New York, United States , April 26, 2023 (GLOBE NEWSWIRE) -- The Global Digital Agriculture Market Size to Grow from USD 12.18 Billion in 2021 to USD 34.13 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 12.80% during the forecast period. The Digital Agriculture Market is expected to grow significantly during the projected period, owing to technological advancements, waste reduction and resource efficiency, yield maximization, and strategic governmental policy raising awareness of digital agriculture and assisting in its adoption.
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Digital agriculture is the use of new and advanced technologies integrated into a single system to enable farmers and other stakeholders in the agriculture value chain to improve food production. Growers and livestock farmers are better able to connect with resources such as machinery, finance, marketing, and sales thanks to the support of a digital platform in the agriculture industry. The establishment of a global digital agriculture market has the potential to transform the agricultural sector completely. Suppliers will have a better chance of expanding their customer base on global platforms if digital technology is integrated into the agricultural industry, and countries all over the world will be better able to meet the world's rising food demand. The growing public understanding of how digital agriculture can improve crop yields has resulted in a significant expansion of the global market for agricultural goods and services. Due to technological advancements and innovations, farmers can increase their output while reducing losses and making more efficient use of resources, which is one of the primary drivers driving the digital agriculture market. However, one of the most significant factors impeding market growth is the high cost of precision farming equipment. Precision farming employs cutting-edge technology and costly equipment, such as drones, smart sensors, GPS, VRT, GNSS, guiding tools, and receivers. These technologies and tools are extremely effective, but they are also extremely costly.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Digital Agriculture Market Size, Share, and COVID-19 Impact Analysis, By Application (Yield Monitoring, Weather Tracking, Field Mapping, Crop Scouting, and Other), By Offering (Hardware, Software, and Services), By Technology (Variable Rate Application, Guidance Technology, Remote Sensing Technology), By Product Type (Perishables, Non-Perishables), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030)". Get Detailed Report Description Here:
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In 2021, the yield monitoring segment accounted for the largest market share.
Based on the application, the global digital agriculture market is segmented into yield monitoring, weather tracking, field mapping, crop scouting, and other. The yield monitoring segment accounted for the most revenue and is expected to maintain its dominance over the predicted period. On-farm yield monitoring and off-farm yield monitoring are the two sub-segments of this segment. Farmers can collect real-time data during harvest and create a historical geographical database with on-farm yield monitoring.
In 2021, the hardware segment held the highest market share.
Based on the offering, the global digital agriculture market is segmented into hardware, software, and services. Among these, hardware segment had the highest revenue share and is expected to dominate the market during the forecast period. The hardware segment includes subcategories such as automation and control systems, sensing devices, antennas, and access points. Hardware components such as automation and control systems, sensing devices, and drones are extremely beneficial to farmers.
In 2021, the variable rate technology segment is expected to hold the highest growth during the predicted period.
On the basis of technology, the global digital agriculture market is differentiated into variable rate application, guidance technology, and remote sensing technology. Variable rate technology is expected to have the highest compound annual growth rate over the forecast period. By utilising GPS-based auto-guidance technology, producers can save money on fuel, labour, time, and soil compaction.
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During the forecast period, the perishable segment is expected to dominate the market.
On the basis of product type, the global digital agriculture market is differentiated into Perishables, Non-Perishables. The perishable segment is expected to dominate the market during the forecast period. The refrigerator is the most common place to store perishable goods. Despite this, many fresh fruits and vegetables can be stored without a refrigerator as long as they are kept in a cool environment.
North America holds the largest market share over the forecast period.
North America had the highest revenue share of 42.1% in 2021. Increased government initiatives to encourage the adoption of modern agricultural technologies, as well as the developed infrastructure, have all contributed to the region's high revenue. The Asia Pacific region is expected to be the fastest-growing region in the global digital agricultural market during the forecast period. Smart farming practices have resulted in a massive revolution in China's agricultural sector. With the availability of the internet of things cellular devices and the use of sensor-based technologies such as gear tooth sensor-based irrigation and fertilizer equipment, the market is expected to grow over the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Digital Agriculture Market include Eden Farm, WayCool Foods and Products Pvt Ltd., Agrofy, Kaset Thai Hitech Co. Ltd., Agri Marketplace, COFCO International, Cranswick PLC, Crofarm Agriproduct Pvt. Ltd., Tanihub, Deere & Company, AGCO Corporation, Raven Industries, AgJunction, Trimble, Twiga Foods Limited, Syngenta and others.
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