About This Report

Digital Agriculture Market, by Crop Monitoring (Guidance System, Remote Sensing, Variable Rate Technology, Field Mapping, Soil Monitoring, Crop Scouting, Yield Monitoring, and Others), By Artificial Intelligence (Weather Tracking, Precision Farming, Drone Analytics, On-Premise, and Cloud), By Precision Farming (Local/Web-based, Cloud-based, Crop Management, Financial Management, Farm Inventory Management, Personnel Management, and Weather Tracking and Forecasting), and by Region (North America, South America, Europe, Asia Pacific, The Middle East, and Africa) - Size, Share, COVID Impact Analysis, Growth, Outlook, and Opportunity Analysis, 2020 - 2028

Digital agriculture is the adoption of technology and data analytics in different farming processes to increase profitability, sustainability, and efficiency. Data from agricultural activities are collected and analysed using a variety of technologies, like sensors, drones, GPS, artificial intelligence, machine learning, and cloud computing. Precision agriculture, crop management, animal management, soil health, water management, and supply chain management are all included in digital agriculture. For instance, precision agriculture uses information gathered from sensors, drones, and satellite photography to forecast crop yields and maximise the use of inputs like water and fertiliser. Sensors are used in livestock management to keep an eye on the health and happiness of the animals and to optimise their diet and reproduction.

In 2020, the Digital Agriculture market was valued at US$ YY million, and it is anticipated to be around US$ YY million by 2027. Over the forecast period, the market is expected to grow at a CAGR of YY%.

Increases in government initiatives and the usage of agriculture-based software are the drivers, while a lack of technical expertise and training programmes is the restraint

The rise in government initiatives and investments on the digital in this sector is one of the key factors driving the market for digital agriculture. Governments all around the world are becoming aware of how digital agriculture has the potential to boost agricultural productivity and raise food security. By making research and development investments and offering financial incentives, farmers can use the digitalization in agriculture. For instance, To encourage the use of digital technologies in agriculture, the Indian government has introduced a flagship initiative called the Pradhan Mantri Fasal Bima Yojana (Prime Minister's Crop Insurance Scheme). In order to reduce risks and boost output, the programme offers financial support to farmers that adopt the latest innovations, such as satellite-based crop monitoring.

Another factor is the rising use of software specifically designed for the agricultural industry, such as crop monitoring programmes, farm management programmes, and precision irrigation systems. These software programmes assist farmers in data collection and analysis, and decision-making. However, a significant barrier to the market for digital agriculture is a lack of technical expertise and training programmes. Many farmers, particularly those in poor nations, lack the technical know-how and education necessary to embrace and use these digital tools. Additionally, these technologies can be difficult to adopt due to their high cost and the absence of dependable internet connectivity in rural areas.

Remote sensing segment is expected to account for significant market share by crop monitoring technology segment

The global Digital Agriculture market is mainly classified based on Crop Monitoring, Artificial Intelligence, and Precision Farming. Based on the crop monitoring, the market is segmented into technology, solution, and application. On the basis of technology, the market is further classified into guidance system, remote sensing, and variable rate technology. Based on the solution, the market is again divided into hardware, software, services, and others. By application, the market is again classified into field mapping, soil monitoring, crop scouting, yield monitoring, variable rate application, and others.

By Artificial Intelligence, the market is divided into application, and deployment. Application segment is further divided into weather tracking, precision farming, and drone analytics. Deployment segment is also categorised into cloud, on-premise, and hybrid. On the basis of Precision Farming, the market is classified into type, and application. The type is further segmented into local/web-based, and cloud-based. Application is again divided into crop management, financial management, farm inventory management, personnel management, weather tracking and forecasting, and others.
Based on the crop monitoring, the market is segmented into technology, solution, and application. On the basis of technology, the market is further classified into guidance system, remote sensing, and variable rate technology. In digital agriculture, by technology, remote sensing technology is anticipated to command a sizeable market share. With the aid of remote sensing technologies, farmers may acquire accurate and current data on soil moisture, crop growth, and yield, which can improve crop management and boost productivity. For instance, Farmers can get regular high-resolution photos of their fields from businesses like Farmers Edge and Planet Labs, which provide satellite photography services. This enables farmers to spot parts of their fields that might be stressed or in need of more fertiliser or water, and take steps to solve these concerns before they affect crop yield. Farmers may enhance crop management and increase yield by utilising remote sensing technology in this way.

Companies and various government agencies across the globe are collaborating for providing new technologies and services to the famers by investing their time and money in the research and development. For instance, in February 2021, CNH Industrial and the European Space Agency (ESA) partnered. Using information from earth observation and remote sensing, the cooperation planned to create technology for site-specific crop management and precision farming. Through the collaboration, CNH Industrial hopes to incorporate information from Earth observation satellites operated by the European Space Agency into its precision farming solutions, giving farmers access to up-to-the-minute data on crop health, weather, and soil conditions.

