Pune, India, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global digital farming market size was valued at USD 22.01 billion in 2022 and is projected to reach USD 56.80 billion by 2030, exhibiting a CAGR of 13% during the forecast period. Fortune Business Insights presents this information in its latest report, titled, “Digital Farming Market Forecast, 2023-2030.”
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Key Industry Development:
April 2023 - Bosch BASF Smart Farming partnered with AGCO Corporation to commercialize and enhance the smart spraying features of the Fendt Rogator sprayer developed by Fendt by incorporating a smart spraying technology. The product is expected to be made available in the Americas and Europe from 2024.
Key Takeaways
- Increased Funding in Agricultural Technology to Fuel Demand for Digital Farming Solutions Post COVID-19
- Rising Penetration of AI and IoT Technologies to Create Ample Opportunities for Market Growth
- By Infrastructure Analysis: Sensing & Monitoring to Dominate Market Owing to Increasing Investment to Develop Cloud Infrastructure
- Bosch BASF Collaborated with AGCO to Integrate Smart Spraying Technology in its Product
Discover the Leading Players Featured in the Report:
“Companies leading the Digital Farming Market are Deere & Company (U.S.), Kubota Corporation (Japan), CNH Industrial N.V. (U.K.), Hexagon AB (Sweden), Topcon Corporation (Japan), CLAAS KGaA mbH (Germany), Trimble (U.S.), AGCO Corporation (U.S.), AgEagle Aerial Systems (U.S.), Bayer AG (Germany), IBM Corporation (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13% |
| 2030 Value Projection | USD 56.80 Billion |
| Base Year | 2022 |
| Digital Farming Market Size in 2022 | USD 22.01 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Infrastructure, Product, Technology, Application and Geography |
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Drivers and Restraints:
Surging Acceptance of Remote Sensing, Communication, and Telematics Technologies to Direct Market Growth
Distant sensing technology empowers farmers to distinguish between various crop species, detect crop settings, map soil characteristics, regulate weed growth, monitor crop diseases, and survey the average yield rate. Quick advancements in sensing technologies, such as the introduction of GIS, GPS, sensors, and cameras, are anticipated to drive the digital farming market growth.
However, high initial cost of autonomous farming machines may restrain the market progress.
Segments
By Infrastructure
- Sensing & Monitoring
- Sensors
- Cameras
- Communication Technology
- Short Range
- Medium Range
- Long Range
- Cloud & Data Processing
- Telematics/Positioning
- GPS/GNSS
- GIS
- End-Use Components
- Hardware/Systems
- Software/Apps
By Technology
- AI/ML/NLP
- IoT
- Blockchain
- Big Data & Analytics
By Product
- Agricultural Equipment
- Drones/Robots/Unmanned Aerial Vehicles
By Application
- Yield Monitoring and Mapping
- Smart Crop Monitoring
- Soil & Fertilizer Management
- Smart Irrigation Monitoring System
- Weather Forecasting
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate Market Due to Supportive Government Programs
North America is predicted to hold a substantial digital farming market share due to the dominating presence of agricultural equipment makers. Moreover, the rising introduction of supportive government initiatives and norms to boost the region’s agriculture industry are estimated to fuel the market growth in North America during the forecast period.
Asia Pacific is projected to record the highest growth during the forecast period due to the rising support of governments to promote the concept of digital farming.
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Competitive Landscape:
Partnerships to Rise Among Companies to Secure their Brand Values in Global Market
Prominent players in the market are opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their product’s reach to their end-users.
FAQ’s
How big is the Digital Farming Market?
Digital Farming Market size was USD 22.01 billion in 2022.
How fast is the Digital Farming Market growing?
The Digital Farming Market will exhibit a CAGR of 13% during the forecast period, 2023-2030.
Related Reports:
Vertical Farming Market Size, Share, Trends, Forecast
Connected Agriculture Market Size, Share, Growth, Report Analysis
Internet of Things Market Size, Share, Growth
Artificial Intelligence Market Size, Share, Growth, Trends
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