With a CAGR of 13.2%, the digital agriculture market is worth $51.10

Pune, India, Aug. 17, 2022 (GLOBE NEWSWIRE) — The world Digital Agriculture Market Size was rated at USD 7:50 p.m. billion in 2021. The market is expected to grow from USD 9:49 p.m. billion in 2022 at $51.10 billion by 2029, posting a CAGR of 13.2% during the forecast period.

This information is indicated by Fortune Business Insightsin his report, titledDigital Agriculture Market, 2022-2029.”

Industry key development:

May 2022: Kubota Corporation merged with Parcel THRIVE, Inc., a start-up. Through this partnership, Kubota has strengthened its union with Parcel. The collaboration aims to accelerate the growth of a platform to provide value chain optimization and productivity in the production of vegetables, nuts, fruits and other crops.

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Report scope and segmentation

Report cover Details
Forecast period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 13.2%
2029 value projection $51.10 billion
base year 2021
Size of the digital agriculture market in 2021 $19.50 billion
Historical data for 2018 to 2020
Number of pages 150
Segments Covered Infrastructure; Technology; Application;
Digital Agriculture Market Growth Drivers Growing adoption of remote sensing, communication and telematics technologies to drive market growth
High Upfront Cost of Autonomous Farming Equipment May Limit Market Growth

Impacts of COVID-19:

Increased funding in agricultural technology to drive demand for digital agricultural solutions during COVID-19

The COVID-19 pandemic has drastically hampered the agricultural sector due to nationwide lockdown, travel restrictions and delays in import and export trade. Due to the limited movements of migrants and rural workers during the pandemic, a labor shortage has hampered agricultural production around the world. The COVID-19 pandemic has deteriorated agricultural equipment sales, due to the limitation of shipments and the negative effects of transactions.

Click here for the short and long term impact of COVID-19 on this market: https://www.fortunebusinessinsights.com/digital-farming-market-106784

Drivers and Restrictions:

Growing acceptance of remote sensing, communication and telematics technologies to drive market growth

Remote sensing technology enables farmers to distinguish crop species, detect crop parameters, map soil characteristics, regulate crop weeds and diseases, and investigate yield. Rapid advancements in sensing technologies comprising GIS, GPS, sensors, and cameras are expected to drive the growth of the digital agriculture market.

Sensing technologies help farmers receive important information about weather, crop health and productivity. Likewise, the implementation of cloud and data analytics allows producers to access information associated with their farm from a remote location and help increase production technique at every stage.

segments:

Cloud and data processing will dominate due to growing capitalization to develop cloud infrastructure

Based on infrastructure, the market is segmented into sensing and monitoring, communication technology, cloud and data processing, telematics/positioning, and end-use components. The cloud and data processing segment is expected to grow with the highest CAGR during the forecast period.

IoT-based applications such as drones, robots and chatbots must grow with maximum CAGR

The market is categorized into artificial intelligence/machine learning/natural language processing, internet of things, blockchain, and technology-based big data & analytics. The rapid advancement of agricultural equipment with AI, cloud, IoT, and analytics is bolstering the growth of the market.

Amplification of crop damage and lack of natural resources drive demand for digital agriculture solutions for smart crop monitoring

By Application, the market is categorized into Yield Monitoring & Mapping, Intelligent Crop Monitoring, Soil & Fertilizer Management, Intelligent Irrigation Monitoring System, Weather Forecasting and Others (Farm Labor Management, inventory management).

Geographically, the market is divided into five key regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. They are then classified by country.

Report cover:

The report offers a detailed study of the market and an in-depth examination of the main segments of the market. It provides an in-depth analysis of key players and their insightful strategies to boost market growth for monetary gains. He also shares actionable insights that guide business owners in their investment perspective. The regional dynamics and how it is shaping the market in an upward curve are presented in the following report. Additionally, the impacts of COVID-19 have been added for additional information and how this is expected to affect product demand in the near future.

Regional outlook:

North America to dominate fueled by stronger government programs

North America is expected to hold a substantial share of the digital agriculture market, supported by the dominant agricultural equipment players. Moreover, it is further estimated that the amplification of government initiatives and standards aimed at improving the agricultural industry will fuel the market in North America during the forecast period.

The Asia-Pacific region is expected to witness the highest growth during the forecast period. Digital agriculture is in the preliminary stage in the Asia-Pacific region, with government support to develop digital agriculture and refine agricultural performance in countries like India and Japan.

Europe is expected to show colossal growth in the coming period. European countries, such as Germany, the United Kingdom, the Netherlands and Spain should accelerate the development of this agriculture.

Competitive Landscape:

Partnerships between companies to secure their brand values ​​in the global market

Major market players are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to expand their reach to end users.

List of key players mentioned in the report:

  • Deere & Company (USA)
  • Kubota Corporation (Japan)
  • CNH Industrial NV (UK)
  • Hexagon AB (Sweden)
  • Topcon Corporation (Japan)
  • CLAAS KGaA mbH (Germany)
  • Trimble (USA)
  • AGCO Corporation (USA)
  • Agleader (USA)
  • AgEagle Air Systems (USA)

Quick Buy – Digital Agriculture Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/106784

Main table of contents:

  • Introduction
    • Definition, by segment
    • Methodology/Research Approach
    • Information source
  • Summary
  • Market dynamics
    • Micro macro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of key players
    • Overview and Market Share Analysis of Key Players in Global Digital Agriculture Market, 2021
  • Global digital agriculture market size estimates and forecasts, by segments, 2018-2029
    • Main conclusions
    • Per Facility (USD)
      • Detection and monitoring
      • communication technology
        • short range
        • Medium Range
        • Long range
      • Cloud and data processing
      • Telematics/Positioning
      • End-use components
        • Hardware and systems
        • Software/Apps
    • By technology (USD)
      • AI/ML/NLP
      • IoT
      • blockchain
      • Big data and analytics
    • Per app (USD)
      • Performance monitoring and mapping
      • Smart crop monitoring
      • Soil and fertilizer management
      • Intelligent irrigation monitoring system
      • Weather forecast
      • Others (farm labor management, inventory management)
    • By region (USD)
      • North America
      • Europe
      • Asia Pacific
      • Middle East and Africa
      • South America
  • North America digital agriculture market size estimates and forecast, by segments, 2018-2029
    • Main conclusions
    • Per Facility (USD)
      • Detection and monitoring
      • communication technology
        • short range
        • Medium Range
        • Long range
      • Cloud and data processing
      • Telematics/Positioning
      • End-use components
        • Hardware and systems
        • Software/Apps
    • By technology (USD)
      • AI/ML/NLP
      • IoT
      • blockchain
      • Big data and analytics
    • Per app (USD)
      • Performance monitoring and mapping
      • Smart crop monitoring
      • Soil and fertilizer management
      • Intelligent irrigation monitoring system
      • Weather forecast
      • Others (farm labor management, inventory management)
    • By country (USD)

TOC Continued…!

FAQs:

What is the size of the digital agriculture market?

The market is expected to grow from USD 21.49 billion in 2022 to USD 51.10 billion by 2029, growing at a CAGR of 13.2% during the forecast period.

What is the size of the digital agriculture market in North America?

The market in North America was worth USD 8.48 billion in 2021 and is expected to gain a huge share of the market share in the coming years.

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