According to a new market research report published by Credence Research “Global Agriculture Analytics Market (Component (Software, Services) Deployment Model (Cloud, On-premise), Application (Farm Analytics, Livestock Management), Farm Size (Small and Medium, Large)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall agriculture analytics market worldwide is set to grow with a CAGR of more than 15.3% during the forecast period from 2019 to 2027, starting from US$ 560.0 Mn in 2018.
The global agriculture analytics market is highly driven by increasing need to enhance the production volume in the farms. Due to the changing climatic conditions, soil properties, fertilizer application, and seed variety, there has been uncertainty with the farm yield in various regions worldwide. This has generated demand for innovative tools that would help stabilize the conditions and help farmers enhance their quantity and quality of harvest. Based on this, the adoption of analytics solutions in agriculture sector has increased since past few years. As these solutions provide predictive services, it is easier for the farmers and farm equipment companies to modify their process and generate high revenue and increase productivity. Moreover, increasing government initiatives with an aim of providing digital support in the agricultural sector is also fueling the market growth across the globe.
Though this is a lucrative market segment, low spending power of farmers in various developing and underdeveloped countries, lack of technical skills with respect to advanced applications and tools, and lack of standardization for data management in agriculture industry are some of the factors that can have a negative impact on the global agriculture analytics market during the forecast period.
Based on application, the livestock management segment is dominating the market by holding the maximum market share of the total revenue generated worldwide. As livestock play a vital role in agricultural sector, keeping a track on their diet and other activities is essential for the farms. Usage of analytical tools can help farmers to eliminate mismanagement regarding the diet and grooming of these animals. Based on the geography, North America dominated the global agriculture analytics market by holding a market share of nearly 41% to the total revenue generated. Factors such as growing adoption of modern farming techniques, increasing investments for developing and providing best-in-class farming equipment at an affordable price, and digitization are driving the agriculture analytics market in this region. Europe holds the second position in this market based on significant developments in the field of agricultural technologies. However, Asia-Pacific region is projected to grow at a highest CAGR during the forecast period. Factors such as significant investment in adoption of digital tools in agriculture sector of developing countries, and expansion of international companies in this region by this region are contributing to the growth of agriculture analytics market in APAC.
Some of the major companies profiled in the report include Deere & Company, IBM, Trimble, Monsanto Company, Accenture, Agribotix, Agrivi, DTN, DeLaval, Farmer’s Business Network, Farmers Edge, GEOSYS, Granular, Gro Intelligence, Oracle, Iteris, Taranis, Proagrica, SAP SE, PrecisionHawk, RESSON, Stesalit Systems, aWhere Inc., AgVue Technologies, Conservis Corporation, among others.
Browse the full report at https://www.credenceresearch.com/report/agriculture-analytics-market
The Global Agriculture Analytics Market is Segmented into:
|Segmentation||By Component Segment (2017–2027; US$ Mn)|
|By Deployment Model Segment (2017–2027; US$ Mn)|
|By Application Segment (2017–2027; US$ Mn)|
|By Farm Size Segment (2017–2027; US$ Mn)|
|By Geography Segment (2017–2027; US$ Mn)|
*Complete segmentation list is on report page