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Global Digital Farming Market 2019 by Company, Regions, Type and Application, Forecast to 2024
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Global Digital Farming System Was 2.15 Billion USD In 2018
Digital Farming/Digital agriculture refers to the use of agriculture technology (AgTech) to integrate agricultural production from the paddock to the consumer. These technologies can provide the agricultural industry with the tools and information to make more informed decisions and improve productivity.
Technologies used include sensors, communication networks, Unmanned Aviation Systems (UAS), Artificial Intelligence (AI), robotics and other advanced machinery and often draws on the principles of the Internet of Things. Each one of these brings something valuable to farming from data collection, through to management and processing, as well as guidance and direction. Digital farming system offers new insights that enhance the ability to make decisions and subsequently implement them.
The Precision Agriculture Systems industry concentration is unbalanced, and there are many small and new companies in this industry.
Global giant manufactures mainly distributed in U.S and Europe. The manufacturers in U.S. have a relatively long history and unshakable status in this field.
The key consumption markets locate at developed countries. USA takes the largest market share of around 39.86% in 2018, followed by Europe with 30.56%. APAC’s consumption market has a quicker growing speed, with a market share of 10.54% in 2018. South America countries like Brazil and Argentina are also taking important roles, leading players are putting focus on this area these years.
We tend to believe this industry becomes more and more mature, and the consumption increasing rate will show a smooth curve.
Company mergers and acquisitions, and inter-companies’ cooperation have occurred for development and growth. This phenomenon is very common in the industry. As the downstream consumption usually follows with developed and rapid economic growth areas, the developed areas’ company now put more effort to underdevelopment regions these years.
This industry is affected by the economy, so it’s important to put an eye to economic indexes. With the global economic recovery, the need of Digital Farming Systems will increase.
Looking into the future, the global Digital Farming system will reach to 6.05 billion USD in 2025, from the 2.15 billion USD in 2018, with a CAGR of 15.89%.
In 2018, Syngenta-ChemChina, Bayer-Monsanto, DowDuPont and BASF are leading players in the market, controversial merger and acquisition action took place among these players in the past few years. Yara International, KWS SAAT SE, Simplot and Netafim are many other small players are making effort in this filed, which will also take important roles in global market.
The market competition may become more intense with more innovation systems, acquisitions and improvement of cost control, etc.
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