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Increasing adoption of advanced analytics to improve the yield and deal with unpredictable climate changes and environmental factors to drive the agriculture analytics market
The global agriculture analytics market size is expected to grow from USD 585 million in 2018 to USD 1,236 million by 2023, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. The agriculture analytics market’s major growth factors are rising pressure to meet the global demand for food and increasing government initiatives to deploy modern agricultural techniques. However, high capital investments to deploy agriculture analytics solution and services can hinder the growth of the market.
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Livestock analytics segment to grow at the highest CAGR during the forecast period
Agriculture analytics solution and services help livestock producers make better decisions by acquiring real-time information about animals and improve various livestock management processes, such as feeding management, heat stress management, milk harvesting, breed management, behaviour monitoring and management, calf management, genetic management, and cattle sorting. Livestock analytics involves using different devices, such as RFID, GPS, feeding systems, farm management systems, robotic milking machines, and other software technology solutions, to improve the farm production.
Large farms segment to hold the largest market size during the forecast period
Technological advancements and growing focus to follow modern farming practices have made farmers and growers implement advanced agriculture analytics solution. Large farm producers have the capital to invest on innovative technologies as compared to small and medium-sized farm producers, which allow them to develop a well-equipped next-generation agricultural infrastructure. Agriculture analytics solution implemented on the agriculture infrastructure help farmers make informed decisions, such as which crops to plant for their next harvest, soil health, water availability, and predictions on rainfall.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period, due to the increasing demand for agriculture analytics solution and services. Major APAC economies, such as China, Australia, New Zealand, India, and Israel, provide huge opportunities for vendors of agriculture analytics solution and services in the region. Meanwhile, North America is projected to hold the largest market size during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the agriculture analytics marketplace.
- By company type: Tier 1 – 38%, Tier 2 – 42%, and Tier 3 – 20%
- By designation: C-level – 40%, D-level – 35%, and Others – 25%
- By region: North America – 40%, Europe – 30%, APAC – 20%, MEA – 5%, and Latin America – 5%
Major vendors offering agriculture analytics solution and services across the globe include Deere & Company (US), IBM (US), SAP SE (Germany), Trimble (US), Monsanto Company (US), Oracle (US), Accenture (Ireland), Iteris (US), Taranis (Israel), Agribotix (US), Agrivi (UK), DTN (US), aWhere Inc. (US), Conservis Corporation (US), DeLaval (Sweden), Farmer’s Business Network (US), Farmers Edge (US), GEOSYS (US), Granular (US), Gro Intelligence (US), Proagrica (UK), PrecisionHawk (US), RESSON (Canada), Stesalit Systems (India), and AgVue Technologies (US). The study includes an in-depth competitive analysis of these key players in the agriculture analytics market, with their company profiles, recent developments, and key market strategies.
- The market study covers the agriculture analytics market size across segments. It aims at estimating the market size and the growth potential of this market across segments, such as components, application areas, farm size, deployment type, and regions.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall agriculture analytics market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.