Digital Agriculture Market is Predicted to Hit at a CAGR of 10.5% to Gain $29.8 BN by 2027 Globally, Says MarketsandMarkets™

MarketsandMarkets Research Pvt. Ltd.
MarketsandMarkets Research Pvt. Ltd.

The negative impact of ecosystem change on agriculture is the major factor driving the growth of the digital agriculture industry

Chicago, Dec. 01, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets , the Digital Agriculture Market is estimated to be valued at USD 18.0 billion in 2022 and it is projected to reach USD 29.8 billion by 2027, at a CAGR of 10.5%, in terms of value.

Digital agriculture is an emerging technology that includes sensors, communication networks, Unmanned Aviation Systems (UAVs), AI, robotics, and other advanced machinery and often uses the IoT principle. Each system adds value to the farming activity through data collection, management, processing, guidance, and direction. Digital agriculture is a new practice that helps guide actions to transform agri-food systems toward climate resilient and green practices. In addition, increasing farmers' preference toward sustainability and quality agricultural output lead to the growth of the digital agriculture market.

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Peripheral accounted for the largest market share in the digital agriculture market based on technologies. Peripheral technology is further bifurcated into platforms and apps for the study purpose. The growing adoption of mobile devices to monitor and manage the farm and other farm-related activities remotely is one of the important factors fueling the demand for peripheral technology.

Among types, the hardware segment dominates the digital agriculture market, with the largest market share in 2022. Leading players in the digital agriculture market are offering different hardware devices, such as drones, GNSS devices, flow controllers, and sensors, for enhancing overall farm management. These devices apply to livestock, aquaculture, forestry, and smart greenhouse management.

Based on operations, the farming and feeding segment dominates the digital agriculture market as it is quite in demand for the entire value chain management. The segment is further segmented into precision agriculture, precision animal rearing & feeding, precision aquaculture, precision forestry, and smart greenhouse. Leading players offer hardware and software backed by a robust distribution network to cater to the growing demand.

The precision agriculture and farm management segment are projected to hold the largest share during the forecast period. The segment includes all the precision agriculture and farm data management activities. As data management is the key to smart farm management, the technology offers satellite imagery with soil data and weather prediction to provide customized reports to the farmers for better strategic decisions. Analysis of past farm data sets is one of the major activities in precision agriculture, which drastically improves the farm yield and provides optimum utilization of farm inputs such as seeds, pesticides, and fertilizers.

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North America holds the largest share in the digital agriculture market during the forecast period

North America accounted for the largest global digital agriculture market share. The region has the presence of various large digital agriculture manufacturers such as Deere & Company (US), Trimble (US), and Hexagon (US). Factors such as entrepreneurial farmers, large-scale commercial farmers, and efficient infrastructure are key competitive advantages for the North American market. According to USDA statistics, US agricultural exports were valued at USD 140 billion in 2018. The major exports of the US include grains/feeds, soybeans, livestock products, and horticultural products.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as CISCO Systems, Inc. (US), IBM Corporation (US), Accenture (Ireland), Deere & Company (US), Trimble INC. (US), DeLaval (Sweden), AKVA Group (Norway), Hexagon AB (Sweden), DJI (China), Epicor Software Corporation (US), Vodafone Group PLC. (UK), Bayer Cropscience AG (Germany), TELUS AGRICULTURE (Canada), Small Robot Company (England), Zemdirbiu Konsultacijos UAB (England), Raven Industries (US), Gamaya (Switzerland), AGCO Corporation (US), PrecisionHawk (US), Agreena (Denmark), Ceres Imaging (US), Agricultural Consulting Services (US), EC2CE (Spain), Eurofins Scientific (France), and Arable (US).

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