The Global Digital Agriculture Market was valued at US$ 10.03 billion in 2020 and is predictable to reach US$ 37.98 billion by 2030; growing at a CAGR of 14.2 % during the forecast period from 2021- 2030.
Digital agriculture is referred as the tools which use new and advanced technologies integrated into a single system from the paddock to the consumer that collects, analyze, and share data electronically to the farmers and stakeholders involved in the agriculture business for the improvement of food production. Collected data is analyzed and delivers interpreted messages to the farmers for marking more appropriate and informed decisions for the food production improvement.
Rising concerns for food security, nutritional benefits, and huge demand for food to feed the growing population are the prime reasons expected for the digital agriculture market growth. Precise farming methods help as a major share for the digital agriculture market such as IoT-based methods. Numerous farmers are adopting such methods as IoT provides a greater method for the control and measuring growth factors such as irrigation, soil & water conservation along with usage of the proper amount of pesticides and fertilizers on the agricultural land and farms. In addition, GPS-based devices on tractors are also expecting huge demand which helps in ensuring the farmers for the cultivation of crops in an effective manner thus saving time and fuel.
Further, huge demand pressure from the consumer base to feed the increasing population and for the animal feed is augmenting the market growth. Demand for organic crops with fewer pesticides and chemicals is increasing which creates huge pressure increasing operational agriculture productivity. However, the adoption of digital agriculture methods such as precision farming software along with IoT tools is the present solution for such demands. Precision farming enables the farmers to know the seeds to be planted, the number of fertilizers to be required, the best time to harvest the crops, and its expected harvest time.
Since everlasting demand is set to grow, farmers are facing the challenge of global climate change such as changes in the rainfall patterns, reductions in the availability of water for irrigation, increased global temperature, and extreme weather conditions restraining the global digital agriculture market during the forecast period. Furthermore, the digital agriculture investment scheme has been established which assist farm business owner in the various aspects of digital farming technology to improve their productivity, long-term viability, and resilience of the farms or agricultural lands.
The Global Digital Agriculture Market is segmented by type, application, and region. On the basis of type, it is categorized into crop monitoring, precision farming, and artificial intelligence. By application, it bifurcates into crop scouting, drone analytics, farm inventory management, field mapping, weather tracking, financial management, and others. Based on regional insights, the global digital agriculture market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
Prominent players inducing the Global Digital Agriculture Market are IBM Corporation, HummingBird Technologies, Gamaya SA, Deere & Company, Small Robot Company, Microsoft Corporation, AGCO Corporation, Bayer CropScience AG, Easytosee Agtech, and Raven Industries among others.
Ais Pacific is expected to witness the highest growth owing to the prospects for food and fiber export growth in the region and in the global market. Economies like India are adopting advanced methods of digital agriculture farming owing to the boost in crops yields, revenue growth per acre, control of water pollution. In addition, favorable schemes by the government also bolster the output and productivity of crop yields.
Segmentation and Scope of the Global Digital Agriculture Market
Global Digital Agriculture Market is segmented by type, application, and region.
Rest of World
Middle East & Africa
Prominent players in the Global Digital Agriculture Market among other includes