Agriculture Analytics Market is estimated to grow at 12.6% CAGR during the forecast period due to rising government initiatives to modernize agriculture: says Absolute Market Insights
Global Agriculture Analytics Market was valued at US$ 576.32 million in 2018 and is expected to reach US$ 1676.9 million by 2027, growing at an estimated CAGR of 12.6% over the forecast period.The primary advance driver for the agriculture analytics market is government projects to implement modern agricultural techniques. Increasing pressure to satisfy the increasing global demand for food in combination with the need to enhance farm productivity also contributes to the application of agricultural analytics and the growth of the agricultural analytics sector. Agricultural digitization is anticipated to assist feed the increasing population. It is anticipated that the global population will rise by about 40% and reach 9.6 billion by 2050. Therefore, to satisfy the increasing demand for food, the general food production requires to double. The present production rate, process, and distribution techniques would not be adequate to feed the increasing population; therefore, it is anticipated that the implementation of fresh and advanced technology at different stages of farming will become essential to satisfy the increasing demand.
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The increasing focus on profitability in agriculture is driving the agriculture analytics market. The major applications in efficient assessment and the development of the global agricultural analytics industry is driven. The crop yield is affected by several variables such as weather parameters, application of fertilizer, soil condition, and seed variety amongst others. This makes it difficult to identify the perfect products for productivity improvement. Therefore, the implementation of agricultural analytics to analyze this information is increasing, which stimulates the development of the worldwide Agriculture Analytics Market.
In addition, the increasing need for livestock management, which increases farmers' burden and can lead to mismanagement, fosters the development of agriculture analytics market. To eliminate the hazards associated with this mismanagement and increasing need for animal tracking, the development of the global agricultural analytics market is also promoted. In addition, increasing implementation of agricultural analytics across big farms is boosting the agricultural profitability enhancement abilities. High-level business activities are performed across big farms, generating big amounts of information and leading farmers towards farm analytics service providers for management of this data.
The key components to support the implementation of agriculture analytics are Spatial (and Temporal) Data Infrastructure (SDI) along with low-cost smart phones and tablets to support the bi-directional flow of data and information to rural consumers. SDI has been the key driver to support modern farming in the US, Australia and Europe as well as emerging economies of China and Brazil. Agriculture is a data-intense enterprise when one considers soil variability, moisture and nutrient levels, rainfall variability, timing of key operations like planting and harvesting, and market price volatility.
Companies offering advanced analytics are helping farmers to manage these production and market risks through the application of spatial/temporal data bases that are cloud enabled and integrated through Application Programming Interfaces (APIs). This creates a rich and dynamic data ecosystem that enables advanced analytics to inform farmers of the best economic options to maximize profitability and minimize risk.
Cell phones are the other key components as they are outfitted with GPS to follow where instances of field invasions or hail harm have occurred for specialized help or protection claims. Cell phones likewise empower ranchers to coordinate into organized markets dependent on endorsed evaluations and benchmarks that can be checked utilizing adjusted photographs and repayments brought in through versatile cash. Computerized innovation will be critical to expanding horticulture efficiency by conveying custom fitted proposals to farmer's reliant on crop, planting date, assortment is planted, ongoing restricted watched climate and anticipated Agriculture Analytics Market costs. Remote sensing is another enormous information asset to help the advancement of inferred climate items (radar), improved hydrology and watershed data, soil wellbeing, crop inclusion and yield wellbeing gauges among different applications for the executives. This is presently supplemented by Unmanned Aerial Vehicles (UAVs) that can catch multispectral pictures to survey crop wellbeing, harm and yield unmistakably more precisely than satellites.
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Agriculture analytics will also use online networking stages to construct human limit. Perhaps the best model beginning from India is Digital Green. It utilizes participatory recordings that have ranchers disclose best administration practices to different ranchers. This methodology is multiple times more practical than customary augmentation benefits as ranchers trust different ranchers increasingly given they can all the more likely identify with somebody like them who are building a work under comparable conditions. Portable cash is the last key mediation that has opened doors for rustic purchasers in Africa and will do likewise for India. Paper cash is costly and unsafe to country customers however portable cash is more secure, particularly for ladies, and costs less to move. Versatile cash likewise permits rustic shoppers to sidestep poor framework to help reserve funds and access credit.
While agriculture analytics is generally well adopted in the US, the ideas are scale unbiased and are in result effectively applied to smallholder farmers around the world. Advanced horticulture will likewise help accomplish the destinations of the National Food Security Act in the most proficient, successful and impartial way to guarantee ALL approach protected, nutritious and moderate nourishment.
Implementing analytics in farming and agricultural operations helps farmers evaluate all real-time information such as moisture, soil, crop, weather, and more. It also allows for an organized plan for the post-harvest operations of farming. Accentuating efforts from government and regulatory bodies for the implementation of contemporary techniques in agriculture and agriculture such as the use of analytics, artificial intelligence among farmers has led in a favorable development of the market in agricultural analytics. Because of the enormous capital needed to implement sophisticated agricultural technology, the growth of the agricultural analytics market could be hampered. Nevertheless, technological improvements, sophisticated infrastructure and the use of high-end farm equipment enable farm investors to take measures towards the farming operations, which is expected to increase the demand for the offerings of agricultural analytics in the foreseeable years.
The detailed research study provides qualitative and quantitative analysis of agriculture analytics market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major Agriculture Analytics Market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
The increasing focus on profitability of agribusinesses is driving the agriculture analytics market. The development of the global agricultural analytics industry is driven by the demand for critical farm-related information which would help in better decision-making.
North America holds the biggest market share in agriculture analytics market and will continue to dominate this market for next six years. The region has big farms with best-in-class farming machinery, which contributes significantly to the development of the market for agricultural analytics.
IBM, Deere & Company, SAP SE, Trimble, Accenture, Monsanto Company, Oracle, Taranis, and Iteris are some of the players operating in the global agriculture analytics market.
Agriculture Analytics Market:
By Application Area
Farm Analytics
Livestock Analytics
Aquaculture Analytics
By Component
Solution
Services
By Farm Size
Small
Medium Sized
Large
By Geography
North America
U.S
Canada
Mexico
Europe
France
The UK
Spain
Germany
Italy
Nordic Countries
Denmark
Finland
Iceland
Sweden
Norway
Benelux Union
Belgium
The Netherlands
Luxembourg
Rest of Europe
Asia Pacific
China
Japan
India
New Zealand
Australia
South Korea
Southeast Asia
Indonesia
Thailand
Malaysia
Singapore
Rest of Southeast Asia
Rest of Asia Pacific
Middle East and Africa
Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
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