The global agriculture analytics market size is expected to grow from US$585mn in 2018 to US$1,236mn by 2023 at a compound annual growth rate (CAGR) of 16.2 per cent, according to the global analytics company ReportLinker
The agriculture analytics market's major growth factors are rising pressure to meet the global demand for food and increasing government initiatives to deploy modern agricultural techniques. However, high capital investments to deploy agriculture analytics solution and services can hinder the growth of the market.
Agriculture analytics solution and services help livestock producers make better decisions by acquiring real-time information about animals and improve various livestock management processes, such as feeding management, heat stress management, milk harvesting, breed management, behaviour monitoring and management, calf management, genetic management and cattle sorting. Livestock analytics involves using different devices, such as RFID, GPS, feeding systems, farm management systems, robotic milking machines, and other software technology solutions, to improve farm production.
Large farms segment
Technological advancements and growing focus to follow modern farming practices have made farmers and growers implement advanced agriculture analytics solution. Large farm producers have the capital to invest on innovative technologies as compared to small and medium-sized farm producers, which allow them to develop a well-equipped next-generation agricultural infrastructure.
Agriculture analytics solution implemented on the agriculture infrastructure help farmers to make informed decisions, such as which crops to plant for their next harvest, soil health, water availability, and predictions on rainfall.
Asia Pacific (APAC) to record the highest growth rate
APAC is expected to grow at the highest CAGR during the forecast period, due to the increasing demand for agriculture analytics solution and services. Major APAC economies, such as China, Australia, New Zealand, India and Israel, provide huge opportunities for vendors of agriculture analytics solution and services in the region.
Meanwhile, North America is projected to hold the largest market size during the forecast period.