Pune, India, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The global Digital Farming Market size was valued at USD 22.01 billion in 2022. The market is projected to grow from USD 24.16 billion in 2023 to USD 56.80 billion by 2030, exhibiting a CAGR of 13% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Digital Farming Market Forecast, 2024-2030."
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Notable Industry Development:
Raven Industries launched the first driverless Agtechnology OMNIDRIVE and OMNI POWER for harvesting operations. It assisted farmers in managing driverless vehicles, such as tractors, sprayers, and spreaders by adjusting their speeds, location activities, and setting field plans.
Key Takeaways
- Digital Farming Market size in North America was USD 9.21 billion in 2022
- Increased Funding in Agricultural Technology to Fuel Demand for Digital Farming Solutions Post COVID-19
- Usage of Drones and Robots to Witness Highest CAGR Due to Growing Need for Reducing Operating Expenses
- Integration of Advanced Technologies into Agricultural Equipment to Boost the Market Share of AI/ML/NLP
Discover the Leading Players Featured in the Report:
“Companies leading the global Digital Farming Market are 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.), AgEagle Aerial Systems (U.S.), Bayer AG (Germany), IBM Corporation (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13% |
| 2030 Value Projection | USD 56.80 billion |
| Base Year | 2022 |
| Digital Farming Market Size in 2022 | USD 22.01 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments Covered | Infrastructure, Product, Technology, Application and Geography |
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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 between various crop species, detect crop settings, map soil characteristics, regulate weed growth, monitor crop diseases, and survey the average yield rate. Quick advancements in sensing technologies, such as the introduction of GIS, GPS, sensors, and cameras, are anticipated to drive the digital farming market growth.
However, high initial cost of autonomous farming machines may restrain the market progress.
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 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
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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.
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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.
FAQs
How big is the Digital Farming Market?
The Digital Farming Market size was USD 22.01 billion in 2022. It is expected to reach USD 56.80 billion by 2030.
How fast is the Digital Farming Market growing?
The Digital Farming Market will exhibit a CAGR of 13% during the forecast period, 2023-2030.
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