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Digital Farming Market Size, Share, Growth, Trends, Analysis, Forecast To 2033
Digital Farming Market Size
As per the report, the digital farming market size has grown rapidly in recent years. It will grow from $14.06 billion in 2023 to $16.09 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The digital farming market size is expected to see rapid growth in the next few years. It will grow to $26.44 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%.
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Meeting The Rising Food Demand Through The Growth Of The Digital Farming Market
The rising demand for food is expected to propel the growth of the digital farming market going forward. 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. Therefore, the rising demand for food is driving the demand for the digital farming market.
Innovation Of New Technologies
Technological advancements are a key trend gaining popularity in the digital farming market. 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. The CropX technology combines real-time data from soil sensors on soil moisture, temperature, and electric conductivity (EC) with custom algorithms developed and lab-tested by a team of in-house agronomists. The data is then displayed on the dashboard of the CropX farm management system for simple viewing and reporting.
The digital farming market covered in this report is segmented -
1) By Component: Hardware, Software, Other Components
2) By Technology: AI or ML or NLP, IoT, Blockchain, Big Data and Analytics
3) By Infrastructure: Sensing and Monitoring, Communication Technology, Cloud and Data Processing, Telematics or Positioning, End-Use Components
4) By Application: Yield Monitoring, Field Mapping, Crop Monitoring, Livestock Monitoring, Real Time Safety Testing, Soil Monitoring, Precision Farming
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Major companies operating in the digital farming market report are Armacell International Holding, BASF SE, Woodbridge Company Ltd., Dow Inc., Sekisui Chemical Co. Ltd., Recticel NV, UFP Technologies Inc., INOAC Corporation, Kaneka Corporation, Saudi Basic Industries Corporation, Sealed Air Corporation, Zotefoams plc, Lanxess AG, Foampartner Group, MH Polymers Private Limited, Covestro AG, Furukawa Electric Co. Ltd., Huntsman Corporation, Trelleborg AB, Rogers Corporation, Wanhua Chemical Group Co. Ltd., Synthos S.A., Versalis S.p.A., Total S.A., Nova Chemicals Corporation, Tucson Container Corporation, Polyfoam Corporation, Foamex International Inc., Foam Products Corporation
Contents of the report:
1. Executive Summary
2. Digital Farming Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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