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Global Big Data Analytics in Agriculture Market Value Report for 2024
Big Data Analytics In Agriculture Global Market Report 2024
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According to The Business Research Company's, The big data analytics in agriculture market size has grown rapidly in recent years. It will grow from $1.15 billion in 2023 to $1.30 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to changing weather patterns, soil health, crop yields, pest and disease outbreaks, technological adoption, market prices, and water usage.
The big data analytics in agriculture market size is expected to see rapid growth in the next few years. It will grow to $2.14 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to climate change, technological advances, population growth, regulatory changes, sustainability practices, pest and disease management, and resource availability. Major trends in the forecast period include precision agriculture, smart irrigation systems, automated machinery, drone technology, genetic modification, data-driven decision-making, and blockchain for supply chain management.
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Market Drivers and Trends:
The increasing adoption of precision farming is expected to propel the growth of big data analytics in the agriculture market going forward. Precision farming is an agricultural management refers to approach that utilizes technology to optimize crop production and efficiency by closely monitoring and responding to variability in field conditions. Precision farming is gaining traction due to its ability to enhance productivity, reduce input costs, and minimize environmental impact through targeted application of resources. Big data analytics in agriculture supports precision farming by analyzing vast amounts of farming data to provide insights for precise decision-making in crop management practices. For instance, in August 2023, according to a report published by the United States Department of Agriculture, a US-based federal agency, the average adoption of precision agriculture in the US was 25% in 2021 and increased to 27% in 2023. Moreover, North Dakota has the highest adoption rate at 57%, followed by states such as Illinois, Iowa, Kansas, Nebraska, and South Dakota, each reporting rates of 49% or higher. Therefore, the increasing adoption of precision farming will drive the growth of big data analytics in the agriculture market.
Major companies operating in big data analytics in the agriculture market are adopting a strategic partnership approach to enhance AI, machine learning, and market reach. A strategic partnership typically refers to a collaborative relationship between two or more organizations combining their resources, expertise, and efforts to achieve common goals or objectives. For instance, in September 2023, Agrematch., an Israel-based biotechnology research and artificial intelligence (AI) company, collaborated with ICL Group Ltd., an Israel-based agrochemical manufacturing company, to deliver advanced AI to search for biostimulants to optimize agriculture. This collaboration seeks to maximize crop yields, enhance resource efficiency, and promote sustainable farming practices by providing farmers with precise, data-driven recommendations for using fertilizers and other agricultural inputs. Agrematch harnesses the power of data science and artificial intelligence, leveraging advanced machine and deep learning (ML/DL) algorithms alongside their proprietary database and integrating these technologies with expertise in biology, chemistry, and agriculture. They have developed a robust AI predictive platform to drive innovation, reduce environmental impact, and support farmers with the tools and knowledge to improve their productivity and sustainability.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
BASF SE, International Business Machines Corporation (IBM), Deere & Company (John Deere), SAP SE, Bayer AG, Yara International ASA, CNH Industrial NV, AGCO Corporation, Corteva Inc. , Hexagon AB, Valmont Industries Inc, Trimble Inc, NTT DATA Business Solutions AG, Topcon Positioning Systems Inc, Lindsay Corporation, AeroVironment Inc., Raven Industries Inc, The Climate Corporation, Planet Labs PBC, AG Leader Technology Inc., Farmers Edge Inc, PrecisionHawk Inc., Prospera Technologies, Descartes Labs, Agribotix LLC, AgDNA, OnFarm Systems, Conservis LLC
Big Data Analytics In Agriculture Market 2024 Key Insights:
• The big data analytics in agriculture market size is expected to see rapid growth in the next few years. It will grow to $2.14 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.
• Precision Farming Gains Momentum Fueling Big Data Analytics Boom In Agriculture
• Strategic Partnership To Advance AI-Driven Sustainable Agriculture
• North America was the largest region in the big data analytics in agriculture market in 2023
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