Agriculture Analytics Market Size, Share, Growth, Analysis 2024-2031

Market Overview

Global Agriculture Analytics Market reached US$ 1.2 billion in 2022 and is expected to reach US$ 2.8 billion by 2031 growing with a CAGR of 11.5% during the forecast period 2024-2031. 

The expanding global food demand is driving the implementation of sophisticated agricultural technologies. 

The United Nations predicts that the world's population will reach 9.8 billion by 2050. This fast population growth will quadruple the need for food in the future. As a result, with the use of agricultural analytics technology, the agriculture sector is anticipated to address the impending issues.

IoT and sensor technologies are rapidly being used in agricultural analytics solutions. These technologies allow for the gathering of real-time data from a variety of sources, including soil moisture sensors, weather stations, drones, and agricultural equipment. The integration of IoT and sensors improves data accuracy, permits precise monitoring, and allows for automated agricultural decision-making.

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Market Drivers

The use of agriculture analytics technology to promote better field management drives the growth of the agriculture analytics market.

Agriculture analytics technology helps farmers make data-driven choices about crop growth, soil health, and pest/disease control. Farmers may use analytics tools to improve resource allocation, manage irrigation schedules, identify ideal planting seasons, and apply effective pest control tactics.

The use of agricultural analytics technology fosters precision farming methods, which entail crop and resource management at the site level. Farmers may discover variability in their fields and change inputs based on data from sensors, drones, satellite photography, and other sources. This precise technique maximizes the use of fertilizers, water, and other resources, resulting in improved field management and higher yields.

Segment Analysis

Farm Analytics Segment Holds the Largest Market Share in the Agriculture Analytics Market

Farm analytics, also known as farm management analytics, aims to provide insights and tools for making farm-level decisions and managing operations. Crop monitoring, yield analysis, resource optimization, and farm planning are some of the areas of agriculture covered. For example, General Mills, a global producer and marketer of branded consumer goods, intends to implement advanced regenerative agricultural methods over 1 million acres of farmland in the United States by 2030.

Farm analytics is critical for farmers making data-driven choices, improving operational efficiency, and increasing output. Farm analytics solutions, which use sophisticated technologies such as IoT, AI, and big data analytics, provide farmers with important insights into their agricultural operations, allowing them to optimize resource allocation, deploy precision agriculture practices, and efficiently manage risks.

Geographical Share

North America, notably the United States, has led the way in agricultural technology developments. The area is home to a large number of technology businesses, research organizations, and startups dedicated to creating cutting-edge agricultural analytics. According to the American Farm Bureau Federation, one farm in the United States feeds 166 people both domestically and internationally each year. This huge output necessitates technical leadership, contributing to North America's supremacy in the agricultural analytics market.

Recent News

• In July 2023, Agi3 Risk Services Ltd. (ARS), a leader in artificial intelligence (AI) solutions for agriculture risk management, is proud to announce the launch of AgriEnhance an exclusive AI-powered crop insurance solution built to improve the way farmers protect their crops. Capabilities of this product are possible through a collaboration with leading property and casualty insurer Definity Insurance Company, through its brand Economical Insurance.

Market Key Players

Key market leaders in the Agriculture Analytics Market are Trimble Inc., Bayer AG, IBM Corporation, Deere & Company, Ageagle Aerial Systems Inc, Vistex, Inc., Agrivi, SAS Institute Inc., Conservis Corporation, and Iteris Inc.

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