The Market Report Covers Global Agriculture Analytics Companies and is Segmented by Component Type (Solutions, Services), Type (Farm Analytics, Livestock Analytics), Deployment Type (On-Premise, Cloud), Farm Size (Small and Medium Farms, Large Farms), and Geography.

Agriculture Analytics Market size was valued at USD 1.23 Billion in 2024 and is projected to reach USD 3.46 Billion by 2031, growing at a CAGR of 15.17% during the forecasted period 2024 to 2031.

The agriculture analytics market is driven by the growing demand for data-driven decision-making to enhance crop yield, optimize resource utilization, and improve overall farm efficiency. Key factors include the rising adoption of precision farming techniques, advancements in IoT and AI technologies, and the need to address global food security challenges. Additionally, increasing government support for smart farming initiatives, the growing trend of digital transformation in agriculture, and the need to minimize environmental impacts by optimizing water usage and reducing chemical inputs are fueling the growth of agriculture analytics. The demand for real-time insights into crop health, weather patterns, and soil conditions further accelerates market expansion.

According to Cognitive Market Research, the global agriculture analytics market size is USD 1.4 billion in 2024 and will expand at a compound annual growth rate (CAGR) of 13.1% from 2024 to 2031. Market Dynamics of Agriculture Analytics Market

Key Drivers for Agriculture Analytics Market

Expanding Government Schemes and Policies-Rising government initiatives around the world are bolstering agricultural modernization initiatives with subsidies, grants, and regulations. These are driving the adoption of analytics solutions for environmental monitoring and precision agriculture in response to rising consumer and regulatory demands for sustainable farming practices. The widespread adoption of big data in farming, which allows farmers to gain useful knowledge that will lead to improved crop yields, is driving the demand for agriculture analytics.

Key Restraints for Agriculture Analytics Market

Inadequate access to reliable and fast internet can impede the ability to gather and analyze data in real-time, which is essential for accurate agricultural analytics. This could slow market growth. Industry expansion is being impeded by factors such as the high cost of data collecting and processing. Introduction of the Agriculture Analytics Market

Agriculture analytics is the practice of analyzing data, using technology, and applying statistical methods to understand and manage resources, weather, crop yields, and market trends better. Improved sustainability, less risk, and maximum productivity can be achieved through well-informed decision-making by farmers and other stakeholders. Increasing government initiatives to implement new agricultural techniques is the main development factor for the agriculture analytics industry. More and more data is being generated in the agricultural industry at an exponential rate. Another factor fueling the expansion of agriculture analytics is the rising use of Internet of Things devices that gather data from linked agricultural machinery like smart tractors and drones. Moreover, there has been a strong push to improve farm offerings, and the result is a dramatic increase in investment and technical innovation in the agricultural sector around the world. Weather data analytics, crop growth monitoring, land preparation, and other analytics tools are becoming more popular among farmland owners as a means to optimize agricultural operations. Due to these, the demand for the agriculture analytics market will grow in the coming years.

Snapshot img

Agriculture Analytics Market Size 2024-2028

The agriculture analytics market size is forecast to increase by USD 1.23 billion at a CAGR of 12.97% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for food production to meet the needs of a growing global population. Infrastructure development, including the integration of artificial intelligence (AI) and smart farming technologies, is a key driver in this market. Smart farming practices, such as field planning and irrigation management, are becoming increasingly important for sustainable agricultural production. However, the high cost of implementing analytics in agriculture remains a challenge for many farmers and agribusinesses, particularly in developing countries. Despite this, the long-term benefits of using data analytics insights to optimize farming practices are expected to outweigh the initial investment costs. By utilizing AI and other advanced technologies, farmers can optimize their operations, improve crop yields, and reduce water usage, ultimately leading to more sustainable and profitable farming practices. The market is expected to continue growing as more farmers adopt these technologies to meet the demands of a changing agricultural landscape.

What will be the Size of the Market During the Forecast Period?

