Digital Agriculture Market to reach over USD 51.35 billion by the year 2031 - Exclusive Report by InsightAce Analytic

JERSEY CITY, N.J., Feb. 26, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Digital Agriculture Market Size, Share & Trends Analysis Report By Offerings (Advisory Services, Precision Agriculture & Farm Management, Quality Management & Traceability, Digital Procurement, Agri E-Commerce, And Financial Services), Technology (Peripheral, Core), Operation (Farming & Feeding, Monitoring & Scouting, Marketing & Demand Generation) Type (Hardware, Software, Services), Region, Market Outlook And Industry Analysis 2031"

The Global Digital Agriculture Market is estimated to reach over USD 51.35 billion by 2031, exhibiting a CAGR of 11.55% during the forecast period. 

Digital Agriculture Market Report Scope:

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Digital agriculture applies cutting-edge technology such as artificial intelligence (AI), the Internet of Things (IoT), and big data analytics. Moreover, it employs automated systems, smart crop sensors, and drones to track how farmers use water, fertilizer, pesticides, and crops to get the most out of their crops. The demand for food is rising in tandem with the world population because of the scarcity of arable land. Digital agriculture has emerged as a solution for better crop monitoring and management to address the need for food security and environmentally responsible farming methods. Rising food consumption due to the world's rapidly expanding population is one of numerous reasons for the recent market explosion.

Furthermore, demand for autonomous agricultural equipment is growing in many nations due to a need for workable workers. Not to mention that creative irrigation techniques are being used increasingly due to the growing water scarcity. With everything mentioned above, it's no wonder the digital farming business is expected to flourish. However, digital agriculture technology requires significant initial investments for acquisition, setup, and training. Due to this cost, smaller or less financially stable farmers may need help accessing specific markets.

List of Prominent Players in the Digital Agriculture Market:

• Cisco Systems, Inc. (US)
• IBM Corporation (US)
• Accenture (Ireland)
• Trimble Inc. (US)
• Deere & Company (US)
• Epicor Software Corporation (US)
• Hexagon AB (Sweden)
• Bayer AG (Germany)
• AGCO Corporation (US)
• Vodafone Group PLC (UK)

Market Dynamics:

Drivers-

The growing demand for the digital agriculture market is fueled because more and more people are learning about the benefits of digital agriculture for crop yields, and the worldwide market for agricultural products and services has grown substantially.

One of the main factors propelling the digital agriculture market is the positive impact that technological breakthroughs and innovations have on farmers' ability to maximize output while decreasing losses and optimizing resource utilization. As precision agriculture technology becomes more widely used, the digital agriculture market experiences global expansion.

Challenges:

The prime challenge is insufficient technological knowledge, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the digital agriculture market. More people need to learn about digital agriculture and participate in training programs for these technologies to be widely used and effective. That could be a setback for digital agriculture's chances of bringing about a farming sector revolution and generally boosting agricultural sustainability and production.

Regional Trends:

The North American digital agriculture market is anticipated to register a major market share in terms of revenue. It is projected to grow at a high CAGR in the near future because renowned producers of agricultural equipment are located there. Market growth in North America is expected to be driven by increasing government efforts and guidelines to enhance the agriculture industry over the projected period. Besides, Europe had a substantial share in the market because of the dependable producers' financial situation, availability of cutting-edge technology, solid infrastructure, and enhanced supply network. With the support of an efficient administrative system, farmers may learn all they need to know to operate and maintain precision farming equipment, which should increase demand in the e-commerce agricultural market in the area.

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Recent Developments:

• In January 2024, Trimble introduced the Connected Climate Exchange, a carbon marketplace. Its goal is to make the agricultural supply chain more sustainable by linking and collecting verifiable data from all points along the chain. The new sustainability solutions from Trimble can help businesses scale their operations while decreasing their carbon footprint, which is crucial for reaching zero-carbon targets.
• In January 2024, Agriculture & Agribusiness Company AGCO launched FarmerCore, a revolutionary worldwide program to provide farmers and dealers with an experience like never before. The new end-to-end distribution model is a significant step forward for AGCO's Farmer-First strategy. It demonstrates their dedication to assisting farmers worldwide in improving their profitability, productivity, and sustainability.

Segmentation of Digital Agriculture Market-

Digital Agriculture Market By Offering-

• Advisory Services
• Precision Agriculture & Farm Management
• Quality Management & Traceability
• Digital Procurement
• Agri e-Commerce
• Financial Services

Digital Agriculture Market By Technology-

• Peripheral Technology
  • Platforms
  • Apps
• Core Technology
  • Automation
  • Drones
  • Robotics
  • AI/ML

Digital Agriculture Market By Operation-

• Farming & Feeding
  • Precision Agriculture
  • Precision Animal Rearing & Feeding
  • Precision Aquaculture
  • Precision Forestry
  • Smart Greenhouse
• Monitoring & Scouting
• Marketing & Demand Generation

Digital Agriculture Market By Type-

• Hardware
  • Automation & Control Systems
    • Drones/UAVs
    • Irrigation Controllers
    • GPS/GNSS
    • Flow & Application Control Devices
    • Guidance & Steering
    • Handheld Mobile Device/Handheld Computers
    • Displays
    • Harvesters & Forwarders
    • Variable Rate Controllers
    • Control Systems
    • Robotic Hardware
    • VAC Systems
    • LED Grow Lights
    • Other Automation & Control Systems
  • Sensing & Monitoring Devices
    • Yield Monitors
    • Soil Sensors
    • Water Sensors
    • Climate Sensors
    • Camera Systems
    • FID & Sensors for Precision Forestry
    • Temperature & Environment Monitoring Sensors
    • pH & Dissolved Oxygen Sensors
    • C Sensors
    • FID Tags & Readers for Livestock Monitoring
    • Sensors for Livestock Monitoring
    • Sensors for Smart Greenhouse
    • Other Sensing & Monitoring Devices
• Software
  • On-cloud
  • On-premises
  • AI & Data Analytics
• Services
  • System Integration & Consulting
  • Data Collection & Analytical Services
  • Connectivity Services
  • Assistant Professional Services
  • Maintenance & Support Services

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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Why should buy this report:

• To receive a comprehensive analysis of the prospects for global Digital Agriculture market
• To receive industry overview and future trends of global Digital Agriculture market
• To analyze the Digital Agriculture market drivers and challenges
• To get information on the Digital Agriculture market size value (US$ Mn) forecast till 2031
• Major Investments, Mergers & Acquisition in global Digital Agriculture market industry

Other Related Reports Published by InsightAce Analytic:

Farm Management Software and Data Analytics Market 

Precision Farming Market

Augmented Reality In Agriculture Market

Smart Farming Market 

Autonomous Agriculture Equipment Market

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