Jersey City, New Jersey, April 23, 2024 (GLOBE NEWSWIRE) -- The Global Digital Farming Market is projected to grow at a CAGR of 14.25% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 24.48 Billion in 2024 and is expected to reach USD 71.08 Billion by the end of the forecast period.
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Browse in-depth TOC on “Digital Farming Market”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST YEAR | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Trimble Inc., Deere & Company (John Deere), Raven Industries Inc., AGCO Corporation, Bayer AG (The Climate Corporation), Topcon Positioning Systems Inc., CNH Industrial N.V. (Case IH), Kubota Corporation, AGRAVIS Raiffeisen AG |
| SEGMENTS COVERED | By Offering, By Farm Type, By Application And By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Digital Farming Market Overview
Technological Advancements Boosting Efficiency: Advancements in digital farming technologies, such as IoT sensors and AI-driven analytics, are completely transforming the field of agriculture. These advancements enhance operations, optimise resource utilisation, and maximise productivity, driving the Digital Farming Market forward with unmatched efficiency improvements.
Growing Need for Sustainable Agricultural Practices: Given the growing environmental concerns and the depletion of natural resources, there is a significant increase in the demand for sustainable farming solutions. The adoption of digital farming practices enables precise resource management, decreased reliance on chemicals, and a positive environmental footprint, which aligns seamlessly with the global movement towards sustainable agriculture.
Rising Demand for Precision Agriculture Solutions: There is a growing trend among farmers worldwide to embrace precision agriculture techniques in order to improve their productivity and profitability. Growers are increasingly turning to digital farming solutions to enhance their operations. These solutions provide real-time data insights, predictive analytics, and precision application technologies, enabling growers to optimise every aspect of their farming practices. As a result, the digital farming market is experiencing rapid growth.
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High Initial Investment Costs: Although the advantages are clear, implementing digital farming technologies often requires a substantial initial investment. Acquiring hardware such as sensors and drones, as well as implementing advanced software solutions, can be quite expensive for farmers. This presents a significant obstacle to the widespread adoption of digital farming practices.
Limited Access to Technology in Rural Areas: Despite the vast potential of digital farming, the digital divide, particularly in rural areas, is impeding its adoption. The lack of reliable internet and technological infrastructure poses a significant challenge for farmers in utilising advanced digital farming tools and services. As a result, the growth of the market in these underserved areas is hindered.
Data Security and Privacy Concerns: Given the widespread use of data-driven technologies in agriculture, it is crucial to address concerns related to data security and privacy. Some farmers have concerns about sharing their sensitive agricultural data with digital farming service providers due to the potential for breaches or misuse. Addressing these concerns and implementing strong data security measures is essential for building trust and encouraging widespread adoption in the digital farming industry.
Geographic Dominance:
The dominance in the Digital Farming Market is largely influenced by regions that have well-developed agricultural sectors and strong technological infrastructure. North America and Europe are at the forefront of utilising advanced digital farming solutions to maximise crop production, improve resource efficiency, and guarantee food security.
Meanwhile, the Asia Pacific region is becoming an attractive market, thanks to its expansive agricultural landscapes and growing use of precision agriculture methods. Nevertheless, the uneven distribution of technological access and varying regulatory frameworks present obstacles to expanding into certain regions.
In the Digital Farming Market, geographical dominance is greatly influenced by strategic partnerships, government initiatives, and investments in digital infrastructure.
Digital Farming Market Key Players Shaping the Future
Major players, including Trimble Inc., Deere & Company (John Deere), Raven Industries Inc., AGCO Corporation, Bayer AG (The Climate Corporation), AG Leader Technology, Topcon Positioning Systems Inc., CNH Industrial N.V. (Case IH), Kubota Corporation, AGRAVIS Raiffeisen AG. and more, play a pivotal role in shaping the future of the Digital Farming Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Digital Farming Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Digital Farming Market into Offering, Farm Type, Application, And Geography.
To get market data, market insights, and a comprehensive analysis of the Global Digital Farming Market, please Contact Verified Market Research®.
- Digital Farming Market, by Offering:
- Hardware
- Software
- Services
- Digital Farming Market, by Farm Type:
- Large-Scale Commercial Farms
- Small and Medium-Sized Farms
- Cooperative Farms
- Specialty Crop Farms
- Digital Farming Market, by Application:
- Precision Farming
- Livestock Monitoring and Management
- Smart Greenhouses
- Crop Monitoring and Management
- Digital Farming Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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