Overview and Scope
Digital agriculture refers to the application of innovative and advanced technologies that are integrated into a single system to help farmers and other stakeholders in the agriculture value chain boost food production. Digital agriculture is used to enhance agriculture productivity and decrease production costs; prevent soil deterioration; reduce the use of chemicals in crop cultivation; and encourage efficient and effective water management.
Sizing and Forecast
The digital agriculture market size has grown strongly in recent years. It will grow from $13.98 billion in 2023 to $15.32 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to adoption of precision agriculture, growing population and food demand, climate change concerns.
The digital agriculture market size is expected to see rapid growth in the next few years. It will grow to $23.44 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to 5G connectivity in rural areas, government initiatives and subsidies, global connectivity and access to information. Major trends in the forecast period include digital twins and simulation models, advancements in sensor technologies, precision farming technologies, AI and machine learning in crop management, farm management software platforms.
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Segmentation & Regional Insights
The digital agriculture market covered in this report is segmented –
1) By Type: Crop Monitoring, Artificial Intelligence, Precision Farming
2) By Company Type: Tier 1-55%, Tier 2-20%, Tier 3-25%
3) By Deployment: Cloud, On-Premise
4) By Applications: Field Mapping, Crop Scouting, Weather Tracking, Drone Analytics, Financial Management, Farm Inventory Management, Other Applications
North America was the largest region in the digital agriculture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the population is expected to propel the growth of the digital agriculture market going forward. The rise in population refers to the sum of the difference between births and fewer deaths; and the difference between immigrants and fewer emigrants, either all over the globe or concerning the country, territory, or geographic area. Artificial intelligence and the Internet of Things have the potential to revolutionize agriculture intelligence by increasing yields and avoiding or reducing food loss. For instance, in December 2023, according to The United Nations (UN), US-based, an intergovernmental organization that aims to maintain international peace and security, The global population has been on a continuous rise, with an anticipated increase of nearly 2 billion individuals in the next 30 years, from the current 8 billion to 9.7 billion by 2050. This growth is accompanied by demographic shifts such as an aging population and varying growth rates across different regions. . Therefore, the rise in the population is driving the digital agriculture market growth.
Key Industry Players
Major companies operating in the digital agriculture market report are Microsoft Corporation, International Business Machines Corporation, Bayer AG, Deere & Company, Cisco Systems Inc., Badische Anilin- und Sodafabrik (BASF), Syngenta AG, Farmers Edge Inc., Yara International ASA, AGCO Corporation, Eurofins Scientific SE, FluroSat Ltd., Trimble Inc., Topcon Positioning Systems Inc., Benson Hill Inc., DTN LLC, Iteris Inc., Raven Industries Inc., Granular Inc., Ag Leader Technology Inc., Deveron UAS Ltd., Arable Labs Inc., Taranis Services Ltd., Descartes Labs Inc., AgJunction Inc., GeoVisual Analytics, AgriWebb Pty Ltd., Conservis Corporation, Hummingbird Technologies Ltd., Gamaya SA, PrecisionHawk Inc., Aerobotics Ltd., AgriWebb Pty Ltd., FarmLogs Inc., Tillable Inc.
The digital agriculture market report table of contents includes:
1. Executive Summary
- Digital Agriculture Market Characteristics
- Digital Agriculture Market Trends And Strategies
- Digital Agriculture Market – Macro Economic Scenario
- Global Digital Agriculture Market Size and Growth
.
- Global Digital Agriculture Market Competitive Benchmarking
- Global Digital Agriculture Market Competitive Dashboard
- Key Mergers And Acquisitions In The Digital Agriculture Market
- Digital Agriculture Market Future Outlook and Potential Analysis
- Appendix
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