Request Free Sample

The market is witnessing significant growth as farmers and agricultural businesses seek to enhance their productivity and efficiency. This market is driven by the increasing demand for food production to meet the growing population and the need to address various challenges in the agricultural sector. Cloud computing and internet of things (IoT) technologies are playing a crucial role in the market. Farmers can now collect vast amounts of data from various sources, including weather data analytics, crop growth monitoring, land preparation, and farm operations. This data is then analyzed using predictive models to optimize farm output and improve efficiency.

Moreover, positioning systems and navigation satellite systems, such as those used in drones, are also contributing to the market. These technologies enable farmers to monitor their crops and livestock with precision, ensuring optimal growth conditions and preventing potential losses. Crop management is a significant application area for agriculture analytics. By analyzing data on soil degradation, climatic conditions, and crop growth patterns, farmers can make informed decisions on land preparation, irrigation, and fertilizer application. This results in improved crop yields and reduced waste. Livestock farming is another area where agriculture analytics is making a significant impact. Livestock analytics provides farmers with insights into animal health and productivity, enabling them to optimize feeding and breeding programs.

Also, this leads to increased profitability and improved animal welfare. Aquaculture analytics is another emerging application area in the market. By monitoring water quality, fish behavior, and environmental conditions, farmers can optimize fish farming operations and reduce the risk of disease outbreaks. The market offers both cloud deployment and on-premises deployment options. Cloud deployment provides farmers with the flexibility to access data and insights from anywhere, while on-premises deployment offers greater control over data security. Data Security is a critical concern in the market. Farmers must ensure that their data is protected from unauthorized access and cyber threats.

Additionally, advanced security measures, such as encryption and access controls, are essential to safeguard sensitive agricultural data. In conclusion, the market is transforming the agricultural sector by providing farmers and agricultural businesses with data-driven insights to optimize their operations, increase productivity, and improve efficiency. The market is driven by the growing demand for food production and the need to address various challenges in the agricultural sector, including climatic conditions, soil degradation, and positioning systems. By leveraging cloud computing, IoT, and advanced analytics techniques, farmers can make informed decisions and improve their bottom line.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Solutions
  Services


Application

  Precision farming
  Livestock monitoring
  Aquaculture farming
  Vertical farming
  Others


Geography

  North America

    Canada
    US


  Europe

    UK


  APAC

    China
    Japan


  South America



  Middle East and Africa

By Type Insights

The solutions segment is estimated to witness significant growth during the f

The LED Farming Market Report is Segmented Based On Application (Vertical Farming, Indoor Farming, Commercial Greenhouse, Turf & Landscaping, and Other Applications), Wavelength (Blue Wavelength, Red Wavelength, and Far Red Wavelength), Crop Type (Fruits & Vegetables, Herbs & Microgreens, Flowers & Ornamentals, and Other Crop Types) and Geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa). The Report Offers Market Size and Forecast in Terms of Value (USD) for all the Segments.

Explore the growth of the Global Fish Farming Market, projected to reach USD 552 billion by 2030. Discover key drivers, trends, and challenges shaping the industry.

The global Sustainable Farming Market is expected to rise USD 34.90 billion by 2034 And anticipated to grow at a CAGR of 8.6%.

Snapshot img

Smart Farming Market Size 2024-2028

The smart farming market size is forecast to increase by USD 9.91 billion at a CAGR of 17.61% between 2023 and 2028.

Smart farming, a technology-driven agricultural approach, is gaining traction In the United States due to its potential to enhance farming efficiency and productivity. Key components of smart farming include yield monitoring, crop scouting, field mapping, weather forecasting, inventory management, farm labor management, water and fertilizer management, HVAC management, milk harvesting, and breeding management. The availability of affordable cloud services is driving the adoption of smart farming, enabling real-time data collection and analysis. Big data plays a crucial role in smart farming, providing farmers with valuable insights to optimize crop growth and reduce waste. However, the high initial investment required for implementing smart farming technology remains a challenge for many farmers.
Other challenges include the need for reliable internet connectivity in rural areas and the complexity of integrating various smart farming technologies. Despite these challenges, the potential benefits of smart farming, such as increased crop yields, reduced labor costs, and improved environmental sustainability, make it an attractive proposition for forward-thinking farmers. 

What will be the Size of the Smart Farming Market During the Forecast Period?

