Global Digital Agriculture Market Size, Share, and COVID-19 Impact Analysis, By Application (Yield Monitoring, Weather Tracking, Field Mapping, Crop Scouting, and Other), By Offering (Hardware, Software, and Services), By Technology (Variable Rate Application, Guidance Technology, Remote Sensing Technology), By Product Type (Perishables, Non-Perishables), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030Industry: Agriculture
Global Digital Agriculture Market Insights Forecasts to 2030
- The Global Digital Agriculture Market Size was valued at USD 12.18 Billion in 2021.
- The Market is Growing at a CAGR of 12.80% from 2022 to 2030
- The Worldwide Digital Agriculture Market Size is expected to reach USD 34.13 Billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period.
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The Global Digital Agriculture Market Size is expected to reach USD 34.13 Billion by 2030, at a CAGR of 12.80% during the forecast period 2022 to 2030. The Digital Agriculture Market is expected to grow significantly in the projected period, due to the advancement of technology, the reduction of waste and the efficient use of resources, yield maximization, and strategic governmental policy raising awareness of digital agriculture and assisting in its adoption.
The use of new and advanced technologies integrated into a single system to enable farmers and other stakeholders in the agriculture value chain to improve food production is known as digital agriculture. Because of the support of a digital platform in the agriculture industry, growers and livestock farmers are better able to connect with resources such as machinery, finance, marketing, and sales. Furthermore, it is useful for everything from distribution and logistics management to the purchase of seeds and the provision of financial loans to farmers. The introduction of a global digital agriculture market has the potential to completely transform the agricultural sector. By incorporating digital technology into the agricultural industry, suppliers have a better chance of expanding their customer base on global platforms, and countries all over the world will be better able to meet the world's rising food demand. The growing understanding of the benefits of digital agriculture in optimizing agricultural production has resulted in a significant increase in the agricultural market. With rising food demand due to population growth, the use of digital agriculture tools is unavoidable.
This research report categorizes the market for the global digital agriculture market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the digital agriculture market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the digital agriculture market.
Global Digital Agriculture Market Report Coverage
|Market Size in 2021:||USD 12.18 Bn|
|Forecast Period 2021-2030 CAGR:||12.80%|
|2030 Value Projection:||USD 34.13 Bn|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Application, By Offering, By Technology, By Product Type and By Region.|
|Companies Covered:||Eden Farm, WayCool Foods and Products Pvt Ltd., Agrofy, Kaset Thai Hitech Co. Ltd., Agri Marketplace, COFCO International, Cranswick PLC, Crofarm Agriproduct Pvt. Ltd., Tanihub, Deere & Company, AGCO Corporation, Raven Industries, AgJunction, Trimble, Twiga Foods Limited, Syngenta.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The growing public awareness of how digital agriculture can improve crop yields has contributed to a significant expansion in the global market for agricultural goods and services. Farmers will have no choice but to begin using digital agricultural technologies in order to meet the increasing demand for food as a result of the world's growing population. Farmers can increase their output while reducing losses and making more efficient use of resources due to technological advancements and innovations, which is one of the primary drivers driving the digital agriculture market. The government has taken significant steps to assist and improve the agriculture sector by implementing proven farming technologies and supportive policies. The recent advancement of digital technology in farming will further accelerate growth by ensuring higher crop yields and improving sustainability by reducing water consumption and agrochemical use.
Inadequate internet access due to the farmers' rural locations is a barrier to the expansion of the digital agricultural market. The high prices associated with precision farming equipment are one of the most prominent factors impeding the market's growth Precision farming makes use of high-end technology and expensive equipment, for example, drones, smart sensors, GPS, VRT, GNSS, guiding tools, and receivers. These technologies and tools are incredibly effective, but they are also very expensive. Furthermore, qualified personnel is required for the installation and operation of precision agricultural equipment.
The Global Digital Agriculture Market share is classified into application, offering, technology, and product type.
- In 2021, the yield monitoring segment accounted for the largest market share.
