Market Trends of Agriculture Analytics Industry
This section covers the major market trends shaping the Agriculture Analytics Market according to our research experts:
Farm Analytics is Expected to Grow at a Significant Rate Over the Forecast Period
- Agriculture researchers are using artificial intelligence and data science to make on-farm predictive analytics before delivering the insights that matter in the farming land. The rising subscription-based service model aims to cut down the cost for farmers and provide them real-time alerts about crop conditions. Moreover, predictive models and optimization of daily tasks will give complete control over their future harvest.
- Companies like Ag-Analytics access insights from precision agriculture data to address weather impacting concerns. The company uses tools like FarmScope, which combine diverse data sources like satellite, soil, weather, historical crop, and farm equipment data to create an analysis of the current state of an agricultural field and forecast for future yield.
- In February 2020, AI and Robotics Ventures, a subsidiary of PTT Exploration, is diversifying into agriculture business by developing AI and data analytics systems for local farming. The company has planned to collaborate with Thaicom for the project. These rising investments by existing vendors drive the growth of the farm analytics segment over the forecast period.
- However, the growing AI and other emerging technologies require high initial investments, efficient farming tools, and skilled and knowledgeable farmers or growers, thereby making farmers apprehensive about using farm analytics to analyze precise field data.
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North America Geographic Segment is Expected to Hold a Significant Share Throughout the Forecast Period
- The primary driving force for the growth of the North America geographic segment is the significant presence of technology providers and increasing government initiatives towards smart farming. These players focus on entering into partnerships, merger-acquisitions, and innovative solutions offerings to stay in the regional and globally competitive landscape.
- For instance, in May 2019, IBM Corporation announced the global expansion of the Watson Decision Platform for Agriculture, with AI technology tailored for new crops to feed a growing population across the United States. The company is providing a global agriculture solution that combines predictive technology with data from The Weather Company, an IBM Business, and IoT data to help give farmers around the world more significant insights about planning, plowing, planting, spraying, and harvesting.
- During the last few decades, there has been a considerable shift from traditional agricultural activities to an organized one to improve agricultural activities through the application of analytics and smart devices.
- For instance, General Mills, a multinational manufacturer and marketer of branded consumer foods, is planning to advance regenerative agriculture practices on one million acres of farmland in the United States by 2030.
- There is high market penetration for emerging technology-enabled agriculture across the United States. In July 2019, the Federal Communications Commission decided to form a new task force to advise the commission on how to ensure farmers and ranchers have the connectivity they need to use and benefit from precision agriculture. This task force will work with USDA to develop policy recommendations to promote the rapid, expanded deployment of broadband internet service in unserved agricultural land, to achieve strong capabilities on 95% of agricultural land in the United States by 2025.
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