Digital Agriculture Market

Digital Agriculture Market

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Raksha

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Raksha Sharma

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Shruti Bhat

The global digital agriculture market size was valued at around USD 14.51 Billion in 2022, is expected to reach at around USD 34.52 Billion by 2031 and expanding at a CAGR of 10.11% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing output while minimizing environment impact.

Digital agriculture, also known as smart agriculture or e-agricultural, refers to instruments that gather, analyze, store, and exchange electronic data in a digital format. Farmers are using digital agriculture tools including sensors that record the soil condition and temperature when placed on the fields.

Digital Agriculture Market Outlook

Farmers also use computer applications such as climate field view, a tool that is programmed to create yield maps and farming maps, and other similar applications to track the progress of crops in real time. Digital technology in agriculture supports in the transfer of information from suppliers to employees and vice versa by offering access to training, legal services, and financial services.

Digital agriculture aids in the establishment of strategic relationships between stakeholders.
Farmers are always under pressure to increase food and animal feed production while using fewer pesticidesSimultaneously, reducing energy and labor use while enhancing environmental land and water management is crucial. Digital agriculture software combined with internet of things (IoT) technologies to feed the growing population.


The latest coronavirus pandemic has significant impact on the digital agricultural business. The digital agricultural industry saw a modest dip in 2020, as lockdowns disrupted supply chains. On the other hand, using remote sensing and farm management software technologies, is expected to lead to adoption in the post-COVID-19 time.

COVID-19 has put a spanner in the digital agricultural supply chain, and businesses are experimenting with new methods to engage with farmers via technology. Corporations have begun to place a larger focus on wireless platforms in the post-COVID-19 scenario in order to enable real-time decision making in yield monitoring,
field mapping, crop health monitoring, irrigation scheduling, and harvesting management.

Market Trends, Drivers, Restraints, and Opportunities

  • Growing population further demand for high agricultural productivity and is expected to drive the market.

  • Increasing lack of farm labor is projected to propel the market during the forecast period.

  • High cost associated with the equipment is anticipated to hinder the market.

  • Lack of technical understanding among indidvisual is expected to hamper the market in the coming years.

  • Increasing use of agricultural technology and electronic devices in agricultural are projected to create lucrative opportunities for market players. 

Scope of Digital Agriculture Market Report

The report on the global digital agriculture market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Digital Agriculture Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Types (Artificial Intelligence, Precision Farming, and Crop Monitoring), and Applications (Crop Scouting, Field Mapping, Weather Tracking, Financial Management, Drone Analytics, Farm Inventory Management and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Accenture; Syngenta AG; AgGateway; CropX Inc.; DTN; Farmers Edge Inc.; Taranis; Eurofins Scientific; AgriWebb; Monsanto Company; Bayer AG; Deere & Company; and Farmers Business Network

Digital Agriculture Market Segment Insights

On the basis of types, the digital agriculture market is segmented into artificial intelligence, precision farming, and crop monitoring. The precision farming segment is projected to expand at a considerable CAGR during the forecast period.

Precision farming is a method of increasing average yields by using exact amounts of inputs in comparison to traditional gardening techniques. The crop monitoring segment is anticipated to account for a major market share during the forecast period, as it aids in productivity zone mapping, optimal fertilizer application, and drip irrigation.  

 Digital Agriculture Market Types

Based on applications, the market is segmented into crop scouting, field mapping, weather tracking, financial management, drone analytics, farm inventory management and others. The crop scouting segment is projected to register considerable share of the market in the coming years.

Crop scouting is the process of evaluating economic risk from pest infestations and disease, as well as the potential efficiency of pest and disease control strategies, by carefully analyzing pest pressure and crop performance. The drone analytics segment is expected to hold substantial CAGR. Businesses use drone analytics software to ingest, examine, and analyze aerial data generated by drones.

In terms of regions, the digital agriculture market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period, owing to increasing modernization in the agricultural industry. The market in North America is anticipated to expand at a rapid pace during the forecast period, due to rapid adoption of advanced technologies in the region.

 Digital Agriculture Market Regions

Segments

The global digital agriculture market has been segmented on the basis of

Types

  • Artificial Intelligence
  • Precision Farming
  • Crop Monitoring

Applications

  • Crop Scouting
  • Field Mapping
  • Weather Tracking
  • Financial Management
  • Drone Analytics
  • Farm Inventory Management
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Accenture
  • Syngenta AG
  • AgGateway
  • CropX Inc.
  • DTN
  • Farmers Edge Inc.
  • Taranis
  • Eurofins Scientific
  • AgriWebb
  • Monsanto Company
  • Bayer AG
  • Deere & Company
  • Farmers Business Network

Competitive Landscape

Key players competing in the global digital agriculture market are Accenture; Syngenta AG; AgGateway; CropX Inc.; DTN; Farmers Edge Inc.; Taranis; Eurofins Scientific; AgriWebb; Monsanto Company; Bayer AG; Deere & Company; and Farmers Business Network.

One of the key players, TELUS Agriculture, announced the opening of a new business unit in November 2020 that announced to provide innovative and sophisticated solutions to assist the agriculture industry and to become digitalized and connected. The service is expected to aid in data analysis and manufacturing, increased efficiency and improved food quality.

Digital Agriculture Market Share
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Digital Agriculture Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Digital Agriculture Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Digital Agriculture Market - Supply Chain
  4.5. Global Digital Agriculture Market Forecast
     4.5.1. Digital Agriculture Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Digital Agriculture Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Digital Agriculture Market Absolute $ Opportunity
5. Global Digital Agriculture Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Digital Agriculture Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Digital Agriculture Demand Share Forecast, 2019-2026
6. North America Digital Agriculture Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Digital Agriculture Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Digital Agriculture Demand Share Forecast, 2019-2026
7. Latin America Digital Agriculture Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Digital Agriculture Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Digital Agriculture Demand Share Forecast, 2019-2026
8. Europe Digital Agriculture Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Digital Agriculture Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Digital Agriculture Demand Share Forecast, 2019-2026
9. Asia Pacific Digital Agriculture Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Digital Agriculture Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Digital Agriculture Demand Share Forecast, 2019-2026
10. Middle East & Africa Digital Agriculture Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Digital Agriculture Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Digital Agriculture Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Digital Agriculture Market: Market Share Analysis
  11.2. Digital Agriculture Distributors and Customers
  11.3. Digital Agriculture Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)

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FAQ Section

Some frequently asked questions about this report!

Key players competing in the global digital agriculture market are Accenture; Syngenta AG; AgGateway; CropX Inc.; DTN; Farmers Edge Inc.; Taranis; Eurofins Scientific; AgriWebb; Monsanto Company; Bayer AG; Deere & Company; and Farmers Business Network.

Asia Pacific is expected to constitute a key share of the market during the forecast period.

The global digital agriculture market is expanding at a CAGR of 10.11% during the forecast period, 2023–2031.

Growing population further demand for high agricultural productivity and is expected to drive the market.

The global digital agriculture market size was valued at around USD 14.51 billion in 2022.