The Digital Agriculture Market is estimated to be valued at USD 18.0 billion in 2022. It is projected to reach USD 29.8 billion by 2027, at a CAGR of 10.5%, in terms of value between 2022 and 2027.
The negative impact of ecosystem change on agriculture is the major factor driving the growth of the digital agriculture market. It is also a major driver for the market as farmers are looking for newer technology to help protect crops and livestock from diseases leading to any disruption. Further, increase in investment by government bodies to encourage the adoption of different technology, increasing R&D activities by key players to provide affordable and sustainable solutions to the stakeholders in the value chain, remote sensing devices that enable farmers to monitor weather conditions, map soil properties, detect the growth of livestock, and help in forest management.
Peripheral technology accounts for the largest market share in the digital agriculture market
Based on technologies, the peripheral technology segment dominates the market. Different types of devices, such as smartphones, tablets, and computers, have space to install platforms and applications, which, in turn, can be used to remotely operate farm and agricultural operations. Peripheral technology uses both hardware and software technology integration to function. Peripheral technology helps farmers to get information about crop health, soil, and water flow, and these data are integrated and stored in cloud systems to assist in optimizing production from a remote location.
Hardware segment accounts for the largest market share in the digital agriculture market during the forecast period
Based on types, the hardware segment is projected to account for the largest market share in the digital agriculture market. Hardware tools, devices, and components account for a huge share because of their widespread use in the digital agriculture industry, which includes precision farming, precision aquaculture, precision livestock, precision forestry, and smart greenhouse.
Farming and feeding segment is projected to grow at a significant CAGR in the digital agriculture market during the forecast period
By operations, the digital agriculture market is segmented into farming & feeding, monitoring & scouting, and marketing & demand generation. Farmers and other stakeholders are adopting this technology as it improves farm productivity and optimizes and automates various processes. It monitors every aspect of the farm, from crop health to livestock diseases, to their feeding pattern, which helps farms take strategic decisions.
Precision agriculture and farm management segment is projected to account for the largest market share in the digital agriculture market during the forecast period
Based on offerings, the precision agriculture and farm management segment is projected to account for the largest share of the digital agriculture market. Digital agriculture includes precision agriculture, precision aquaculture, precision livestock management, and precision forestry. It helps monitor and operate the activities in the entire value chain, thus increasing the efficiency of the farm output, productivity, and profitability. Major factors driving the growth of the precision forestry market are increasing forestry mechanization in emerging countries, rise in construction activities, growing demand for timber from sawmills, and prevention of illegal logging and deforestation.
North America holds the largest share in the digital agriculture market during the forecast period
The North American region occupies the largest global digital agriculture market share. The regional manufacturers are currently focusing on new product developments and strategic deals such as partnerships, collaborations, and expansions to create more awareness among consumers and cater to the growing demand. The innovative product development in the region is backed by appropriate research and development facilities available. In North America, the major driving factor is the availability of large farming land, increasing adoption of hardware and software to smoothly manage large farms, a large population of livestock, and low prices of agriculture machinery and equipment.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as CISCO Systems, Inc. (US), IBM Corporation (US), Accenture (Ireland), Deere & Company (US), Trimble INC. (US), DeLaval (Sweden), AKVA Group (Norway), Hexagon AB (Sweden), DJI (China), Epicor Software Corporation (US), Vodafone Group PLC. (UK), Bayer Cropscience AG (Germany), TELUS AGRICULTURE (Canada), Small Robot Company (England), Zemdirbiu Konsultacijos UAB (England), Raven Industries (US), Gamaya (Switzerland), AGCO Corporation (US), PrecisionHawk (US), Agreena (Denmark), Ceres Imaging (US), Agricultural Consulting Services (US), EC2CE (Spain), Eurofins Scientific (France), and Arable (US).