Digital Agriculture Market Is Expanding At A CAGR Of 10.10% Across The Forecast Period| Key Players: DTN (US), Farmers Edge Inc. (Canada), Taranis (US)

Market Definition

Farmers are using digital agriculture tools to track the progress of crops in real time, such as sensors that record the soil condition and temperature when placed on the fields, computer applications such as Climate Field view, a tool that is programmed to create farming maps and yield maps, and other similar applications. The use of digital technology in agriculture aids in the dissemination of information from suppliers to workers and vice versa, as a result, it aids in the development of strategic partnerships between stakeholders by providing access to training, financial services, and legal services.

Data Bridge Market Research analyses that the digital agriculture market value which was USD 13.17 billion in 2021, is expected to reach the value of USD 28.45 billion by 2029 at a CAGR of 10.10% during the forecast period. There is a growing desire for novel solutions to reduce agricultural waste and increase output while minimising environmental impact is further anticipated to propel the growth of the digital agriculture market.

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Market Analysis and Size

Farmers are under constant pressure to produce more food and animal feed while using fewer chemicals. Simultaneously, it is critical to use less energy and labour while improving environmental land and water management. With the fast growing population, it is becoming increasingly difficult to feed the growing population, putting increased strain on agricultural production. All of these needs can be met by combining precision agricultural software with internet of things (IoT) solutions.

Digital Agriculture Market Dynamics

Drivers:

Rise in the population.

With the fast growing population, it is becoming increasingly difficult to feed the growing population, putting increased strain on agricultural production.

Lack of labour.

Due to urbanisation and the search for a reliable source of income, there is an increasing lack of farm labour.

Growing demand for food.

As the world's population grows, so does the demand for more food, resulting in better productivity at a lower cost in a limited resource environment. According to the World Bank, the global population is expected to expand by 1.075 percent in 2019, reaching roughly 82 million people.

Opportunities

In addition, the growing penetration of technology and electronic devices in the field of agriculture will further provide potential opportunities for the growth of the digital agriculture market in the coming years.

Some of the major players operating in the digital agriculture market are:
DTN (US)
Farmers Edge Inc. (Canada)
Taranis (US)
Eurofins Scientific (Luxembourg)
AgriWebb (Australia)
Monsanto Company (US)
Bayer AG (Germany)
Deere & Company. (US)
Syngenta AG (Switzerland)
AgGateway (US)
CropX inc. (US)
Farmers Business Network (US)
BASF SE (Germany)
DigitalGlobe (US)

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Post COVID-19 Impact on Digital Agriculture Market

The recent outbreak of coronavirus has critically impacted the digital agriculture market. The digital agriculture market witnessed a slight decline in 2020 as a result of the COVID-19 pandemic, as movement restrictions and lockdowns have caused supply chain disruptions and a shortage of equipment. However, the use of remote sensing and farm management software tools could lead to higher adoption during the post-COVID-19 period. COVID-19 has thrown a wrench in the digital agriculture supply chain, and corporations are experimenting with new ways to communicate with growers and farmers through technology.

On the brighter side, in the post COVID-19 scenario the companies have begun to place a greater emphasis on wireless platforms in order to provide real-time decision making in yield monitoring, crop health monitoring, field mapping, irrigation scheduling, and harvesting management.

Recent Development

TELUS Agriculture, one of the leading participants in the farm industry, announced in November 2020 the launch of a new business unit that will deliver creative and advanced solutions to help the agriculture industry become more digitalized and connected. The service will assist in data analysis and production, efficiency, and better food outcomes. 

Global Digital Agriculture Market Scope

The digital agriculture market is segmented on the basis of type, company type, designation and applications. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type
Crop Monitoring
Artificial Intelligence
Precision Farming

On the basis of type, the digital agriculture market has been segmented into crop monitoring, artificial intelligence and precision farming.

Company Type
Tier 1-55 %
Tier 2-20%
Tier 3-25%

On the basis of company type, the digital agriculture market has been segmented into tier 1-55 %, tier 2-20%, tier 3-25%.

Designation 
C-Level Executives-40%
Directors -35%
Others-25%

On the basis of designation, the digital agriculture market is segmented into C-level executives-40%, directors -35%, and others-25%.

Applications
Field Mapping
Crop Scouting
Weather Tracking
Drone Analytics
Financial Management
Farm Inventory Management
Others

On the basis of applications, the digital agriculture market is segmented into field mapping, crop scouting, weather tracking, drone analytics, financial management, farm inventory management and others.

Digital Agriculture Market Regional Analysis/Insights

The digital agriculture market is analysed and market size insights and trends are provided by country, type, company type, designation and applications as referenced above.

The countries covered in the digital agriculture market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the digital agriculture market due to the rise in the initiatives taken by the government for the adoption of modern agriculture technologies and developed infrastructure. Furthermore, the occurrence of major key players will further boost the growth of the digital agriculture market in the region during the forecast period.

Asia-Pacific is projected to observe significant amount of growth in the digital agriculture market due to the several initiatives taken by the government in the advancing countries to encourage the application of modern farming technologies. Moreover, the farmers can also get enough knowledge about how to handle and maintain precision farming equipment with the help of an effective administrative structure which is further anticipated to propel the growth of the digital agriculture market in the region in the coming years.

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