Request Free Sample

The agriculture industry is witnessing a significant shift towards smart farming, integrating advanced technologies to optimize crop yields and livestock management. This transformation encompasses various sectors, including commercial greenhouses, controlled environment agriculture, and livestock farming. One of the key components driving this change is the implementation of LED grow lights and infrastructural health sensors. These technologies enable precise control over growing conditions, ensuring optimal plant development and reducing resource consumption. Additionally, the use of RFID, GPS, and machine-to-machine communication facilitates real-time monitoring and automation of agricultural processes.
Smart agricultural practices extend to livestock management as well. Biometric identification systems and mobile applications allow farmers to monitor the health and well-being of their livestock, enhancing productivity and reducing operational costs. Furthermore, cloud-based and web-based solutions are gaining popularity In the sector. Online dashboards, historical data analysis, and system integration services enable farmers to make data-driven decisions and streamline their operations. Consulting, maintenance, connectivity services, managed services, and professional services are also essential components of the market, ensuring the seamless integration and operation of these advanced technologies. Logistics and supply chain management are also undergoing digital transformation In the agriculture sector. Smart water management solutions, meanwhile, promote sustainable agricultural practices by minimizing water usage and ensuring its optimal distribution. Cloud-based and web-based solutions, consulting, maintenance, connectivity services, managed services, professional services, network management, agriculture asset management, and logistics and supply chain management are essential components of this transformation. 

How is this Smart Farming Industry segmented and which is the largest segment?

The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Soil and crop management
  Fleet management
  Storage and irrigation management
  Indoor farming


Product

  Automation and control systems
  Smart agriculture equipment and machinery


Geography

  North America

    US


  Europe

    Germany
    France


  APAC

    China


  Middle East and Africa



  South America

By Application Insights

The soil and crop management segment is estimated to witness significant growth during the forecast period.

In the agricultural sector, effective feeding management and animal comfort are crucial for optimizing crop production and ensuring the well-being of livestock. Smart farming solutions, such as those offered by Deere and Prospera Technologies, play a significant role in managing these aspects. These systems utilize web-based and cloud-based technologies for system integration, consulting, maintenance, connectivity services, and managed services. By monitoring temperature, humidity, and climate conditions, farmers can make informed decisions regarding water usage, early detection of potential issues, and weed management. Proper soil moisture levels are essential for plant growth, and smart far

The vertical farming market size is projected to grow from USD 10.05 billion in 2024 to USD 88.86 billion by 2035, representing a high CAGR of 21.9%.

The global Indoor Farming Market size is expected to reach USD 45.23 Billion in 2032 registering a CAGR of 9.8%. Our report provides a comprehensive overview of the industry, including key players, market share, growth opportunities and more.

The US Vertical Farming Market size was valued at USD 3.56 Million in 2023 and is projected to reach USD 7.30 Million by 2032, exhibiting a CAGR of 10.80 % during the forecasts periods. The US vertical farming market is experiencing significant growth due to the increasing demand for sustainable agriculture and fresh, locally grown produce. Vertical farming features innovative growing systems that utilize stacked layers, advanced hydroponics, and LED lighting to optimize space and resources. Key applications include the cultivation of leafy greens, herbs, and microgreens. The market is segmented by type into hydroponics, aeroponics, and aquaponics, with hydroponics being the most prevalent. Cutting-edge technologies such as IoT, AI, and automation enhance productivity and efficiency. The impact of vertical farming includes reduced water usage, minimal land requirement, and decreased transportation emissions. Advantages encompass year-round crop production, higher yield per square foot, and enhanced food security, positioning vertical farming as a critical component of the future agricultural landscape. Recent developments include: August 2023: Plenty Unlimited Inc., a San Francisco-based company, began construction on a vertical indoor farming campus that, when completed, is likely to be the largest such operation in the world. The campus, to be developed in phases totaling USD 300 million, will sit on 120 acres in the Meadowville Technology Park., February 2022: Aero Farms announced a new tomato research partnership with FFAR and the University of Florida to provide vertical farms with a path to growing high-yielding crops that produce flavored tomatoes in environmental conditions., January 2022: Plenty and Walmart announced the long-term investment to bring fresh, peak-flavor produce to shoppers year-round.. Key drivers for this market are: Seed Treatment As A Solution To Enhance Yield, Growing Awareness For Seed Treatment Among The Farmers; Rising Trend Of Organic Farming. Potential restraints include: Limitations Across Farm-Level Seed Treatment, Rising Environmental Concerns. Notable trends are: The Hydroponics Segment Dominates the Market.

