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Digital Agriculture Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence
• The global Digital Agriculture Market size was valued at USD 8.5 Billion in 2022 growing at a CAGR of 5.14% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Digital Agriculture Market size accounted for USD 8.5 Billion in 2022, growing at a CAGR of 5.14% from 2023 to 2033.The digital agriculture market refers to the use of advanced technologies such as precision farming, data analytics, and automation in the agricultural sector. It encompasses the application of digital tools to optimize crop production, monitor soil health, and enhance overall farm management. Key components include precision farming equipment, sensors, drones, and farm management software. This evolving industry aims to increase efficiency, sustainability, and productivity in agriculture by leveraging digital solutions for crop monitoring, irrigation management, and data-driven decision-making. The digital agriculture market plays a crucial role in transforming traditional farming practices into more technology-driven and data-centric approaches.
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The digital agriculture market is primarily driven by the increasing demand for precision farming practices to enhance productivity and sustainability. Technological advancements, such as the adoption of IoT, AI, and data analytics in agriculture, are key drivers. Farmers seek to optimize resource usage, improve crop yields, and make informed decisions through digital solutions, fostering the growth of this market.
Key Players
Some of the major Digital Agriculture Market players holding high market shares include AGCO Corporation (US), Deere & Company (US), IBM Corporation (US) and Microsoft Corporation (US).These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders.
Report Description: https://evolvebi.com/report/digital-agriculture-market-analysis/
Segmental Analysis
Based on Components, the Digital Agriculture market is segmented into Hardware, Software, and Services. The hardware category led the market in 2022, accounting for 42% of market revenue (USD 3.6 billion), as businesses in the digital agriculture space are continuously looking for new methods to provide clients cutting-edge products and services.
Based on Application, the Digital Agriculture market is segmented into Yield Monitoring, Field Mapping, Crop Monitoring, Livestock Monitoring, Real-Time Safety Testing, Soil Monitoring, Precision Farming, and Others. With $27 billion (USD 2.3 billion) in revenue, the precision farming category led the market in 2022. All of these requirements are satisfied by Internet of Things capabilities and farming precision programs.
Based on Deployment, the Digital Agriculture market is segmented into Cloud and On-Premises. In 2022, the cloud category accounted for 75% of market revenue, or USD 6.5 billion. It was the market leader. Interest in agricultural precision solutions is fueled by significant players in the digital farming business spending more money on cloud computing facilities and by the advantages of cloud services.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from fortune's global 2000 companies.
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