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An In-depth Analysis of the Global Digital Farming Market 2023-2032: Trimble Inc., Deere & Company, IBM Corporation, Monsanto Company, Bayer Cropscience Limited
Digital Farming Market
The Business Research Company's Digital Farming Global Market Report 2023 identifies the rising demand for food is the major driver for the digital farming market's growth in the forecast period. Food refers to a substance that is mostly made up of protein, carbohydrates, fat, and other nutrients and is used by an organism's body to support development, vital functions, and the production of energy. Digital farming, or agriculture, is used by farmers to increase agricultural productivity by utilizing technical solutions for dependable farm management and monitoring. With the growing demand for food, digital farming methods are increasingly being adopted to sustain this demand. For instance, according to a data report published by The Food and Agriculture Organization, a Canada-based body of the United Nations and provider of access to food and agriculture data, global food production will need to increase by 70% to support the food needs of the worldwide population that is forecasted to reach 9 plus billion by 2050. In terms of volume, the food demand is projected to be around 10,094 million tons in 2030 and 14,886 million tons in 2050.
The global digital farming market size is expected to grow from $12.24 billion in 2022 to $13.97 billion in 2023 at a compound annual growth rate (CAGR) of 14.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global digital farming market is expected to grow to $23.00 billion in 2027 at a CAGR of 13.3%.
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Major competitors in the digital farming market are Trimble Inc., Deere & Company, IBM Corporation, Monsanto Company, Bayer Cropscience Limited, Syngenta AG, BASF SE, AgGateway, Aglytix Inc.
A key trend in the digital farming market includes technological advancements. Major companies operating in the digital farming market are focused on innovating new technologies to sustain their position in the market. For instance, in August 2022, CropX Technologies, an Israel-based ag-analytics company that produces cloud-based software aiming to conserve water and energy, launched the continuous nitrogen leaching monitoring capability, a new capability that continuously monitors salt and nitrogen movement in the soil. By monitoring and minimizing the environmental effects of nitrogen leaching, farmers can increase output and improve plant and soil health.
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The digital farming market is segmented -
• By Component: Hardware, Software, Other Components
• By Technology: AI or ML or NLP, IoT, Blockchain, Big Data and Analytics
• By Infrastructure: Sensing and Monitoring, Communication Technology, Cloud and Data Processing, Telematics or Positioning, End-Use Components
• By Application: Yield Monitoring, Field Mapping, Crop Monitoring, Livestock Monitoring, Real Time Safety Testing, Soil Monitoring, Precision Farming
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the digital farming market share.
The Business Research Company's "Global Digital Farming Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Digital Farming Market Include:
1. Executive Summary
2. Digital Farming Market Characteristics
3. Digital Farming Market Trends And Strategies
4. Digital Farming Market - Macro Economic Scenario
5. Digital Farming Market Size And Growth
……………
27. Digital Farming Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Digital Farming Market
29. Digital Farming Market Future Outlook And Potential Analysis
30. Appendix
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