Pune, India, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The global Digital Farming Market Size was valued at USD 19.50 billion in 2021. The market is projected to grow from USD 21.49 billion in 2022 to USD 51.10 billion by 2029, exhibiting a CAGR of 13.2% during the forecast period.
This information is stated by Fortune Business Insights, in its report, titled, “Digital Farming Market, 2022-2029.”
Key Industry Development:
May 2022: Kubota Corporation merged with Parcel THRIVE, Inc., a start-up. Through this partnership, Kubota reinforced its union with Parcel. The collaboration focuses to speed up the growth of a platform to provide optimization and productivity to the production value chain for vegetables, nuts, fruits, and other crops.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 13.2% |
| 2029 Value Projection | USD 51.10 Billion |
| Base Year | 2021 |
| Digital Farming Market Size in 2021 | USD 19.50 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Infrastructure; Technology; Application; |
| Digital Farming Market Growth Drivers | Growing Adoption of Remote Sensing, Communication, and Telematics Technologies to Drive Market Growth |
| High Initial Cost of Autonomous Farm Equipment May Restricts Market Growth |
COVID-19 Impacts:
Augmented Funding in Agricultural Technology to Direct Demand for Digital Farming Solutions During COVID-19
The COVID-19 pandemic radically obstructed the agriculture sector owing to countrywide lockdown, travel limitations, and import and export trading delay. Owing to constrained movement for migrants and rural laborers during the pandemic led to labor deficiency that hindered the crop production across the globe. The COVID-19 pandemic has deteriorated agriculture equipment sales, owing to restricted shipment and disapproving impacts of dealings.
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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 crop species, detect crop settings, map soil characteristics, regulate weeds, and crop diseases, and survey yield. Quick progressions in sensing technologies comprising GIS, GPS, sensors, and cameras are anticipated to drive the digital farming market growth.
Sensing technologies aid farmers to receive significant material regarding weather, crop health, and productivity. Likewise, the implementation of cloud and data analytics permits growers to gain admission to the information associated to their farm from a distant site and aid in augmenting the production technique at each step.
Segments:
Cloud and Data Processing to Dominate Owing to Rising Capitalization to Develop Cloud Infrastructure
Based on infrastructure, the market is segmented into sensing & monitoring, communication technology, cloud and data processing, telematics/positioning, and end-use components. The cloud and data processing segment is expected to grow with the highest CAGR during the forecast period.
IoT-based Applications Such as Drones, Robots, and Chatbots to Grow with Maximum CAGR
The market is classified across artificial intelligence/machine learning/natural language processing, Internet of Things, blockchain, and big data & analytics based on technology. The speedy progression in agricultural equipment with AI, cloud, IoT, and analytics bolsters market growth.
Amplified Crop Damage and Absence of Natural Resources Produce Demand for Digital Farming Solutions for Smart Crop Monitoring
By application, the market is classified into yield monitoring and mapping, smart crop monitoring, soil & fertilizer management, smart irrigation monitoring system, weather forecasting, and others (farm labor management, inventory management).
Geographically, the market is divided into five key regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.
Report Coverage:
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the product demand in the near future.
Regional Insights:
North America to Dominate Stoked by Bolstering Government Programs
North America is predicted to hold a substantial digital farming market share backed by the dominating agricultural equipment players. Moreover, the amplifying government initiatives and norms to enhance the agriculture industry are further estimated to fuel the market in North America during the forecast period.
Asia Pacific is projected to perceive highest growth during the forecast period. Digital farming is in the preliminary phase in the Asia Pacific region, with the bolstering government backing to develop digital agriculture and refine farm yield across countries such as India and Japan.
Europe is foreseen to demonstrate a colossal growth during the impending period. European nations, such as Germany, the U.K., the Netherlands, as well as Spain are expected to thrust the enhancement of such farming.
Competitive Landscape:
Partnerships among Companies to Secure their Brand Values in Global Market
Prominent players in the market are constantly 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 up with other companies to extend their reach to end-users.
List of Key Players Mentioned in the Report:
- 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.)
- Agleader (U.S.)
- AgEagle Aerial Systems (U.S.)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Micro Macro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Digital Farming Market Key Players Market Share Insights and Analysis, 2021
- Global Digital Farming Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Infrastructure (USD)
- Sensing & Monitoring
- Sensors
- Cameras
- Communication Technology
- Short Range
- Medium Range
- Long Range
- Cloud and Data Processing
- Telematics/Positioning
- GPS/GNSS
- GIS
- End-use Components
- Hardware & Systems
- Software/Apps
- Sensing & Monitoring
- By Technology (USD)
- AI/ML/NLP
- IoT
- Blockchain
- Big Data & Analytics
- By Application (USD)
- Yield Monitoring And Mapping
- Smart Crop Monitoring
- Soil & Fertiliser management
- Smart Irrigation monitoring system
- Weather Forecasting
- Others (Farm Labor Management, Inventory Management)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Digital Farming Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Infrastructure (USD)
- Sensing & Monitoring
- Sensors
- Cameras
- Communication Technology
- Short Range
- Medium Range
- Long Range
- Cloud and Data Processing
- Telematics/Positioning
- GPS/GNSS
- GIS
- End-use Components
- Hardware & Systems
- Software/Apps
- Sensing & Monitoring
- By Technology (USD)
- AI/ML/NLP
- IoT
- Blockchain
- Big Data & Analytics
- By Application (USD)
- Yield Monitoring And Mapping
- Smart Crop Monitoring
- Soil & Fertiliser management
- Smart Irrigation monitoring system
- Weather Forecasting
- Others (Farm Labor Management, Inventory Management)
- By Country (USD)
- U.S.
- By Application
- Canada
- By Application
- Mexico
- By Application
- U.S.
FAQ:
How big is the Digital Farming Market?
The market is projected to grow from USD 21.49 billion in 2022 to USD 51.10 billion by 2029, exhibiting a CAGR of 13.2% during the forecast period.
How big is Digital Farming Market In North America?
The market in North America stood at USD 8.48 billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
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