PUBLISHER: Grand View Research | PRODUCT CODE: 1433749
PUBLISHER: Grand View Research | PRODUCT CODE: 1433749
The global agriculture analytics market size is expected to reach USD 14.22 billion by 2030, registering a CAGR of 13.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The global market is anticipated to be propelled by the increasing demand for food worldwide due to the rising global population, along with the surge in government spending on the development of agriculture infrastructure.
Governments, particularly in developing countries, are allocating substantial resources to enhance agricultural infrastructure. This heightened governmental investment is anticipated to facilitate the seamless integration of advanced analytics in agriculture, providing farmers and agribusinesses with valuable tools for optimizing farm operations.
Farmers and agribusinesses, recognizing the need to meet growing food demands, are actively seeking solutions that can enhance farm yield and operational efficiency. Agriculture analytics plays a crucial role by enabling remote monitoring of farm equipment, monitoring farm processes, and predicting crop yield, which is expected to increase its adoption among farmers and agribusinesses, thus supporting the growth of the market.
From the farmer's perspective, agriculture analytics serves as a critical tool for informed decision-making, enhancing overall operational efficiency and management effectiveness. Agriculture analytics solution provides the capability to manage and analyze data related to weather, soil, and other environmental conditions, enabling farmers to make strategic decisions that not only optimize economic returns but also contribute to a reduced environmental impact.
By harnessing analytical solutions, farmers gain valuable insights into crop management, resource allocation, and sustainability practices, allowing for a more precise and sustainable approach to agriculture. The adoption of agriculture analytics thus emerges as a new solution for modern farmers seeking to balance profitability with sustainable and responsible agricultural practices.
The market is competitive and has the presence of several key market players. Some prominent players in the market include Trimble; IBM Corporation; Wipro; SAP; among others. These players are adopting strategies such as partnerships and collaborations to gain a competitive edge. For instance, in September 2021, Ag-Analytics Technology Company, a farm data technology company, announced the acquisition of AcreValue. The acquisition is expected to help Ag-Analytics enhance its precision farm analytics and deliver enhanced land management tools to customers.