Pune, July 13, 2024 (GLOBE NEWSWIRE) -- Agriculture Analytics Market Growth Analysis:
“According to SNS Insider Research, The Agriculture Analytics Market size was recorded at US$ 6.0 Billion in 2023 and is expected to Reach US$ 18.31 Billion in 2032, growing at a CAGR of 13.2% over the forecast period of 2024-2032.”
An increase in food demands and, the development of technology at a faster rate worldwide will drive the Agriculture analytics market. United Nations predicted a population of 9.5 to 10 billion inhabitants by the year 2050, the major concern arises with the efficient agriculture technique to boost production to fulfill the demand. Additionally, the growing trend among farmland owners to deploy weather data analytics, crop growth monitoring, land preparation, etc. offered by different vendors further helps them in optimizing their agriculture activities.
In Addition to different analytical tools used in agriculture such as IoT, AI, GPS, Remote sensing, and many more, Geographical Information Systems (GIS) also hold a major role in field map analysis, and water management and help to access data to farmers. In line with that, Artificial Intelligence (AI) also earned a market value of around 1.5 billion USD Dollars, and with the craze for Agriculture Robots are expected to boost the market expansion.
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Major Players Analysis Listed in this Report are:
- Grownetics, Inc.
- Ag Leader Technology
- CropMetrics LLC
- Trimble, Inc.
- AgJunction, Inc.
- AGCO Corporation
- Raven Industries Inc.
- Deere and Company
- Topcon Corporation
- AgEagle Aerial Systems Inc. (Agribotix LLC)
- DICKEY-john Corporation
- Farmers Edge Inc.
- Proagrica (SST Development Group, Inc.)
- The Climate Corporation
- Other Players
Opportunities abound, particularly in developing regions where government initiatives are promoting modern agricultural practices. The rising trend of smart farming offers significant growth potential as technology becomes more accessible. For instance, the twelve grants totaling over $7 million have been given by the U.S. Department of Agriculture's (USDA) National Institute of Food and Agriculture to start research on big data analytics, machine learning, artificial intelligence, knowledge discovery in databases, and predictive technologies. These awards are a part of the AFRI Grants, namely the USDA-NIFA Food and Agriculture Cyberinformatics Program.
Agriculture Analytics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 6.0 Bn |
| Market Size by 2032 | US$ 18.31 Bn |
| CAGR | CAGR of 13.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Growing need for optimal resource utilization for crop yield and an increasing need for precision agriculture. |
Recent Developments
- Midea, a leading global supplier of air conditioning solutions demonstrated its dedication to support agriculture at Mostra Convegno Expocomfort (MCE) 2024 in Milano. The announcement includes new air conditioning technology meant to boost energy efficiency and environmental friendliness in agricultural use.
- Midea, in April 2024 acquired the Climate Division of Swiss group Arbonia including HVAC businesses Sabiana, Termovent, and Tecna. The acquisition further solidifies Midea's leading role in climate control solutions and potentially could provide an entry to develop integrated precision agriculture environments.
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Segment Analysis
Precision farming led the market with around 40% of the market share in 2023.
This dominance is attributed to the growing adoption of IoT sensors and advanced analytical tools that enable real-time data collection and analysis. Precision farming allows farmers to optimize resource allocation based on real-time data on soil conditions, weather patterns, and crop health, leading to increased yields and reduced waste.
Precision farming has expanded a lot in the last 5 years as more than 750 companies have been established like AMOS Power (USA) for Autonomous Tractors, Robotics Perception (Israel) for AI-powered agriculture machinery, Prime UAV (India) for Agriculture drones, CropVue (Canada) for wireless GPS sensor and many more.
Agriculture Analytics Market Key Segmentation:
By Agriculture Type
- Livestock Framing
- Aquaculture Farming
- Precision Farming
- Vertical Farming
- Others
By Offering
- Solution
- Services
By Farm- Size
- Small Farm
- Medium Farm
- Large Farm
By End-User
- End-user type
- Agronomist
- Farmers
- Agribusiness
- Agriculture Research
- Government Agencies
- Others (Insurance Assessors, Drone services, Consumers)
Based on Offerings, the service segment dominated the market with around 55% of the market share in 2023.
This is due to the increasing demand from farmers for expertise in utilizing advanced farm analytical solutions. The Service providers offer training, consulting, system integration, and implementation services, which bridge the knowledge gap and enable farmers to leverage the full potential of these technologies.
During the Global AI submission held in New Delhi, the topic related to farmer's training towards AI and advanced gadgets was on top, and for that 20,000 Farmers in Maharashtra were trained on AI using Mobile phones. In Addition to the physical training, Farmers can also avail of the facilities by using the App called KISAN SARATHI (a Digital Platform, to ask for any query 24*7), and the U.S. Department of Agriculture's National Institute of Food and Agriculture (NIFA) to assists farmers in the development of durable sensors, related software, and instruments for the modeling, observation, and analysis of a wide range of intricate biological materials and processes in collaboration with Land-Grand universities.
Regional Analysis
North America has the largest market share in the agriculture analytics market in terms of advanced agriculture market, precision farming, and robotics and accounts for approximately 44.07% of total global revenue in 2023. Dataset leveraging, government initiatives to improve agriculture efficiency, the region has taken on innovative technologies in the last few decades.
According to the Canadian Agriculture Partnership Program (A 5-year program), where USD 3 billion was invested by the Federal Govt. which focused mainly on improving agriculture by inventing crop varieties, improving soil health, and so on.
On the other side, Asia Pacific is expected to expand significantly driven by various government initiatives encouraging precision farming in India, Sri Lanka, and Nigeria. The efforts are aimed at increasing agricultural productivity and sustainability, setting the region up for strong growth in future decades.
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Key Takeaways
- The agriculture analytics market is projected to grow significantly, driven by the adoption of IoT and data-driven technologies.
- Precision farming is the leading segment, reflecting the increasing importance of real-time data analysis in agriculture.
- The services segment is crucial for supporting farmers in deploying advanced technologies effectively.
- North America currently dominates the market, while the Asia Pacific is expected to witness the fastest growth.
Table of Contents – Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Agriculture Analytics Market Segmentation, By Agriculture Type
8. Agriculture Analytics Market Segmentation, By Offerings
9. Agriculture Analytics Market Segmentation, By Farm-size
10. Agriculture Analytics Market Segmentation, By End-users
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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