The North America Agriculture Analytics Market value is expected to reach US$ 1676.9 Million by the end of 2026, with an estimated annual growth rate of about 13% during the forecast period. North America being the top player in the market, contributes to 41% of the global agriculture analytics business.
North American farmers are willingly adapting to the new advancements in technology which helps the market to grow even higher in the future. North America is the home for world-class farming equipment which helps produce the crops in a more effective and efficient manner putting in mind the quantity and most importantly, the quality of the plant cultivated.
The population in North America is expected to grow from 358 million people to 398 million people, which is a drastic increase in the people in a decade, so the government is focusing on the way to control the starvation of the people but investing in advancement to agriculture analytical technology.
Recent Developments:
Nanotechnology is a new addition to the agriculture analytics market, and it is proven to be a more comfortable and more time-efficient process, which could be the new method for innovative farming.
IoT, big data science & analytics, cloud computing, and mobile app-based hybrid system for smart agriculture and the new advancements made in agriculture analytics. These ways will help farmers analyze and produce more yields.
Drivers and Restraints of North America Agriculture Analytics Market:
Drivers:
The government is willingly providing subsidies to the farmers to support and help them in revolutionize by the drastic increase in technology. The research and development teams in North America are continually inventing and discovering new techniques to produce higher quantity and better quality yields as well as finding solutions to stop the deaths and diseases in aquaculture.
Restraints:
The production cost of crops, maintains cost and the equipment cost are higher in the region which drives away the private sectors to second and third world nations, for cheaper production of crops.
North America Agriculture Analytics Market - By Application Area:
The livestock segment is foreseen to have the highest CAGR compared to farm analytics and aquaculture analytics in North America. This is because the government is focusing on the improvement of technology in livestock analytics as it involves feeding management, dairy harvesting, breeding management, tracking management, calf management, application of fertilizers, genetic management, and cattle sorting. All these processes should be heavily monitored, and that is why farmers are ready to invest more in the agriculture analytics market for a higher quality product.
In aquaculture, the profitability of private companies depends on efficient operations and the ability to protect fish stock from death and disease. Large companies have advantages in vertically integrating activities from breeding to processing and packaging. Small farms, typically those that are family-owned, can compete effectively by specializing in unique and high-end products or offering onsite fishing.
North America Agriculture Analytics Market - By Farm Size:
Of these, the Small-sized farms usually have work deficiency, but they are a component of innovative technology in the agriculture analytics sector. As the region contains all three types, the cost for maintaining them is very high but the productivity with profits and demands is also high.
North America Agriculture Analytics Market - By Component:
It is considered that both services and solutions can be simultaneously considered for better results. The new technologies like software as a service (SAAS) helps the farmers analyze the crops and track the costs of each yield, check the weather conditions and decide on which plant would give the best return during a specific season. Overall, with the improvements in technology, there is a scheduled production of crops. Farmers can analyze and predict the date nowadays with just a click on their smartphones. This helps analyze and estimate the amount of yield produced so in case of starvation due to the rapid increase in population, and the required measures could be taken.
North America Agriculture Analytics Market - By Deployment Types:
The cloud segment is foreseen to account for the dominant portion in the coming years.
Regional Presence:
The US and Canada are the major contributors to the North American agriculture analytics market. Companies in this region strive to strengthen their base by offering the enhancement of product features, varying price ranges, and most significant improvement of the quality of the product produced. Also, their willingness to develop and expand their companies to a global level such as second and third world countries helps them be the leaders of the worldwide market.
Key Players:
Accenture Plc., Agribotix LLC, Agrivi ltd., aWhere Inc., Conservis Corporation, Deere Company, De Laval Inc., DNT Ltd., Farmers Business Network Inc., Farmers Edge Inc., Geosys Inc., Granular Inc., Gro Intelligence inc., IBM Corporation, Iteris Inc., Monsanto Company, Oracle Corporation, Precision Hawk Inc., SAP Inc., Trimble Inc.
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