Interesting Facts of Digital Agriculture Market

• Utilising digital technologies in agriculture has the potential to improve crop yields, cut costs, and reduce environmental impact, improving the sustainability and productivity of farming.
• Artificial intelligence (AI) and machine learning (ML) are being used more and more in digital agriculture as it enables farmers to analyse data and make better crop management decisions.
• Precision farming, which uses technologies like GPS, GIS, and remote sensing to collect data on crop yields, soil conditions, and weather patterns so that farmers may make educated decisions about crop management, is an established sector in digital agriculture.
• A crucial component of digital agriculture, precision farming, is known to improve crop yields by up to 25% while lowering water use and fertiliser waste.
• Companies like Trimble Inc., Deere & Company, AgJunction, Raven Industries, and AGCO Corporation are major players in the digital agricultural business.
• The North American digital agriculture market is expanding steadily due to the growing use of cutting-edge technology in the agriculture industry. Because of the existence of significant companies, strong investment in R&D activities, and supportive government efforts, the North American market is anticipated to continue to grow in the digital agriculture market globally.

Asia Pacific will account for the largest share of the Digital Agriculture industry

Asia Pacific is predicted to have the highest proportion of the global market for digital agriculture due to a number of variables, including government measures to boost agricultural production, an expanding population, and a growing demand for food. Some of the key markets powering this region's growth are China, India, Japan, and Australia. For instance, the e-NAM (National Agriculture Market) platform, one of the government's many initiatives to support digital agriculture in India, enables electronic trading of agricultural products to guarantee fair prices for farmers. Digital agriculture has received significant funding from Chinese businesses like Alibaba and Tencent. Farmers may sell their produce straight to customers online because to Alibaba's Rural Taobao programme, which links them. Sensors and big data are used by Tencent's agricultural Internet of Things platform, Xuanwu, to improve crop management.

The "Sixth Industry Initiative," a government initiative in Japan, encourages farmers to process and market their own food rather than just selling it to wholesalers. New digital platforms and tools have been created as a result to assist these farmers. Australian government has invested in digital agriculture initiatives like the Rural R&D for Profit programme, which finances research and development projects to increase agricultural productivity. Also, The Australian Agritech Association was also established in 2020 with the goal of fostering and promoting the use of digital technologies in agriculture.

Global Digital Agriculture Market key Players:

Some of the major competitors in the global Digital Agriculture market include AGCO Corporation, AgEagle Aerial Systems Inc., Bayer CropScience AG, Case IH Agriculture (CNH Industrial America LLC.), DTN (CLEAR AG SOLUTIONS), Conservis Corporation, Gamaya SA, Easytosee Agtech, Microsoft Corporation, IBM Corporation, Hummingbird Technologies Limited, Deere & Company, Raven Industries, Topcon Positioning Systems, and Trimble Inc.

The Digital Agriculture industry is extremely competitive with aggressive market strategies of global and regional companies looking to strengthen market position through new product launches, collaborations, and facility expansions. The following are some recent market developments:

• The Climate Corporation announced in January 2021 that it had acquired HydroBio, a business that specialised in integrating meteorological data and soil sensors to optimise irrigation.
• Trimble announced in March 2021 that it had acquired Muller-Elektronik, a provider of software to improve its precision agriculture capabilities.
• Granular Insights, a brand-new digital platform from Corteva Agriscience, was introduced in May 2021 and offers farmers data-driven suggestions for improving field operations.
• In June 2021, BASF Digital Farming introduced a new platform called xarvio Field Manager, which provides farmers with digital tools to improve field management and boost yields.
• Deere & Company purchased Bear Flag Robotics in September 2021 to expand its autonomous capabilities. Bear Flag Robotics specialises in autonomous driving technologies for farm tractors.
• In March 2021, the European Commission launched a new platform to support the development of digital technologies in agriculture, forestry, and rural areas.

 
Frequently asked questions about global Digital Agriculture Market

Q: What is the current size of the global Digital Agriculture market?
Ans: The Digital Agriculture market was valued at YY million US$ in 2020 and is projected to reach YY million US$ by 2027, at a CAGR of YY% during the forecast period.

Q: What are the major opportunities in Digital Agriculture industry?
Ans: Raising demand for food, increasing adoption of precision farming techniques, and government initiatives are the major opportunities in digital agriculture industry.

Q: What are the major driving factors for Digital Agriculture industry?
Ans: The need to increase agricultural productivity and efficiency to meet the growing demand for food, coupled with technological advancements in agriculture are the major driving factors

Q: Which region is expected to have the largest share of the Digital Agriculture market?
Ans: The Asia-Pacific region is expected to be the fastest-growing market for digital agriculture due to the rising population and increasing demand for food.

Q: Which technology segment will dominate the Digital Agriculture market?
Ans: Remote sensing technology segment will dominate the digital agriculture market.