The Agriculture Software Market is Segmented by Deployment Type (Cloud (Software-As-A-Service (SaaS), Platform-As-A-Service (PaaS)) and On-Premise), Application (Precision Farming, Livestock Tracking and Monitoring, Smart Greenhouse, Precision Forestry, and Other Applications), Geography (North America (United States, Canada), Europe (United Kingdom, France, Germany, Rest of Europe), Asia-Pacific (China, Australia and New Zealand, Thailand, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Middle East & Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Segments.

Abstract

Syngenta is committed to increasing crop productivity and to using limited resources such as land, water and inputs more efficiently. Since 2014, Syngenta has been measuring trends in agricultural input efficiency on a global network of real farms. The Good Growth Plan dataset shows aggregated productivity and resource efficiency indicators by harvest year. The data has been collected from more than 4,000 farms and covers more than 20 different crops in 46 countries. The data (except USA data and for Barley in UK, Germany, Poland, Czech Republic, France and Spain) was collected, consolidated and reported by Kynetec (previously Market Probe), an independent market research agency. It can be used as benchmarks for crop yield and input efficiency.

Geographic coverage

National coverage

Analysis unit

Agricultural holdings

Kind of data

Sample survey data [ssd]

Sampling procedure

A. Sample design Farms are grouped in clusters, which represent a crop grown in an area with homogenous agro- ecological conditions and include comparable types of farms. The sample includes reference and benchmark farms. The reference farms were selected by Syngenta and the benchmark farms were randomly selected by Kynetec within the same cluster.

B. Sample size Sample sizes for each cluster are determined with the aim to measure statistically significant increases in crop efficiency over time. This is done by Kynetec based on target productivity increases and assumptions regarding the variability of farm metrics in each cluster. The smaller the expected increase, the larger the sample size needed to measure significant differences over time. Variability within clusters is assumed based on public research and expert opinion. In addition, growers are also grouped in clusters as a means of keeping variances under control, as well as distinguishing between growers in terms of crop size, region and technological level. A minimum sample size of 20 interviews per cluster is needed. The minimum number of reference farms is 5 of 20. The optimal number of reference farms is 10 of 20 (balanced sample).

C. Selection procedure The respondents were picked randomly using a “quota based random sampling” procedure. Growers were first randomly selected and then checked if they complied with the quotas for crops, region, farm size etc. To avoid clustering high number of interviews at one sampling point, interviewers were instructed to do a maximum of 5 interviews in one village.

BF Screened from Indonesia were selected based on the following criterion: (a) Corn growers in East Java - Location: East Java (Kediri and Probolinggo) and Aceh
- Innovative (early adopter); Progressive (keen to learn about agronomy and pests; willing to try new technology); Loyal (loyal to technology that can help them)
- making of technical drain (having irrigation system)
- marketing network for corn: post-harvest access to market (generally they sell 80% of their harvest)
- mid-tier (sub-optimal CP/SE use)
- influenced by fellow farmers and retailers
- may need longer credit

(b) Rice growers in West and East Java - Location: West Java (Tasikmalaya), East Java (Kediri), Central Java (Blora, Cilacap, Kebumen), South Lampung
- The growers are progressive (keen to learn about agronomy and pests; willing to try new technology)
- Accustomed in using farming equipment and pesticide. (keen to learn about agronomy and pests; willing to try new technology) - A long rice cultivating experience in his area (lots of experience in cultivating rice)
- willing to move forward in order to increase his productivity (same as progressive)
- have a soil that broad enough for the upcoming project
- have influence in his group (ability to influence others) - mid-tier (sub-optimal CP/SE use)
- may need longer credit

Mode of data collection

Face-to-face [f2f]

