Selbyville, Delaware , March 06, 2024 (GLOBE NEWSWIRE) -- Digital Agriculture Market Size is expected to accumulate USD 57 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The growing global population and shifting food habits are necessitating the increased agricultural output, subsequently driving the development of digital technologies for precision farming, crop monitoring, and yield optimization. The influx of Internet of Things (IoT) devices, drones, and satellite imaging technology is enabling farmers to collect real-time data on soil conditions, weather patterns, and crop health for more informed decision-making and resource allocation.
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The increasing need for sustainable farming methods and environmental conservation are facilitating the usage of digital solutions to reduce resource waste and environmental effects. As per a recent report of Eurostat, in 2022, the agricultural industry in the EU generated an approximate gross value of €220.7 billion. This expanding agriculture sector along with several government initiatives and subsidies are promoting the adoption of digital agriculture technology. Recent breakthroughs in AI and machine learning are also improving the efficiency of agriculture activities, thus augmenting the market growth.
Hardware components to accumulate substantial share
Digital agriculture market from the hardware component segment is anticipated to reflect over 10% CAGR during 2024-2032. This is due to the increasing adoption of precision farming equipment and IoT devices. Lately, farmers are increasingly investing in modern hardware solutions like sensors, drones, and automated machinery to collect real-time information about soil conditions, crop health, and environmental factors. The strong desire for tough and resilient hardware to survive severe agricultural settings is also facilitating the integration of digital technologies into farming operations.
Agri-ecommerce segment to expand at significant CAGR
The agri-ecommerce segment in the digital agriculture market is estimated to account for over USD 4 billion in revenue by 2032. The ease of online purchase and sale of agricultural products and services such as seeds, fertilizers, equipment, and farm inputs gives farmers easy access to a variety of items for allowing them to compare costs, get information, and make informed purchase decisions. Agri-ecommerce systems also connect farmers with suppliers, purchasers, and other stakeholders, further promoting transparency, efficiency, and market integration throughout the agricultural supply chain.
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Europe to witness high deployment
Europe digital agriculture market size is projected to surpass USD 16 billion by 2032, on account of the advanced farming practices and focus on sustainability. Several government initiatives in the region are promoting digitalization in agriculture and providing subsidies for deploying precision farming technologies. The increasing adoption of IoT devices, AI, and data analytics solutions is also enhancing farm productivity and efficiency. The surging demand for environmentally friendly farming practices and the rising need to mitigate climate change will further fuel the regional market expansion.
Digital Agriculture Market Participants
Some of the leading firms operating in the digital agriculture industry include Deere & Company, Trimble Inc., Syngenta AG, Farmers Edge Inc., AGCO Corporation, Cisco Systems, Inc., IBM Corporation, Accenture, AKVA Group, Byer AG, Hexagon AB, DeLaval, DJI, Epicor Software Corporation, Raven Industries, Inc., Eurofins Scientific, Gamaya, PrecisionHawk, Agreena.
These market contenders are incorporating inorganic strategies like mergers & acquisitions, collaborations, and introducing innovative solutions to increase their market footprint. For instance, in February 2024, the University of Missouri launched the Digital Agriculture Research and Extension Center (DAREC) to advance sustainable agriculture through digital technologies and AI, for enhancing productivity, sustainability, and profitability for farmers and producers.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
