Press release
Big Data Analytics In Agriculture Market on Track for Strong Growth, Estimated to Grow at 13.2% CAGR Through 2029
Big Data Analytics In Agriculture
What Is the Expected CAGR for the Big Data Analytics In Agriculture Market Through 2025?
The market size for big data analytics in the agricultural sector has witnessed swift expansion in the last few years. Its growth is projected to increase from $1.3 billion in 2024 to $1.47 billion in 2025, indicating a compound annual growth rate (CAGR) of 13.4%. Fluctuating weather conditions, soil vitality, harvest output, pest and disease eruption, technological utilization, market costs, and water consumption are the drivers of growth during the historic period.
What's the Projected Size of the Global Big Data Analytics In Agriculture Market by 2029?
The market size for big data analytics in agriculture is anticipated to witness significant escalation in the upcoming years, expanding to $2.42 billion by 2029, with a compound annual growth rate (CAGR) of 13.2%. The projected growth in this period is rooted in factors such as climatic fluctuations, technological progression, population increment, regulatory transformations, sustainability procedures, management of pests and diseases, and the accessibility of resources. Precise agriculture, intelligent irrigation systems, automation in machinery, drone application, genetic alterations, decisions influenced by data, and the application of blockchain for managing supply chains comprise the major trends in the forecasted period.
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Top Growth Drivers in the Big Data Analytics In Agriculture Industry: What's Accelerating the Market?
The growth of big data analytics in the agriculture sector is anticipated to be fuelled by the rising implementation of precision farming. Precision farming, an agricultural management method, uses cutting-edge technology to monitor field conditions closely and respond effectively, thereby maximizing crop production and efficiency. The prevalence of this farming technique is growing due to its proven ability to boost productivity, decrease input costs, and lessen environmental damage through the targeted use of resources. Big data analytics play a key role in precision farming by analyzing a large volume of agricultural data, offering valuable insights for accurate decision-making in crop management operations. An example includes a report released by the United States Department of Agriculture in August 2023, stating that the average acceptance of precision agriculture in the US was 25% in 2021, and it rose to 27% in 2023. Notably, North Dakota leads with the highest adoption rate of 57%, trailed by states like Illinois, Iowa, Kansas, Nebraska, and South Dakota, each displaying rates of 49% or higher. Hence, the surging implementation of precision farming will trigger an upward trend in the application of big data analytics in the agriculture market.
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What Trends Will Shape the Big Data Analytics In Agriculture Market Through 2029 and Beyond?
The key players in the agricultural big data analytics market are embracing a partnership strategy to boost AI, machine learning, and market penetration. A strategic partnership generally involves a cooperative relationship among two or more firms, pooling their expertise, resources, and initiatives to accomplish shared goals. For instance, Agrematch, a biotechnology research and AI firm based in Israel, partnered with ICL Group Ltd, an agrochemical manufacturer also in Israel, in September 2023 to provide cutting-edge AI for the discovery of bio-stimulants to refine agriculture. Through this partnership, the aim is to increase crop production, boost resource efficacy and advocate for sustainable farming methods by giving farmers accurate, data-based guidance on fertilizer and other agrarian input usage. Agrematch utilizes data science and AI's immense power, using advanced machine and deep learning algorithms in conjunction with their unique database and blending these technologies with specialty in biology, chemistry, and agriculture. This has led to the development of a sturdy AI predictive platform aimed at spurring innovation, mitigating environmental harm, and equipping farmers with the necessary tools and insights to enhance their productivity and sustainability.
What Are the Main Segments in the Big Data Analytics In Agriculture Market?
The big data analytics in agriculture market covered in this report is segmented -
1) By Component: Solution, Services
2) By Type: Capturing Data, Storing Data, Sharing Data, Analyzing Data, Other Types
3) By Application: Chemical, Financial, Weather, Farm Equipment, Crop Production
Subsegments:
1) By Solution: Data Management And Storage Solutions, Data Visualization Tools, Predictive Analytics Solutions, Decision Support Systems, Cloud-Based Solutions, Farm Management Software
2) By Services: Consulting Services, Implementation Services, Training and Support Services, Managed Services, Data Analysis And Reporting Services
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Which Top Companies are Driving Growth in the Big Data Analytics In Agriculture Market?
Major companies operating in the big data analytics in agriculture market are 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
Which Regions Will Dominate the Big Data Analytics In Agriculture Market Through 2029?
North America was the largest region in the big data analytics in agriculture market in 2023. The regions covered in the big data analytics in agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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