Research instrument

Data collection tool for 2019 covered the following information:

(A) PRE- HARVEST INFORMATION

PART I: Screening PART II: Contact Information PART III: Farm Characteristics a. Biodiversity conservation b. Soil conservation c. Soil erosion d. Description of growing area e. Training on crop cultivation and safety measures PART IV: Farming Practices - Before Harvest a. Planting and fruit development - Field crops b. Planting and fruit development - Tree crops c. Planting and fruit development - Sugarcane d. Planting and fruit development - Cauliflower e. Seed treatment

(B) HARVEST INFORMATION

PART V: Farming Practices - After Harvest a. Fertilizer usage b. Crop protection products c. Harvest timing & quality per crop - Field crops d. Harvest timing & quality per crop - Tree crops e. Harvest timing & quality per crop - Sugarcane f. Harvest timing & quality per crop - Banana g. After harvest PART VI - Other inputs - After Harvest a. Input costs b. Abiotic stress c. Irrigation

See all questionnaires in external materials tab

Cleaning operations

Data processing:

Kynetec uses SPSS (Statistical Package for the Social Sciences) for data entry, cleaning, analysis, and reporting. After collection, the farm data is entered into a local database, reviewed, and quality-checked by the local Kynetec agency. In the case of missing values or inconsistencies, farmers are re-contacted. In some cases, grower data is verified with local experts (e.g. retailers) to ensure data accuracy and validity. After country-level cleaning, the farm-level data is submitted to the global Kynetec headquarters for processing. In the case of missing values or inconsistences, the local Kynetec office was re-contacted to clarify and solve issues.

Quality assurance Various consistency checks and internal controls are implemented throughout the entire data collection and reporting process in order to ensure unbiased, high quality data.

• Screening: Each grower is screened and selected by Kynetec based on cluster-specific criteria to ensure a comparable group of growers within each cluster. This helps keeping variability low.

• Evaluation of the questionnaire: The questionnaire aligns with the global objective of the project and is adapted to the local context (e.g. interviewers and growers should understand what is asked). Each year the questionnaire is evaluated based on several criteria, and updated where needed.

• Briefing of interviewers: Each year, local interviewers - familiar with the local context of farming -are thoroughly briefed to fully comprehend the questionnaire to obtain unbiased, accurate answers from respondents.

• Cross-validation of the answers: o Kynetec captures all growers' responses through a digital data-entry tool. Various logical and consistency checks are automated in this tool (e.g. total crop size in hectares cannot be larger than farm size) o Kynetec cross validates the answers of the growers in three different ways: 1. Within the grower (check if growers respond consistently during the interview) 2. Across years (check if growers respond consistently throughout the years) 3. Within cluster (compare a grower's responses with those of others in the group) o All the above mentioned inconsistencies are followed up by contacting the growers and asking them to verify their answers. The data is updated after verification. All updates are tracked.

• Check and discuss evolutions and patterns: Global evolutions are calculated, discussed and reviewed on a monthly basis jointly by Kynetec and Syngenta.

• Sensitivity analysis: sensitivity analysis is conducted to evaluate the global results in terms of outliers, retention rates and overall statistical robustness. The results of the sensitivity analysis are discussed jointly by Kynetec and Syngenta.

• It is recommended that users interested in using the administrative level 1 variable in the location dataset use this variable with care and crosscheck it with the postal code variable.

Data appraisal

Due to the above mentioned checks, irregularities in fertilizer usage data were discovered which had to be corrected:

For data collection wave 2014, respondents were asked to give a total estimate of the fertilizer NPK-rates that were applied in the fields. From 2015 onwards, the questionnaire was redesigned to be more precise and obtain data by individual fertilizer products. The new method of measuring fertilizer inputs leads to more accurate results, but also makes a year-on-year comparison difficult. After evaluating several solutions to this problems, 2014 fertilizer usage (NPK input) was re-estimated by calculating a weighted average of fertilizer usage in the following years.

Asia Pacific Precision Farming market size is USD 2265.78 million in 2024 and will expand at a compound annual growth rate (CAGR) of 13.0% from 2024 to 2031.

