The Latin American agriculture analytics market size is expected to reach USD 933.60 million in 2024 and is anticipated to reach USD 2020.76 million by 2029, growing at a CAGR of 16.7% from 2024 to 2029.
Agriculture analytics uses techniques such as Big Data, Internet of things, and many other analytical tools for the production of maximum yield. Smart farming is also a part of agriculture analytics, which is a breakthrough application of science and technology. This industry is in major demand because the government is taking up initiatives for improving modern agriculture techniques. There is also an increasing pressure to increase the amount of production by 70% in the next three decades as the global population would reach up to 10 Billion, and to feed the entire community, the amount of production should increase drastically.
The primary driver for this industry is the increasing demand for the production of food because there will be a drastic growth of population and to feed all of them, the amount of production should increase tremendously. Agriculture analytics helps the farmers predict the weather, amount of fertilizer to be used, understand the soil conditions, the type of seed variety to improve the crop yield.
The private sectors of the agriculture analytics industry are willing to expand to developing countries, which helps them advance in the agriculture technology industry. The government in Latin America is offering subsidies to the farmers to encourage and help them in revolutionize by the drastic increase in technology. Latin American farmers are willing to adapt to the new advancements in technology which allows the market to overgrow in the coming years.
The major limitation in the regional market is the lack of knowledge in the farmers and consumers about agriculture analytics. The lack of standardization of data management and the scarcity of skilled personnel can hamper the growth.
The Latin America agriculture analytics market by application is divided into Livestock Analytics, Farm Analytics and Aquaculture Analytics. The livestock analytics segment is anticipated to have the highest CAGR during the forecast period. Livestock agriculture includes varied tasks performed on day to day basis such as feeding management, heat stress management, milk harvesting, breed management, behavior monitoring, calf management, genetic management, cattle sorting, which will produce massive information of critical data about the livestock. This analytics helps the farmer from any miss management that could occur and deliver a quality product.
There are three farm sizes, which are, large-sized farm, medium-sized farm and small-sized farm. The large farms are supposed to have the largest size in the Latin America agriculture analytics market during the outlook period.
This is because farmers and industries with larger farms can afford the technology, to produce the maximum crop yield owing to the increasing demand for production of food. The agriculture analytics service helps large farms to manage and utilize the data effectively.
Agriculture analytics market, by component, is divided into two types, services, and solutions. Unlike other market segmentations, in agriculture analytics, both services and solutions work hand in hand to give better results. Startups have developed an application called software as a service (SAAS) that helps the farmers to investigate the crops and track the costs of each yield, check the weather conditions and decide on which crop would give the best yield during a certain season. Overall, with the advancement in technology there is a scheduled production of crops. This helps analyze and estimate the amount of return produced so in case of starvation due to the rapid increase in population, and the required measures could be taken. Also, these solutions and services are readily available to the farmer with one click on the cell phone.
The cloud deployment is likely to expand with a notable growth rate in the projection period compared to the on-premise implementations. The multiple advantages offered by the cloud model has made it the primary choice among market leaders.
The Latin America agriculture analytics market is still in its initial stages as it is not able to afford the expensive technology. The government is trying its best by providing subsidies to the farmers who are willing to adapt to the technology. Brazil, Argentina, and Mexico are the prominent nations in this regional business.
Some of the key players in this industry are 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.
Internet of Things, big data science & analytics, cloud computing and mobile app-based hybrid system for smart agriculture is the new advancements made in the agriculture analytics industry. These ways will help the farmers analyze and produce maximum yields.
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