(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "global agriculture analytics market by offering (solution, services), agriculture type (precision farming, livestock farming, vertical farming), technology (remote sensing, gis, robotics, automation), farm size, end-users and region - forecast to 2028" report has been added to ResearchAndMarkets.com's offering. The global agriculture analytics market is projected to grow from USD 1.38 billion in 2023 to USD 2.53 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.1% during the forecast period.
Farmers and growers are the primary end-users of agriculture analytics. They benefit from analytics by gaining insights into crop performance, soil health, pest and disease management, irrigation scheduling, and yield optimization.
The services segment is expected to grow at a higher CAGR during the forecast period
The agriculture analytics services market has been segmented into professional services and managed services. The professional services segment has been further segmented into training and consulting, system integration and implementation, and support and maintenance.
Agriculture analytics services offer a comprehensive and data-driven approach to optimize and enhance various aspects of the agricultural industry.
These services utilize advanced technologies and analytical tools to collect, process, and analyze vast amounts of data from multiple sources, including weather patterns, soil conditions, crop health, and market trends.
The Large Farms segment is expected to hold the highest market size during the forecast period
The adoption of agriculture analytics solutions in large farms is said to be high, as compared to the small and medium-sized farms. This is due to the affordability and high economies of scale that allows the large farms to leverage the benefits of agricultural solutions.
Farms with the size of more than 1,000 hectares are categorized under the large farms segment. Producers having large farms leave no stone unturned to compete in the cut-throat competitive world; hence, they spend significant amounts on becoming technologically versed.
Asia-Pacific is the fastest growing region in the agriculture analytics market
APAC is expected to grow at the highest CAGR during the forecast period, due to the increase in demand for agriculture analytics solution and services.
Growing economies in countries such as China, Australia and New Zealand, India, and Israel provide huge opportunities for the adoption of the agriculture analytics solution and services in APAC region.
Meanwhile, North America is projected to hold the largest market size during the forecast period.
Competitive landscape
Major vendors in the global agriculture analytics market include Deere & Company (US), IBM (US), Bayer Ag (Germany), SAP (Germany), Trimble (US), Accenture (Ireland), ABACO (Italy), DeLaval (Sweden), Oracle (US), DTN (US), Farmers Edge (Canada), SAS Institute (US), Iteris (US), PrecisionHawk (US), Conservis (US), Stesalit Systems (India), Agribotix (US), Agrivi (UK), Granular (US), FBN (US), Gro Intelligence (US), Resson (Canada), AgVue Technologies (US), Taranis (US), CropX (Israel), Trace Genomics (US), Fasal (India), AgEye Technologies (US), HelioPas AI (Germany), OneSoil (Switzerland), Root AI and AgShift (US).
Premium Insights
Rising Need for Risk Assessment in Farming to Drive Adoption of Agriculture Analytics Agriculture Analytics Market to Witness Minor Decline in Y-O-Y Growth in 2023 Precision Farming Segment to Hold Highest Market Share During Forecast Period North America to Account for Highest Market Share in 2023 Precision Farming and Farmers Segments Estimated to Secure Maximum Market Share in 2023
Market Dynamics
Drivers
Increasing Size and Complexity of Farms Rising Need for Optimal Resource Utilization Enhancing Sustainability and Reducing Environmental Impact Applying Big Data in Farming
Restraints
High Costs Associated with Data Collection and Analysis Data Privacy and Security Concerns
Opportunities
Technological Advancements Such as IoT, AI, and ML The prospect of Public-Private Collaborations to Advance Use of Agriculture Analytics
Challenges
Lack of Technological Literacy and Skills Gap Data Transfer and Storage
Case Study Analysis
Better Wine Production at E. & J. Gallo Winery with IBM Solution Bunge Runs Sophisticated Analysis to Improve Activities Using IBM GIS Mapping Software Delaval Helps Abis Dairy Farm to Improve Animal Welfare and Work Efficiency Nestle Uses Agrivi 360 Agriculture Supply Chain Platform for Complete Traceability Throughout Chain Veggitech and Agrivi Brings Agronomy into Modern World Wyman Increases Productivity with Conservis Sproule Farms Increases Efficiency and Profitability with Conservis Agropecuaria Canoa Mirim S/A Improves Profitability and Productivity by Optimizing Fertilizer Use MFA Streamlines Standardization Across Organization by Implementing Proagrica's Solutions Onesoil Yield Assists Smart Farming in Improving Performance Woodhall Growers Achieves Accuracy and Flexibility with AG Leader's Solution De Bortoli Wines Saves 15-20% on Input Costs with Agworld's Solutions
Company Portfolio:
Key Players
IBM Deere & Company Bayer AG SAP Trimble Inc. Accenture Abaco Group Delaval Oracle DTN Farmers Edge SAS Institute
Other Key Players
Iteris Precisionhawk Conservis Stesalit Systems Agribotix Agrivi Granular FBN Gro Intelligence Resson
Startups
Agvue Technologies Taranis CropX Trace Genomics Fasal Ageye Technologies Heliopas AI Onesoil Root AI AGShift
Key Attributes:
Global Agriculture Analytics Market Global Agriculture Analytics Market Tags agriculture analytics farm labor farming precision farming smart farming sustainable farming vertical farming yield monitoring id="media-image-1" loading="lazy" src=' />