REDDING, Calif., May 12, 2021 /PRNewswire/ -- According to a new market research report "Agriculture Analytics Market by Component (Solutions, Services), Application (Farm, Livestock, Aquaculture, and Others), Deployment (Cloud, On-premise), Farm Size (Small and Medium-sized Farms, Large Farms), and Region - Forecast to 2027", published by Meticulous Research®, the agriculture analytics market is expected to reach $2.27 billion by 2027, at a CAGR of 17.5% during the forecast period of 2020 to 2027.
The rise in population with an increase in demand for high-quality food products is a major factor influencing the growth of the agriculture analytics market. Moreover, the growing adoption of smart technologies to enable precision agriculture and increasing AI and predictive analytics to improve the yield offer significant growth opportunities for agriculture analytics market players. However, the fragmented agriculture industry and heavy capital investment are expected to restrict this market's growth to some extent.
On the other hand, lack of technical know-how among farmers and lack of standardization for data management and data aggregation in the agriculture industry are the key challenges of this market. The increasing number of start-up companies in the agro-tech industry is the major trend observed in the agriculture analytics market.
Based on component, the agriculture analytics market is broadly segmented into software and services. In 2020, the software segment accounted for the largest share of the overall agriculture analytics market. This segment's large share is mainly attributed to the growing demand for high-quality food products that enable farmers to solve new type of challenges with modern analytics techniques and approach traditional problems in modern ways.
Based on application, the agriculture analytics market is segmented into farm analytics, livestock analytics, aquaculture analytics, and other applications. In 2020, the farm analytics segment accounted for the largest share of the overall agriculture analytics market. This segment's growth is primarily accredited to farmers' growing traction on precision agriculture, enabling them to use modern technology for numerous agricultural applications. However, the livestock analytics segment is projected to witness the highest growth rate over the forecast period. Demand for livestock products is witnessing a consistent surge. This is putting tremendous pressure to derive output of limited livestock.
Based on deployment type, the agriculture analytics market is segmented into on-premise and cloud-based. In 2020, the cloud-based segment commanded the largest share of the overall agriculture analytics market. This is primarily attributed to easy accessibility, less maintenance, affordable pricing, and reliable security provided by cloud-based solutions.
Based on farm size, the agriculture analytics market is segmented into small and medium-sized farms and large-sized farms. In 2020, the large-sized farms segment accounted for the largest share of the overall agriculture analytics market. The large share of this segment is mainly attributed to the increasing spending on data-driven technologies to optimize productivity. However, the small-sized farms segment is projected to grow at the highest CAGR over the forecast period. Shrinkage of arable lands and convergence of large-sized farms into small-sized farms are the major factors driving agricultural analytics growth. Furthermore, growing awareness about the government's analytics and subsidies for the agriculture sector's digitalization also helps the small-sized farm segment.
Based on geography, the global agriculture analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global agriculture analytics market. The market growth in North America is majorly attributed to the rising demand for quality food and shrinking arable land, followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. However, Asia-Pacific region is expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly driven by rapidly developing economies, rising disposable incomes, rapid infrastructure development, growing proliferation of cloud computing and smartphones, rising number of government initiatives, and the growing sense of responsibility towards the environment.
Some of the leading companies operating in the global agriculture analytics market are from the core technology background. These include Deere and Company (U.S.), SAP SE (Germany), and Bayer AG (Germany), among others. These companies lead the market due to their strong brand recognition, diverse product portfolio, strong distribution & sales network, and strong organic & inorganic growth strategies.
Some of the prominent players operating in the agriculture analytics market are Accenture plc. (Ireland), AgEagle Aerial Systems (U.S.), Agrivi (U.K.), AgVue Technologies (U.S.), aWhere, Inc. (U.S.), Conservis Corporation (U.S.), Deere & Company (U.S.), DeLaval Inc. (Switzerland), DTN (U.S.), Farmer's Business Network, Inc. (U.S.), Farmers Edge Inc. (Canada), GEOSYS, Inc. (U.S.), IBM Corporation (U.S.), Iteris Inc. (U.S.), Bayer AG (Germany), Oracle Corporation (U.S.), SAP SE (Germany), and Trimble Inc. (U.S.) among others.
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