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Agriculture analytics uses advanced technologies such as big data, artificial intelligence, cloud computing, internet of things among other to manage and automate farming activities such as crops, field, livestocks, and others. The growing food demand across globe is driving the adoption of advanced solution in the farming industries. As per the United Nations, global population by the year 2050 is expected to 9.8 billion. This rapid growth in population will double the demand for food in the future. Thus, with adoption agriculture analytics technology, agriculture industry is expected to tackle the future challenges.
Similarly, availability of arable land is decreasing year by year. The growing population, urbanization, water scarcity, climate change is severely impacting the agricultural land. To manage the growing food demand, companies and government are fueling the adoption of urban farming and vertical farming. The utilization of barren land and buildings for structuring vertical columns for crop yielding is driving the demand for agriculture analytics solutions. Further, the technology offers alerts and insights on irrigation management, field planning, breeding management, soil quality and more. This helps in cultivating high quality of crops, and lowers the damage.
Key Market Driver -
• Growing food demand to drive the adoption of agriculture analytics technology for better field management • Increasing trends of vertical or urban farming to boost agriculture analytics market growth
Key Market Restraint -
• High cost of investment in technology is likely to hamper the market growth
Some of the key players in the global agriculture analytics are SAP SE, Deere & Company, Trimble, IBM Corporation, Accenture LLC, Monsanto Company, Iteris, Taranis, Oracle Corporation, Agvue Technologies, Conservis Corporation, Dtn, Fbn, Farmers Edge, Geosys Inc., Granular, Gro Intelligence, among others. The key players are entering into strategic partnership and collaboration to provide advanced analysis. Also, the companies are investing in research and development to study the farming and livestock’s regular insights.
North America is expected to dominate the market share during the forecast period. The significant presence of artificial intelligence, cloud computing, data analytics, big data and other technologies providers in the region is driving the market growth. The US is likely to lead the market owing to the early adoption of technologies across all industries. Similarly, Europe to gain significant growth during the forecast period. The growing demand for high quality and fresh food is driving the adoption of agriculture analytics in the farming industry.
Asia Pacific is expected to gain rapid growth during the forecast period. The growing government initiative in digitalizing and advancing farming techniques is likely to fuel the agriculture analytics demand. Further, the rapidly growing population in countries like India, China, Japan is driving the adoption of advanced technologies to boost the yielding. The Middle East & Africa to witness significant growth in adopting agriculture analytics owing to the less availability of water resources in majority of areas. The agriculture analytics helps in managing crop irrigation with minimal wastage of water. Similarly, South America to showcase steady growth of the market.
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