Agriculture Analytics Market was valued at $1,110.70 Mn in 2023, and is projected to $USD 3,231.80 Mn by 2032, at a CAGR of 12.60% from 2023 to 2032.

vertical farming, controlled environment agriculture, aeroponics, hydroponics, urban farming, sustainable farming, high-yield farming, organic food, food security, vertical farming market

Europe Precision Farming market size is USD 2955.36 million in 2024 and will expand at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.

Get detailed insights into the current valuation of Indoor Farming market size, including growth analysis, current market status and future market projections.

Snapshot img

Regenerative Agriculture Market Size 2025-2029

The regenerative agriculture market size is forecast to increase by USD 1.11 billion at a CAGR of 13.5% between 2024 and 2029.

The market is experiencing significant growth, driven by rising environmental concerns and increasing government initiatives and policies. These factors are pushing farmers to adopt smart agriculture practices that focus on improving soil health, reducing greenhouse gas emissions, and enhancing biodiversity. However, the market faces challenges due to the limited amount of awareness and education among farmers regarding the benefits and implementation of regenerative agriculture. Despite these challenges, the market offers substantial opportunities for companies providing solutions and services that support regenerative agriculture. These include innovative farming equipment, organic fertilizers, and consulting services. Additionally, the growing demand for sustainably produced food and increasing consumer awareness of the environmental impact of food production are creating new business opportunities. Companies seeking to capitalize on these opportunities must stay informed of the latest trends and regulatory developments, while also investing in education and outreach efforts to build awareness among farmers. By doing so, they can effectively navigate the challenges and capitalize on the growth potential of the market.

What will be the Size of the Regenerative Agriculture Market during the forecast period?

Request Free Sample

The market is experiencing significant growth as global awareness of food waste reduction, biodiversity conservation, and environmental sustainability increases. This market encompasses various practices, including sustainable land management, climate-smart agriculture, agro-ecological intensification, and conservation agriculture. These approaches prioritize soil carbon sequestration, water conservation, and nutrient management, contributing to sustainable farming and higher crop yields. Extension services and precision agriculture play crucial roles in implementing these practices, ensuring supply chain efficiency and reducing greenhouse gas emissions. The local food movement and sustainable food systems further bolster market demand, with food retailers increasingly prioritizing eco-friendly farming and responsible sourcing.
Urban agriculture, vertical farming, and sustainable packaging are emerging trends, addressing food security and reducing the carbon footprint of the food industry. Agroecological practices, such as pest control and dairy farming, are gaining traction as they offer environmental advantages and contribute to the circular economy. Market dynamics are shaped by the need for climate change mitigation, ethical consumption, farmland conservation, and sustainable rural development. Overall, the market is poised for continued expansion, driven by the increasing importance of environmental sustainability and the growing demand for organic food products.

How is this Regenerative Agriculture Industry segmented?

The regenerative agriculture industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Carbon sequestration
  Nutrient cycling
  Biodiversity


Method

  Aquaculture
  Agroecology
  Agroforestry
  Silvopasture
  Others


Type

  Livestock farming
  Agroforestry-based farming
  Arable crop farming
  Mixed farming


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan
    South Korea


  South America



  Middle East and Africa

By Application Insights

The carbon sequestration segment is estimated to witness significant growth during the forecast period. Regenerative agriculture, an environmentally sustainable approach to farming, focuses on enhancing ecosystem services, including carbon sequestration and biodiversity conservation. Carbon sequestration is achieved through practices such as cover cropping, crop rotation, and reduced tillage, which increase soil organic carbon content and reduce greenhouse gas emissions. Agroecology, an essential component of regenerative agriculture, incorporates ecological principles to optimize agricultural operations and promote natural resource management. This approach not only benefits the environment by improving soil health, water retention, and wildlife habitats but also supports local communities and food security. Digital tools and advisory services facilitate the implementation of regenerative farming methods and enable food producers to optimize their operations and comply with organic certification requirements.

Get a glance at the market report of share of various segment

Global Precision Swine Farming Market size & share value expected to touch USD 1,122.72 million by 2032, to grow at a CAGR of 11.5% during the forecast period.