The global Agriculture Analytics Market size is expected to grow from USD 585 million in 2018 to USD 1,236 million by 2023, at a CAGR of 16.2% during the forecast period, according to a new market research report published by MarketsandMarkets™.
The need to improve the farm productivity and associated farming operations and a growing demand for specialized digital agriculture service providers who can offer cloud-based analytics services are major growth factors for the global Agriculture Analytics Market.
A growing need to outsource field-related operations, owing to the shortage of labor is expected to drive the growth of the managed services in the Agriculture Analytics Market. Managed service providers use their analytical tools to collect, process, and analyze data to provide valuable insights to farmers. By these actionable insights, farmers can forecast their crop production, improve crop cultivation, and make better decisions.
Data security concerns among the end users are also contributing to the higher adoption of on-premises agriculture analytics solution globally. The on-premises agricultural analytics solution is majorly deployed by large farms as they have better ability to invest. Moreover, large farms have a wide variety of business segments with serving to the broader geographic region; hence, data security is of utmost importance.
North America is estimated to account for the largest share of the market in 2018. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting digital technologies. A majority of farmers or growers in the region have deployed agriculture analytics solutions to optimize livestock, farms, orchid, forestry, and horticulture and aquaculture farming. North America has a wide presence of key industry players offering agriculture analytics solutions, and its farmers’ financial position enables it to invest majorly in the leading tools and technologies for effective business operations.
Major vendors offering agriculture analytics solution and services across the globe include Deere & Company (US), IBM (US), SAP SE (Germany), Trimble (US), Monsanto Company (US), Oracle (US), Accenture (Ireland), Iteris (US), Taranis (Israel), Agribotix (US), Agrivi (UK), DTN (US), aWhere Inc. (US), Conservis Corporation (US), DeLaval (Sweden), Farmer’s Business Network (US), Farmers Edge (US), GEOSYS (US), Granular (US), Gro Intelligence (US), Proagrica (UK), PrecisionHawk (US), RESSON (Canada), Stesalit Systems (India), and AgVue Technologies (US).
