Global agriculture analytics market is anticipated to grow at a significant CAGR of 12.2% during the forecast period (2024-2031). The market growth is driven by the rising precision agriculture adoption and increasing demand for yield optimization, technological advancements, and the emergence of new farm management software in economies such as the US, China, and India. Additionally, farmland owners are inclined to use analytics tools to optimize agriculture operations, such as crop growth monitoring, weather data analytics, land preparation, and more, contributing to market growth.
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The global agriculture analytics market is segmented by type (farm analytics and livestock analytics), by offering (solutions and services), by technology (visualization and reporting, robotics and automation, big data and cloud computing, and others), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).
Market Dynamics
- The farm analytics segment is expected to hold the largest market share during the forecast period owing to the growing adoption of farm operations and management that increased efficiency with the help of farm analytical solutions. These solutions make use of technologies such as drones, global positioning systems (GPS), and global navigation satellite systems (GNSS), and enable farmers to better plan their crops, allocate resources, and employ precision farming methods.
- North America holds a significant share owing to the adoption of agricultural infrastructure that facilitates the seamless integration of analytical services. Additionally, the availability of robust and developed infrastructure aids in easily accessing and incorporating advanced analytics solutions in agricultural practices. Furthermore, the demand for agriculture analytics solutions is anticipated to rise in the region, as farmers become aware of the advantages of sensor and analytics technologies, contributing considerably to the regional market growth.
The major players in the global agriculture analytics market include Farmers Edge Inc., IBM Corp., John Deere Group, SAP SE, and Trimble Inc., among others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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Recent Developments
- In September 2024, the Union Cabinet Committee approved the Digital Agriculture Mission with an outlay of Rs. 2817 Crore, including the central share of Rs. 1940 Crore. The mission aims to support digital agriculture initiatives, such as creating Digital Public Infrastructure, implementing the Digital General Crop Estimation Survey (DGCES), and taking up other IT initiatives by the Central Government, State Governments, and Academic and Research Institutions.
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