Pune, India, July 01, 2022 (GLOBE NEWSWIRE) -- The global digital agriculture market size is expected to gain momentum owing to the tremendously high demand for food security during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Digital Agriculture Market, 2022-2029.” The increment in demand for the development of innovative technologies without keeping productivity and environment on stake, installation of software systems for the identification of waste reduction, and increment in profit for the manufacturers are likely to escalate the overall market demand. The installation of sensors for recording of soil condition and temperature, provision of computer applications like climate field view for the creation of maps and tracking of crop progress in real-time are the major market trends. The usage of digitalization and adoption of sustainable goals by the member countries of UN for the abolishment of poverty with improved agricultural yields are fostering the market.
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List of Key Players Profiled in the Global Market for Digital Agriculture Market:
- DTN
- Taranis
- Farmers Edge
- Eurofins
- Agriwebb
- Climate Corporation
- Microsoft
- Monsanto
- IBM
- Farmers Edge
- SAP
- FarmCrowdy
- Eka
- Bayer
- Cargill
- Yara International
- BASF
- Delta & Pine Land
- Sunkist Growers
Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2021 |
| Historical Year | 2018 – 2020 |
| Forecast Year | 2022 – 2029 |
| Segments Covered | By Component Type, By Application, By Geography |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2020 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | DTN, Taranis, Farmers Edge, Eurofins, Agriwebb, Climate Corporation, Microsoft, Monsanto , IBM, Farmers Edge, SAP, FarmCrowdy, Eka, Bayer, Cargill, Yara International, BASF, Delta & Pine Land, Sunkist Growers. |
| Isobutanol Market | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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COVID-19 Impact:
R&D Budget Allocations Reduction to Prevent Growth
The agriculture market is a developing industry that has been hampered by an ongoing pandemic, which has dwindled production and installation across most countries. The market has experienced a massive downfall because of the diminishing supply chain demand, suspension of transportation activities, lockdowns, huge economic’ decline, budget allocations, and reduced market investments. The budget allocations for R&D have been forecasted to be substantially affected, thereby hindering the market growth.
Market Segmentation
By Component Type:
- Hardware
- Software
- Services
By Application:
- Precision Farming
- Live Stock Monitoring
- Green House Farming
- Others
By Geography
- North America (U.S., Canada, and Mexico)
- Europe (France, Germany, Italy, Spain, U.K., Russia, and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
- South America (Brazil, Argentina, and Rest of South America)
- Middle East & Africa (South Africa, UAE, and Rest of ME&A)
Segments:
Based on component type, the agriculture market distributes into hardware, software, and services. Based on application, the market segregates into precision farming, live stock monitoring, green house farming, and others. Finally, by geography, the market divides into Asia Pacific, North America, South America, Europe, and Middle East & Africa.
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What does the Report Offer?
The market research report for agriculture offers integrated information on the key drivers, constraints, and opportunities driving industry growth. The research goes on to generate dominant insights from different market segmentations. Growth drivers, opportunities, challenges, restrictions, and the latest principle developments are among them.
Drivers & Restraints-
The agriculture market growth is likely to increase owing to the usage of digitalization for the usage of information from suppliers to the workforce and vice versa, to help in the development of strategic partnerships with the stakeholders with the provision of training, financial services, and legal services. The emerging factors such as affordability, connectivity, availability, imposition of government regulations, availability of internet, mobiles, social media, and digital skills for supporting the development in the industry are likely to prosper the market. The installation of policies and guidelines for the ownership which may lead to despairs among corporations are required to be looked into by the government. However, the non-availability of the dominant factors and high installation cost in several countries may hinder the market.
REGIONAL INSIGHTS:
Inclination Towards Digitalization to Propel the Market in North America
North America is likely to hold the dominant agriculture market share, owing to the increasing preference towards digitalization amongst consumers. The growing population and their inclination towards the improvement of technologies is likely to escalate the overall market demand.
Asia Pacific is likely to hold the second-largest market share due to the increasing awareness among people towards the development of technologies. The rising urbanization, improved food security, government regulations for the promotion of digitalization is likely to foster the market demand in the region.
Competitive Landscape-
Technological Developments to Strengthen Key Players’ Industry Stance
The agriculture market is highly persuasive in nature. Presence of the dominant market participants, acquisitions, mergers, and partnerships, the industry has moderate to high entry barriers. Improved progressions in the automotive connectors market, increasing product launches, insights on regulatory scenarios, and porters five forces analysis are likely to drive the market.
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Key Industry Developments-
- March 2020: CSIRO declared the access to Digital Agriculture Services (DAS) for the usage of crop forecasting tool “Graincast” for the identification and prediction of flood, drought, fire, and productivity in Melbourne.
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