Report Ocean has recently added a new research report on the global digital agriculture market to its vast base of market studies. The report is titled “Global Digital Agriculture Market Size study, by Smart Farming Systems (Livestock Monitoring, Yield Monitoring, Crop Scouting, Field Mapping, Real-Time Safety Testing, and Climate Smart) and Regional Forecasts 2020-2027.” This report has been produced after analyzing the whole market thoroughly. It aims to offer a deep insight into this market to its readers.
According to the report, the global digital agriculture market stood approximately at US$5.3 bn in 2019 and is anticipated to rise at an impressive CAGR of more than 10.20% over the forecast period from 2020 to 2027.
The implementation of information technology in the agriculture sector, integrating digital agriculture technologies into agricultural machinery defines digital farming. The introduction of digital avenues to traditional farming has improved the overall farm yield drastically. The involvement of digital technology has impacted the sustainability and efficacy of farms across the world. The convergence of information technology with agriculture, together with favorable government initiatives and policies, is driving the worldwide digital agriculture market. The expanding penetration of IoT and AI in the agriculture is further boosting the growth of this market. According to Statista, IoT penetration in precision farming held 38.93% share in the global agriculture and it is projected to reach almost 40% by the end of 2023. Moreover, the rise in product roll-outs, catering to a wide range of requirements of the agricultural sector, is likely to add to the product portfolio, driving the market’s growth.
For Instance, in January 2019, Precision Planting LLC introduced two new products, namely, SmartDepth and FurrowForce closing systems. SmartDepth is an automated solution for managing depth of the planter and FurrowForce closing systems automates furrow closing, row by row, and provides visibility to closing performance on a 20*20 display. With this roll out, the company aims to gain a stronghold on the market.
While the future of the global digital agriculture market looks bright, the high implementation and operational costs may limit the growth of this market over the forecast period. However, continued research to develop new techniques to increase the farm yield will create lucrative opportunity for market players in the near future.
The global digital agriculture market is spread across Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is dominating the global market on the back of modernization in the agricultural sector. The presence of major market players in the region will support North America digital agriculture market to remain dominant over the period of forecast, assert experts. Asia Pacific is also anticipated to exhibit high growth rate over the next few years. The increasing population, resulting in the high demand for food, is expected to create attractive growth prospects for this market in this region.
Impact of Covid 19 on Global Digital Agriculture Market
The global agriculture industry is one of the worst-hit industries by Covid 19 across the world. The stoppage of work in the farm disrupted the overall ecosystem of the agriculture industry. The related markets, including the digital agriculture market, are also facing severe disturbance due to the pandemic.
- North America is dominating the global market on the back of modernization in the agricultural sector.
- The convergence of information technology with agriculture is driving the worldwide digital agriculture market.
The global digital agriculture market is classified into:
By Smart Farming Systems
- Livestock Monitoring
- Yield Monitoring
- Crop Scouting
- Field Mapping
- Real-Time Safety Testing
- Climate Smart
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Farmers Edge
- Monsanto Company
- Bayer Cropscience Limited
- Deere & Company
- Accenture PLC
- Aglytix Inc.
- CropX Inc.
- Farmers Business Network
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