The market can exhibit an 11.71 per cent CAGR over the forecast period

According to a comprehensive research report by Market Research Future (MRFR), Agriculture Analytics Market information by Farm Size, by Components, by Deployment Modes and Region – forecast to 2027, the market size can reach $1.5 billion by 2026. It can exhibit an 11.71 per cent CAGR over the forecast period.

Agriculture analytics are designed to improve farming techniques and makes use of complementary technologies such as satellites, drones, and others to make informed decisions. Rising consumption of food and the need for fertile land can drive its demand.

The huge potential of urban farming due to people growing vegetables in the gardens and homes can drive market growth. The ability to provide food to local communities and the benefit of shielding crops from environmental elements can bode well for the market. The use of big data and artificial intelligence can be used by farmers to enhance their potential and increase crop production significantly.

The rise of digitisation and employment of novel techniques to improve crop yields and streamline the supply chain can drive market growth. The need for outsourcing of field operations owing to a labour shortage and worker expenses can accelerate the transformation. Managed service providers can use analytical tools to accumulate, process, and analyse information to improve the decisions of farmers and improve crop cultivation.

The use of low-earth orbit (LEO) satellites to provide data connectivity to farmers in rural areas to streamline the agriculture value chain as well as revolutionise precision agriculture can bode well for the market. The adoption of satellite analytics can propel market demand over the forecast period.

But high costs of accumulation of relevant data and huge initial capital investment can impede the market growth. The use of drones and tractors for navigation and mapping are costly affairs that can increase crop production rates.

Based on components, the agriculture analytics market has been bifurcated into solutions and services. The solutions segment is likely to capture a major market share over the forecast period due to the need for analysis of large data sets for optimum decision making. Identification of critical parameters as well as the correlation of large swathes of data can encourage segment growth.

Based on farm size, the agriculture analytics market has been segmented into large farms and small and medium-sized farms. Large farms are likely to capture a huge market share owing to the ability to scale its cultivation and huge demand for food among the masses. Agriculture analytics can assist large farms in managing information for higher yields.

Major applications of the agriculture analytics market are segmented into farm analytics, livestock analytics, aquaculture analytics, and others. Furthermore, the other segment is subdivided into orchids, forestry, and horticulture. Livestock analytics includes observation of animals and tracking of their data to ensure the quality of products.