technologies

The emergence of artificial intelligence (AI) and Internet of Things (IoT) technologies is revolutionizing the agriculture industry. AI-powered analytics solutions enable predictive modeling, automated decision-making, and precision farming practices. IoT devices such as sensors, drones, and satellite imagery provide real-time data on soil moisture, weather conditions, and crop health, empowering farmers to make informed decisions and optimize crop production.

  • Growing Popularity of Farm Management Software

Farm management software platforms are becoming increasingly popular among farmers for streamlining operations and decision-making processes. These platforms integrate various data sources, including weather forecasts, soil maps, and equipment performance data, to provide comprehensive insights into farm operations. By centralizing data management and analysis, farm management software enhances efficiency, productivity, and profitability.

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Key Market Segments

By Agriculture Type

  • Precision Farming
  • Vertical Farming
  • Livestock Farming

By Component

  • Solution
  • Services

By Deployment

  • On-Premise
  • Cloud

By Technology

  • Remote Sensing
  • Robotics
  • GIS
  • Automation

Impact of Russia-Ukraine War

The Russian-Ukrainian conflict has significantly impacted the Agriculture Analytics Market, caused market uncertainty and hindered investment. The war’s effects have led to a slowdown in market growth, with companies like Farmers Business Network experiencing reduced revenue due to farmers’ reluctance to invest in new technologies. Additionally, the conflict has disrupted supply chains, affecting companies like Aero Farms, impacting revenue due to hindered delivery of inputs.

Impact of Ongoing Recession

The ongoing recession has led to decreased demand for agriculture analytics products and services, affecting sales and revenue. For example, Farmers Business Network’s revenue decreased by 15% in the first quarter of 223, while Grove Collaborative experienced a 5% revenue decrease in the first quarter of 2023. Despite challenges, economic downturns can present opportunities for businesses offering innovative and cost-effective solutions, provided they demonstrate a clear ROI and long-term benefits.

Key Regional Development

North America leads in adopting advanced agricultural technologies, with approximately 45%-50% of the Agriculture Analytics Market. This dominance is driven by the region’s highly developed agricultural industry, significant R&D expenditures, and emphasis on precision agriculture.

In Asia-Pacific, with approximately 35%-40% of the market, the large agricultural base, growing population, and increasing adoption of precision farming technologies contribute to market growth.

Agriculture Analytics Market
Agriculture Analytics Market

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Key Takeaways

  • Technological advancements and increasing investment drive Agriculture Analytics Market growth.
  • Livestock farming dominates the market, aided by real-time data for enhanced management.
  • North America and Asia-Pacific lead in market adoption, driven by advanced technologies and growing agricultural bases.

Recent Developments

In March 2023: IBM partnered with The Climate Corporation to develop and market a new agriculture analytics solution.

In January 2023: John Deere and Nutrien Ag Solutions partnered on digital connectivity, optimizing logistics and agronomic recommendations for growers.

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