Big Data Analytics in Agriculture Market Size, Share, Growth, and Industry Growth, By Type (Capturing, Sharing, Storing, Analyzing Data, and Others), By Application (Chemical, Financial, Weather, Farm Equipment, and Crop Production), Regional Forecast From 2023 To 2030

Updated On: 20 November 2023

BIG DATA ANALYTICS IN AGRICULTURE MARKET REPORT OVERVIEW

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The global big data analytics in agriculture market size was USD 817.57 million in 2021 and the market is projected to touch USD 1272.71 million by 2027, exhibiting a CAGR of 7.65% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with big data analytics in agriculture experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Big data analytics comprehend and offer insights based on shifting market trends, hidden patterns, correlation, and unstructured information. Leading industries concentrate on using analytical tools to provide corporate intelligence and gain consumer insights. Agriculture actively contributes to the economic growth of several nations. Comparing the global population growth to the demand for food production, the latter is rising quickly. High crop yields are therefore required to meet the demand, which will significantly increase support for intelligent agriculture around the world. 

Big data analytics is a cutting-edge agricultural technology with a promising future in business. Big data in agriculture is growing in importance and accounts for about 5% of the market for the entire big data sector. The demand for technical agriculture services, the need to increase farm productivity and farming operations, the pressure to supply the growing demand for food globally, and administration initiatives to use modern agricultural methods are the main factors propelling the growth of the agriculture analytics market. Additionally, the increasing use of AI and predictive analytics to increase yield and the growing acceptance of smart technology to enable precision agriculture to present huge growth prospects for companies in the agriculture analytics market. The fragmented agricultural sector and high capital expenditure are anticipated to limit this market's expansion to some extent.

COVID-19 Impact: The Lockdown Affected Market Growth Moderately

The COVID-19 epidemic has had a negative impact on a number of economies worldwide. Moderately impacted, the agricultural industry's market for data analytics in agriculture is expected to recover slowly in the next months and quickly starting in 2021. To some extent, farming has been prevented by the combat measures, such as lockdowns and quarantines, to battle COVID-19, with farmers suffering a large loss on the sales of their agricultural outcomes. Due to the slow adoption of analytics solutions, the market for agriculture analytics has stagnated during the last few months. The rate of analytics adoption is expected to be impacted by the probable global recession, which has constrained funds, investments, and expenditures on goods and services consumption.

LATEST TRENDS

"Rising Pressure to Fulfill the World’s Need for Food to Surge the Market Growth"

The growing demand for food worldwide increased farm production, and government adoption of contemporary agricultural technologies are the key drivers of the global big data analytics market in agriculture. The constantly rising population is leading to a higher demand for food, which is estimated to boost big data analytics in agriculture market growth. The consumption of agricultural products is rising due to the expanding population. These factors are expected to propel growth in the market.

BIG DATA ANALYTICS IN AGRICULTURE MARKET SEGMENTATION 

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• By Type Analysis

By type, the market is segmented into capturing, sharing, storing, analyzing data, and others.

• By Application Analysis

Based on application, the market is classified into chemical, financial, weather, farm equipment, and crop production.

DRIVING FACTORS

"Rising Demand for Specialized Digital Agriculture to Develop Growth Opportunities"

The demand for big data analytics in agriculture services is rising due to the need to increase farm productivity and farming operations. The pressure to supply the world's growing population with food and government initiatives to implement cutting-edge agricultural practices are the main factors fueling the growth of the agriculture analytics market. Additionally, the increasing use of AI and predictive analytics to increase yield and the growing acceptance of smart technology to enable precision agriculture present huge growth prospects for companies in the agriculture analytics market. The fragmented agricultural sector and high capital expenditure are anticipated to limit this market's expansion to some extent.

"Expanding Population and High-Quality Food Product Demand to Fuel Market Growth"

The use of IoT devices for managing dairy, cattle, and other modern operations and monitoring clear weather requirements for farming, crop, and soil, has generated enormous data that the farmers are able to utilize to redefine their services to gold standards. Additionally, the expansion of the market is being positively impacted by an increase in the number of creative solutions brought about by developments in the fields of big data, IoT, and cloud computing. As a result, the agriculture analytics market is expanding due to growing populations with high demand for innovative food items, a growing emphasis among farmers on data-driven decision-making strategies, and the use of advanced analytics solutions.

RESTRAINING FACTORS

"Lack of Access to Smart Devices May Impede Market Expansion"

Big data analytics in agriculture market growth is expected to stymie the growing internet and smart device awareness. New agricultural practices and introducing a farm management education app create many possibilities that might spur the development of global big data analytics in the agriculture sector. The lack of access to smart devices and services limits market growth in emerging nations. Data science and smart systems may revitalize and spur growth in the agricultural sector. Due to operational difficulties, the term "big data" is not commonly used in agriculture. Issues with privacy, security, sharing, data governance, and cost are hampering the expansion of big data analytics in the agriculture industry.

BIG DATA ANALYTICS IN AGRICULTURE MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market Due to the Rising Adoption of Big Data"

North America is estimated to lead the global big data analytics in agriculture market share owing to the expanding number of companies implementing big data results to estimate crop conditions. 

Asia Pacific is projected to hold a significant market share to the escalating population in developing countries such as India, China, and Japan.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products.

List of Market Players Profiled

• The Climate (U.K.)
• Conservis (U.S.)
• Agdna (U.S.)
• Agribotix (U.S.)
• Awhere (U.S.)
• Farmlogs (U.S.)
• Onfarm (Canada)
• Farmersedge (Canada)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2021 through 2027, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.