Digital Farming Market grow with a CAGR of 12.1% | Aims to Expand at Double-Digit Growth Rate | Trimble Navigation Ltd

Report Ocean releases its latest report on the global Digital Farming Market. A combination of information gathered from first-hand sources, qualitative and quantitative assessments of industry analysts, and insights from experts and participants across the value chain is used to calculate the global Digital Farming Market.

The global digital farming market has reached USD 4,770.8 million in 2020. It is further projected to reach USD 10,702.3 million by 2027, at a CAGR of 12.7% during the forecast period (2021-2027).

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Growth Drivers

Increased food demand due to population growth

Food is one of the most important aspects of survival. People work to earn something to eat. As time progresses, the demand for food is growing exponentially. The production of agricultural farms and fields has increased with the global population in recent decades. Despite this, approximately 690 million people still go hungry every day. According to the Food and Agriculture Organization (FAO) and the United Nations, the agriculture sector will need to increase productivity by nearly 50% by 2050 to meet the food demand of the increased population. According to the United Nations, the world's population will crossthe 9.5 billion mark by 2050. The FAO has further estimated thatto meet increased food demand, Sub-Saharan Africa and South Asia would need to more than double their agricultural productivity by 2050, while the rest of the world will need to increase agricultural productivity by more than one-third. Apart from this, the FAO further reported that yields of wheat and rice in low-income countries are currently about half those in high-income countries.

With food demand expected to rise exponentially in the coming years, and crop production showing little sign of improvement, farmers are increasingly using fertilizers, which not only raises the cost of crop production but also saturates the soil and harms the production of the next crop. Digital farming with a fully integrated and operational system increases the crop production by optimizing the farming process. It also provides real-time data on the supply of essential soil and plant nutrients and regulates the quantity of fertilizers to be used to meet the demand. Farmers all over the world are incorporating digital farming to increase crop production, and with increasing food demand, the number is expected to rise even further in the coming years. During the forecast period, this is expected to act as a catalyst and contribute to the global digital farming market's growth.

The reports include an in-depth analysis of macroeconomic indicators, market trends, and underlying factors, as well as market attractiveness by segment. The reports include a qualitative impact map of different market factors. COVID-19 (Corona Virus) had an impact on the product industry chain based on upstream and downstream markets, on regions and countries, and the future development of the industry.

The reports on the Global Digital Farming Market provide readers with a better understanding of the market and competitive landscape to support better decision-making. Report contents include an overview of participants, revenue results, sales volume, gross margin, capital investment, and global Digital Farming Market growth rates.

Researchers gather and validate the market size and demand information with market experts. They also examine the geographical distribution of the Digital Farming Market. Top manufacturers, distributors, traders, and dealers use these market studies to gain insights into the industry. It will provide an overview of the product, the market, the driving forces, the risks and opportunities, and the research findings.

Impact Analysis of COVID-19

A detailed study of Covid-19 impacts the Digital Farming Market is provided in the report.

The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected Digital Farming Market segments.

While the death toll continues to climb, the economic damage is already evident, making this the world's worst economic shock in decades.

Chaos can lead to several undesirable outcomes, including restaurant closings, flight cancellations, travel restrictions, indoor event venues losing permits, customer confidence eroding, stock markets fluctuating, and citizens becoming anxious.

The report extensively examines the fundamental aspects of the Global Digital Farming Market, including its future prospects and competitive landscape. The Porter's Five Forces analysis of the Digital Farming Market provides insight into the factors influencing its growth. This market study breaks down the Digital Farming Market into segments, regions, and players in order to present an accurate picture of the current market environment. The study also includes macroeconomic and microeconomic analyses. Several graphs and charts appear in the report effectively.

Regional Overview

An analysis of the Digital Farming Market at the country level looks at segments classified as potentially high-growth, countries with the largest market share, and countries with the best growth prospects. Among the regional breakdowns in the Digital Farming Market study are North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), Other countries.

Leading Competitors

The leading prominent competitors in the global Digital Farming Market are:

A, Cisco Systems Inc., Trimble Navigation Ltd., IBM Corporation, Salt Mobile SA, Deere & Co., Epicor Software Corporation, Bayer CropScience AG,Hexagone AB, and other prominent players. 

Scope of the Report

The global Digital Farming Market segmentation focuses on:

By Component:

Ø  Hardware

Ø  Software

Ø  Others

By Application:

Ø  Precision Farming

Ø  Live-Stock Monitoring

Ø  Greenhouse Farming

Ø  Others

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This release was published on openPR.