The global digital agriculture market accounted for a value of USD 5.1 billion in 2019 and is projected to register growth at a CAGR of 15.3% during forecast period.
COVID-19 has impacted the digital agriculture market. The consumers are shifting towards organic food and the concern about food safety is increasing due to corona virus. People are adopting healthy lifestyle to boost immunity. The lockdown and travel restriction policies has affected supply chain of raw materials and finished products. The farmers are adopting digital agriculture due shortage of labor. The COVID-19 is likely to boost the market for digital agriculture.
For more details, visit: Global Digital Agriculture Market By Smart Farming System (Yield Monitoring, Crop Scouting, Field Mapping, Others), By Application (Precision Farming, Livestock Monitoring and Green House Farming), By Region, Forecast & Opportunities to 2026
The awareness about healthy lifestyle is increasing among people and they are adopting highly nutritional food. Some People are adopting organic food. The digital agriculture techniques provide healthy and fresh food. It makes fresh vegetables and fruits available at retail stores. This drives growth in digital agriculture market during forecast period.
On the basis of smart farming system, the digital agriculture market is segmented into real-time safety testing, climate smart, crop scouting, field mapping and yield monitoring. The field mapping segment is estimated to register growth at highest CAGR during forecast period. Field mapping is the most preferred technique of digital agriculture across the world. It enables the farmers to monitor the farm area using satellite imaging. The increasing adoption and demand for field mapping is likely to drive growth during forecast period.
On the basis of application, the digital agriculture market is segmented into precision farming, livestock monitoring, green house farming and others. The prediction market is estimated to dominate the market during forecast period. Precision farming helps in monitoring the state of crops without being present physically. It helps in minimizing the requirement to contact other people for crop maintenance. In this method inputs are utilized in precise quantity which increases yields. It saves time and cost. This increases adoption of precision farming and drives growth in this segment during forecast period.
Asia-Pacific region is estimated to be the fastest-growing region during forecast period. This region is most populated region. India and China accounted for the largest population in the world which increases demand for food and to fulfill food requirement by citizen. This region is adopting highly modern techniques to improve productivity in agriculture sector. The adoption for digital agriculture is increasing in this region and government is also adopting various policies to promote digital agriculture. This drives growth in Asia-Pacific region during forecast period.
The key market players in digital agriculture market are DTN, Farmers Edge, Taranis, Eurofins, Agriwebb, Vodafone Group PLC, Trimble INC., Salt Mobile SA, Accenture, Deere & Company, IBM, Epicor Software Corporation, Hexagon, Gamaya SA, AGCO Corporation, Microsoft Corporation and Humming Bird Technologies.
- What are the expected industry trends over the next three to five years?
- Which of the digital agriculture smart farming system is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?