Digital Agriculture Market Overview:
The Digital Agriculture market is projected to grow from USD 9 Billion in 2023 to USD 14.23 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.9% during the projected timeframe (2023 – 2032). The global Digital Agriculture Market is growing continually, mainly due to the increasing requirement for high productivity & improved crop health. Besides, factors such as the rising concerns of food security & nutrition and the growing shortage of farm labor influence the market demand. Digital agriculture can play an important role in a country’s economic growth.
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Key Companies in the Digital Agriculture market include,
- AGCO Corporation (US)
- Deere & Company (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
The proliferation of automation across the farming sectors and advances in robotics and farming technologies boost the market size. With the growing government support, the market would make smooth progress in the years to come. On the flipside, the lack of universal standards for the development of digital agriculture is a major factor impeding the market growth. Nevertheless, technology upgrades expected during the coming years would support the market growth throughout the review period.
Global Digital agriculture Market – Segmentation
The report is segmented into components, applications, deployments, and regions. The component segment is bifurcated into hardware (displays, guidance and steering systems, GPS/GNSS devices, irrigation controllers, and drones/UAVs), software, and services.
The application segment is bifurcated into yield monitoring, crop monitoring, field mapping, livestock monitoring, soil monitoring, real-time safety testing, precision farming, and others (weather tracking and drone analytics). The deployment segment is bifurcated into on-cloud and on-premise. The region segment is bifurcated into Americas, Asia Pacific, Europe, and rest-of-the-world.
Global Digital agriculture Market – Regional Analysis
North America dominates the global digital agriculture market, heading with huge technological advancements. Besides, factors such as the growing adoption of systematic precision farming and the large presence of technology providers in the region substantiate the market value. Increasing government initiatives to double pace the agro-digital transformation positively impact the growth of the regional market. The North American digital agriculture market is estimated to remain dominant in the coming years as well.
Global Digital agriculture Market – Competitive Analysis
Highly competitive, the digital agriculture market appears to be fragmented, with several well-established players forming a competitive landscape. These players incorporate strategic approaches such as acquisition, collaboration, global expansion, and product/ technology launches to gain a competitive advantage in this market. They also focus on new product development initiatives and geographical expansion.
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Industry/ Innovation/ Related News
Oct.12, 2021 —- Bushel Inc., a Crop Tech start-up, announced the acquisition of digital venture of agricultural giants Archer-Daniels-Midland Co. and Cargill Inc. to deepen its digital trading connections for the US and Canadian grain industry. Bushel is counting on the acquisition to gain an edge in the crowded space of digital agriculture trading platforms. Bushel strives to help overhaul the industry’s cyber defenses as more agriculture cooperatives fall victim to cyber-attacks.
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