Press release
Digital Agriculture Market Breaches USD 5.3 billion Size; Still Room to Grow | Syngenta, AgGateway, Aglytix
Digital Agriculture Market
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Summary
Global Digital Agriculture Market is valued approximately USD 5.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 10.20% over the forecast period 2020-2027. Digital farming is the implementation of IT in the agriculture sector while involving applications connected to machinery and other digital agriculture technologies. Digital farming improves overall farm production. The involvement of digital technology has positively impacted the sustainability and efficiency of the farms. Digital agriculture refers to tools that digitally collect, store, analyze, and share electronic data and/or information along the agricultural value chain. The convergence of IT with agriculture coupled with government initiatives and decline in sensor prices drives the market growth.
According to the Farm Profits and Adoption of Precision Agriculture study in 2017, yield mapping is used on about 40% of US corn and soybean acres, GPS soil maps on about 30%, guidance on over 50%, and VRT on 28-34% of acres. Further, the Penetration of AI and IoT in the agriculture fuel the market growth as these technologies use smart sensors providing a connected environment along with remote monitoring capabilities resulting in higher adoption of devices. As per Statista, the global Agriculture IoT penetration in precision farming accounted to 38.93% and is projected to reach 39.49% by 2023.
Moreover, increasing product launches catering to diversified needs of the agricultural sector increases the product portfolio driving the market growth. For Instance: in Precision Planting LLC in January 2019, introduced two new products. First, SmartDepth, an automated solution for managing depth of the planter. Second FurrowForce closing systems, which automates furrow closing row by row and provides visibility to closing performance on a 20*20 display. However high implementation and operational costs impedes the growth of the market over the forecast period of 2020-2027. Although, tremendous research in order to develop new techniques to increase the product portfolio presents a lucrative opportunity for the market.
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Major market player included in this report are:
Farmers Edge, AgriWebb, Monsanto Company, Bayer Cropscience Limited, Deere & Company, Accenture PLC, Syngenta, AgGateway, Aglytix Inc., CropX Inc., Farmers Business Network
The detailed segments and sub-segment of the market are explained below:
By Smart Farming Systems:
Livestock Monitoring
Yield Monitoring
Crop Scouting
Field Mapping
Real-Time Safety Testing
Climate Smart
By Region:
North America, US, Canada, Mexico, Europe, Germany, France, Italy, UK, Spain , Rest of Europe, Asia Pacific, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Rest of South America, Middle East & Africa, Saudi Arabia, UAE, Qatar, South Africa, Rest of Middle East & Africa, Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
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Target Audience of the Global Digital Agriculture Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Digital Agriculture Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Digital Agriculture Market Dynamics
3.1. Digital Agriculture Market Impact Analysis (2018-2027)
Chapter 4. Global Digital Agriculture Market Industry Analysis
4.1. Porter’s 5 Force Model
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Digital Agriculture Market, by Smart Farming Systems
5.1. Market Snapshot
5.2. Global Digital Agriculture Market by Smart Farming Systems, Performance - Potential Analysis
5.3. Global Digital Agriculture Market Estimates & Forecasts by Smart Farming Systems 2017-2027 (USD Billion)
5.4. Digital Agriculture Market, Sub Segment Analysis
Chapter 6. Global Digital Agriculture Market, Regional Analysis
....Continued
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