The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

A Booming Market

• Recent Growth: The big data analytics in agriculture market has seen substantial growth in recent years, increasing from $1.15 billion in 2023 to $1.30 billion in 2024, at a CAGR of 13.1%.
• Historic Drivers: Key factors driving this growth include changing weather patterns, soil health management, crop yield optimization, pest and disease outbreak monitoring, technological adoption, fluctuating market prices, and efficient water usage.

Future Market Potential

• Forecasted Expansion: The market is expected to continue its rapid expansion, reaching $2.14 billion by 2028, with a projected CAGR of 13.3%.
• Growth Catalysts: Climate change, technological advancements, population growth, regulatory changes, sustainability practices, pest and disease management, and resource availability are all expected to contribute to this growth.
• Emerging Trends: Major trends include precision agriculture, smart irrigation systems, automated machinery, drone technology, genetic modification, data-driven decision-making, and blockchain for supply chain management.

Precision Farming: A Key Driver

• Precision Farming’s Rise: Precision farming is increasingly driving the adoption of big data analytics in agriculture. This approach uses technology to optimize crop production and efficiency by closely monitoring and responding to variability in field conditions.
• Impact on the Market: Big data analytics supports precision farming by analyzing vast amounts of farming data, enabling precise decision-making in crop management practices.
• Adoption Rates: In the U.S., precision agriculture adoption has increased from 25% in 2021 to 27% in 2023, with states like North Dakota leading the way at 57%. This rising adoption is expected to further fuel the growth of big data analytics in the agriculture market.

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Strategic Partnerships Driving Innovation

• Collaborative Efforts: Companies in the big data analytics agriculture market are increasingly forming strategic partnerships to enhance AI, machine learning, and market reach.
• Case in Point: In September 2023, Agrematch, an Israeli biotechnology research and AI company, partnered with ICL Group Ltd., an agrochemical manufacturer, to develop AI-driven solutions for optimizing agriculture. This partnership aims to improve crop yields, resource efficiency, and sustainable farming practices through precise, data-driven recommendations.
• AI and ML Integration: Agrematch’s use of advanced machine learning (ML) and deep learning (DL) algorithms, combined with its expertise in biology, chemistry, and agriculture, exemplifies how AI is being harnessed to drive innovation and reduce environmental impact in agriculture.

Mergers and Acquisitions Shaping the Landscape

• Recent Acquisition: In October 2023, Ever.Ag, a U.S.-based agricultural software provider, acquired Austin Data Labs to bolster its agrarian software solutions with advanced data analytics capabilities.
• Purpose: This acquisition aims to optimize supply chain management and promote sustainability within global food systems, highlighting the increasing importance of data analytics in agriculture.
• Market Segmentation: The big data analytics in agriculture market is segmented by component (solution, services), type (capturing, storing, sharing, analyzing data), and application (chemical, financial, weather, farm equipment, crop production).

Regional Insights

• North America’s Dominance: North America emerged as the largest region in the big data analytics in agriculture market in 2023, reflecting the region’s strong technological adoption and advanced farming practices.

Conclusion

The big data analytics in agriculture market is on a strong growth trajectory, driven by technological advancements, precision farming, strategic partnerships, and mergers and acquisitions. As the market evolves, it will continue to play a crucial role in enhancing productivity, sustainability, and resource efficiency in the agricultural sector.

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The Big Data Analytics In Agriculture Global Market Report 2024  provides comprehensive insights on the big data analytics in agriculture market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the big data analytics in agriculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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