The agriculture analytics market is expected to reach $2.27 billion by 2027, growing at a CAGR of 17.5% during the forecast period of 2020 to 2027. The growth of this market is mainly attributed to the rising adoption of advanced analytics, data-driven decision-making techniques, and growing digitalization in the agriculture industry.
This is according to the report “Agriculture Analytics Market by Component, Application, Deployment, Farm Size, and Region – Forecast to 2027” by ResearchAndMarkets.com.
High-quality food products
In 2020, based on component, the solutions segment is expected to account for the largest share of the agriculture analytics market. The large share of this segment is mainly attributed to the growing demand for high-quality food products that enable farmers to solve modern analytics techniques and approach traditional problems in modern ways.
In 2020, based on deployment type, the cloud segment is expected to dominate the market. The large share is primarily attributed to the wide use of cloud computing across the agriculture industry for developing various solutions hosted on cloud platforms.
In 2020, based on application, the farm analytics segment is poised to account for the largest share of the agriculture analytics market. The growth of this segment is primarily accredited to the growing traction of farmers on precision agriculture to use modern technology for numerous agricultural applications. Besides, the livestock analytics segment is projected to witness a high growth rate in the coming years.
In 2020, based on farm size, the large-size farms segment is expected to account for the largest share of the agriculture analytics market. The growing spending capacity of owners of large farms on technology upgradations and the urge to establish a competitive edge in the agriculture industry are factors driving this segment.