Based on the application, the global digital agriculture market is segmented into yield monitoring, weather tracking, field mapping, crop scouting, and other. Among these, the yield monitoring segment accounted for the largest revenue share and is anticipated to continue its dominance over the forecast period. The yield monitoring segment helps farmers to make decisions about their fields. The segment is further divided into two categories: on-farm yield monitoring and off-farm yield monitoring. On-farm yield monitoring enables farmers to collect real-time data during harvest and build a historical geographical database.
- In 2021, the hardware segment held the highest market share.
Based on the offering, the global digital agriculture market is segmented into hardware, software, and services. Among these, in 2021, the hardware segment had the highest revenue share and is anticipated to dominate the market during the projected period. Automation and control systems, sensing devices, antennas, and access points are all subcategories of the hardware segment. Farmers benefit greatly from hardware components such as automation and control systems, sensing devices, and drones. The increased use of automation and control devices in agriculture, such as drones and Unmanned Aerial Vehicles (UAVs), Global Positioning Systems (GPS), irrigation controllers, guidance and steering systems, yield monitors, and sensors, may be attributed to market growth.
- In 2021, the variable rate technology segment is expected to hold the highest growth during the predicted period.
On the basis of technology, the global digital agriculture market is differentiated into variable rate application, guidance technology, and remote sensing technology. Over the forecast period, variable rate technology is anticipated to have the highest compound annual growth rate. Producers can save money on fuel, labour, time, and soil compaction by utilizing GPS-based auto-guidance technology. This technology assists growers in reducing overlapping equipment and tractor passes.
- During the forecast period, the perishable segment is expected to dominate the market.
On the basis of product type, the global digital agriculture market is differentiated into Perishables, Non-Perishables. Among these, the perishable segment is anticipated to dominate the market during the predicted period. Perishable foods include dairy products, fresh fruits and vegetables, meat and poultry, seafood, and fresh fish. The refrigerator is the most common storage location for perishable goods. Despite this, many fresh fruits and vegetables can be stored without a refrigerator as long as they are kept in a cool environment.
Regional Segment Analysis of the Global Digital Agriculture Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America holds the largest market share over the forecast period.
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In 2021, North America had the highest revenue share of 42.1%. Factors such as increased government initiatives to encourage the adoption of modern agricultural technologies and developed infrastructure have contributed to the regional market's high revenue. For example, the National Institute of Food and Agriculture (NIFA), which is part of the United States Department of Agriculture, runs geospatial, sensor, and precision technology programs to raise farmer awareness.
During the forecast period, the Asia Pacific region is expected to be the fastest growing region in the global digital agricultural market. The adoption of smart farming practices has resulted in a massive revolution in the Chinese agricultural sector. The market is expected to grow with the availability of the internet of things cellular devices and the use of sensor-based technologies such as gear tooth sensor-based irrigation and fertilizer equipment. Farmers are adopting advanced agricultural practices and increasing the rate of mechanization.
The report offers the appropriate analysis of the key organizations/companies involved within the global digital agriculture ingredients along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Eden Farm
- WayCool Foods and Products Pvt Ltd.
- Kaset Thai Hitech Co. Ltd.
- Agri Marketplace
- COFCO International
- Cranswick PLC
- Crofarm Agriproduct Pvt. Ltd.
- Deere & Company
- AGCO Corporation
- Raven Industries
- Twiga Foods Limited
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In November 2022, AGCO Corporation has launched Geo-Bird, a brand-new online tool designed to assist farmers all over the world in independently planning and optimising their global navigation satellite system (GNSS) machine guidance lines.
- In September 2022, Syngenta has launched a multilingual 'cropwise grower' application that offers farmers digital agronomy services, farm loans, product scan, drone services, mandi prices, and weather-based advisory.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the Global Digital Agriculture Market based on the below-mentioned segments:
Global Digital Agriculture Market, By Application
- Yield Monitoring
- Weather Tracking
- Field Mapping
- Crop Scouting
Global Digital Agriculture Market, By Offering
Global Digital Agriculture Market, By Technology
- Variable Rate Application
- Guidance Technology
- Remote Sensing Technology
Global Digital Agriculture Market, By Product Type
Global Digital Agriculture Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa.
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