Pune, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Digital Farming Market Size Analysis:
“According to SNS Insider, the Digital Farming Market size was valued at USD 23.9 Billion in 2023 and is expected to grow to USD 74.70 Billion by 2032, expanding at a CAGR of 13.5% over the forecast period of 2024-2032.”
Government Initiatives Supporting Precision Agriculture
The growth of the digital farming market is driven by the government’s support for promoting precision agricultural practices. The United States Department of Agriculture reported investing over $1.4 billion of the U.S. Government in 2023 to support smart farming. Including subsidies for the adoption of precision farming technologies and research into sustainable agriculture solutions. In another example, the European Union rolled out the Common Agricultural Policy for the next 2021-2027 phase which promised €387 billion (US$ 409 billion) investments to achieve more sustainable farming. This includes investing a significant portion of the funds in promoting farmers to use digital tools like smart sensors, AI-based monitoring, and adequate data analysis. This drive towards digital agriculture is in order to not only yield more productivity with the existing farmlands but also lessen the Carbon footprint, reduce environmental impact, and respond to the rising global demand for food security.
Remote sensing technology allows the farmer to classify crops, assess conditions, map soil properties, and monitor weeds, diseases, and yield rates. Advancements in GIS, GPS, sensors, and cameras are driving market growth. These technologies provide valuable data on the weather, health, and productivity of crops, and the cloud and big data solutions help to remotely monitor and optimize the farm while cloud and data analytics enable remote farm monitoring and optimization.
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Major Players Analysis Listed in this Report are:
- Bayer AG (FieldView, Xarvio Digital Farming Solutions)
- Syngenta Group (Cropwise, AgriEdge)
- Deere & Company (John Deere) (John Deere Operations Center, JDLink)
- CNH Industrial (Case IH & New Holland) (AFS Connect (Case IH), PLM Intelligence (New Holland))
- AGCO Corporation (Fuse Connected Services, Precision Planting)
- Trimble Inc. (Trimble Ag Software, GFX-750 Display System)
- Kubota Corporation (Kubota Farm Solutions, K-Monitor)
- Raven Industries (Slingshot, VSN Visual Guidance)
- Taranis (Taranis Precision Scouting, Taranis SmartScout)
- Tavant Technologies (AI-powered Agritech Solutions, IoT-based Farm Management Tools)
- Hexagon Agriculture (HxGN AgrOn, AgrOn Machine Control)
- Corteva Agriscience (Granular Farm Management, Encirca)
- Topcon Agriculture (Topcon X35 Console, Horizon Software)
- Climate Corporation (Subsidiary of Bayer) (Climate FieldView, Climate Insights)
- Farmers Edge (FarmCommand, Smart VR)
- Yara International (Atfarm, N-Sensor)
- Prospera Technologies (Crop Monitoring Platform, Agronomy Analytics)
- CropX (CropX Farm Management System, Soil Sensor Technology)
- Sentera (FieldAgent Platform, NDVI Sensors)
- Valmont Industries (Valley Irrigation, BaseStation Controller)
Digital Farming Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 23.9 Bn |
| Market Size by 2032 | USD 74.70 Bn |
| CAGR | CAGR of 13.5% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Remote sensing, communication, and telematics technologies are being more widely used, which will promote market growth. • Increasing the use of automation in poultry and livestock farming. |
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By Product, Agricultural Equipment Dominates the Market
Agricultural equipment remains the largest segment in the digital farming market, driven by smart tractors, autonomous equipment, and precision tools that facilitate farm operations. In 2023, according to the U.S. Environmental Protection Agency, 72% of all farms in the U.S. began using smart machinery capable of reducing input costs and increasing yield per hectare.
The segment of drones, robots, and UAVs is showing the highest growth rates due to their ability to provide real-time data and automate soil analysis, treatment, and monitoring. The Indian Ministry of Agriculture makes a significant investment in the use of drones in agriculture to increase crop productivity and improve the use of precision spraying.
By Application, Yield Monitoring and Mapping Lead
The yield monitoring and mapping segment accounted for the highest share of the digital farming market as of 2023 by application. Yield monitoring and mapping provide farmers with insight into crop performance and conditions. Moreover, over 80% of the large U.S. farms implement new yield mapping technologies or leverage the already existing ones to optimize their use of fertilizers, ensuring the health of the soil and better planting decisions.
On the other hand, smart monitoring systems for crops see significant growth due to the high demand for real-time insight into usage of the fertilizers, weather conditions, soil quality, and others. According to a report by the Chinese Ministry of Agriculture, over 65% of farms in China adopted smart monitoring systems, following the national initiative of providing funding for initiatives that are based on the Internet of Things. Moreover, sensors, big data, and artificial intelligence allow for real-time insight, which is driving the quick growth of the segment during the forecast period.
Digital Farming Market Segmentation:
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 Product
- Agricultural Equipment
- Drones/Robots/Unmanned Aerial Vehicles
By Technology
- AI/ML/NLP
- IoT
- Blockchain
- Big Data & Analytics
By Application
- Yield Monitoring and Mapping
- Smart Crop Monitoring
- Soil & Fertilizer Management
- Smart Irrigation Monitoring System
- Weather Forecasting
- Others
Regional analysis
North America region dominated the market with more than 34% share. The United States and Canada are the major leaders in the digital farming market. The U.S. government has made a substantial investment in precision agriculture. Thus, due to this, the trend has led to the use of advanced technological systems and has grown rapidly in this digital farming market. As of 2023, USDA has seen a 25% increase in the adoption of smart farming technology by U.S. farms. Continuing with the parliament, the Government of Canada Agriculture and Agri-Food Canada has announced the launch of USD 200 million to lead stakeholders in the smart agriculture community and advance technological exploration in smart farming. The use of advanced agricultural equipment by most farmers coupled with the government’s continued investment has led to the growth of the North America region toward digital farming.
Asia-Pacific region is currently experiencing the fastest growth toward digital farming is the Asia-Pacific region. Driven by increased agricultural demand and government initiatives to modernize farming practices. In 2023, the Ministry of Agriculture in India provided a total of Rs 2,817 crore for the Digital Agriculture Mission. This was during the 2023-2024 state budget where the Indian Budget allocated most of the funds. Also, the Government of China has provided subsidies and financial assistance to farmers and agricultural manufacturers to increase demand for digital farming solutions.
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Latest News in the Digital Farming Market
- John Deere Expands Precision Agriculture Portfolio – John Deere announced the launch of a new line of autonomous tractors equipped with AI-based yield monitoring and precision tools, further solidifying its leadership in the agricultural equipment market.
- DJI Introduces New Agriculture Drone Series (July 2023) – DJI, a leader in drone manufacturing, introduced a new range of agricultural drones focused on improving precision spraying and crop monitoring efficiency, aimed at reducing operational costs and increasing yields.
Key Takeaways
- The report indicates that government initiatives and technological advancements are the main drivers of the digital farming market’s growth.
- The market is segmented by product with agricultural equipment remaining as the most dominating product and drones/robots witnessing significant growth.
- The report offers in-depth analysis of market trends, drivers, opportunities, and challenges, and provides forecasts for market size, growth rates, and competitive landscape.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Digital Farming Market Segmentation, By Infrastructure
8. Digital Farming Market Segmentation, By Product
9. Digital Farming Market Segmentation, by Technology
10. Digital Farming Market Segmentation, by Application
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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