Digital Farming Market (Updated Version Available)

Digital Farming Market Size, Share & Trends Analysis, By Application (Weather tracking, Yield monitoring, Field mapping, Crop scouting, Soil & fertilizer management, and Others), Technology (Big data & analytics, IoT, AI/ML, and Blockchain), By Region, Forecast Period- 2023-2030.

Report ID : RI_673788 | Date : February 2023 | Format : ms word ms Excel PPT PDF

This Report Includes The Most Up-To-Date Market Figures, Statistics & Data
Key Market Overview:

The Digital Farming Market was valued at USD 21.49 Billion in 2022, registering a CAGR of 13.2% during the forecast period (2023-2030), and the market is projected to be worth USD 51.82 Billion by 2030.

Digital farming is referred as utilization of advanced technologies such as IoT, AI, big data analytics, automatic systems, drones, and smart crop sensors to monitor crop growth, soil condition, and weather forecasting. The technology is being used to measure inter and intra-field variability of crops to maximize the crop yield and ensure profitability. Smart farming comprises advanced technologies for multiple benefits. Software used in digital farming provides real time data for crop condition and weather prediction. The robotic drones capture real time images of individual plants aid to monitor crop growth. Smart crop sensors analyze optimum amount of water and the requirement of fertilizers that avoid wastage of resources. Moreover, adoption of sustainable farming technologies provides predictive analysis help to make precise decisions for soil management, harvesting time, and crop market rate.

Furthermore, technological development, growing environmental concern, and inclination towards organic food has escalated the demand of digital farming to enhance crop yield and profitability. For instance, Microsoft collaborated with 175 farmers to offer advisory solutions for sowing and fertilizers in Andhra Pradesh, India. Additionally, increasing investments in agriculture sector for technological innovation has augmented the growth of digital farming. For instance, in August 2020, the World Economic Forum\'s Center in partnership with the Ministry of Agriculture, Government of Telangana, Ministry of Electronics and IT, and National Institute of Transforming India (NITI) Ayog, launched Artificial Intelligence for Agriculture Innovation (AI4AI) for Fourth Industrial Revolution India. However, depletion of natural resources and high automation cost is limiting the growth of digital farming.

Base Digital Farming Market Coverage

Report AttributesReport Details
Study Timeline2017-2030
Market Size in 2030 (USD Billion)51.82 billion
CAGR (2023-2030)13.2 %
Base Year2023
By TechnologyBig data & analytics, IoT, AI/ML, and Blockchain
By ApplicationWeather tracking, Yield monitoring, Field mapping, Crop scouting, Soil & fertilizer management, and Others
By Geography
  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]

  • North America [United States, Canada, Mexico]

  • Middle East & Africa [GCC, North Africa, South Africa]

  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Key PlayersAg Leader Technology, Deere and Company, AgJunction Inc., Raven Industries Inc., Trimble Inc., CropMetrics LLC, AGCO Corporation, Kubota Corporation, Topcon Corporation.


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    Market Dynamics:

    Driver:

    Rising technological innovation in agriculture sector is boosting the growth of digital farming

    Rising technological innovation in agriculture sector is boosting the growth of digital farming
    Adoption of advanced technologies such as IoT, AI, big data analytics, automatic systems, drones, and smart crop sensors are increasing the demand of digital farming to improve crop yield and profitability. Growing environmental concern such as uncertain rainfall, declining soil fertility, and undetermined climatic conditions has shifted traditional farming method into digital farming solution. GPS system and robotic drones contribute to develop digital farming solution by providing real time images of individual plant aid to monitor crop growth. Digital farming helps to predict crop market rate and maximize crop yield. For instance, in January 2021, Raven Industries launched OMNIDRIVE and OMNI POWER, the first driverless Agriculture technology, to monitor harvesting operations. Thus, technological developments, rising concern for environmental conditions, and increasing investments in agriculture sector is fueling the growth of digital farming.

    Restraint:

    High automation cost is hindering the growth of digital farming

    High automation cost is hindering the growth of digital farming
    High initial operational cost of digital farming is limiting the growth of smart farming solution. Automated agriculture equipment such as automated harvester, robot assisted irrigation system, and automated tractor is expensive as compared to traditional agriculture equipment. Additionally, developing countries are facing challenges including minimal information and telecommunication information, high prices of equipment, and low public investment in agriculture. Thus, high initial expenses and complexity of technology is hampering the growth of digital farming.

    Base Digital Farming Market Segmentation:



    By Application

    The application segment is distributed into Weather tracking, Yield monitoring, Field mapping, Crop scouting, Soil & fertilizer management, and Others.
    Yield monitoring holds major market share for digital farming market as it helps to make precise decisions. Yield monitoring helps the farmers to get real time information for harvesting operations. Depletion of natural resources and soil degradation augmented the demand of yield monitoring.

    Soil & fertilizer management segment is projected to showcase rapid growth of digital farming market. Smart crop sensors analyze optimum amount of water and requirement of fertilizers which helps to avoid wastage of resources. Smart farming enables crop monitoring, fertilizer management to enhance crop yield and profitability. Smart sensors helps to make precise decision regarding soil and fertilizer management, by monitoring soil condition.

    By Technology

    The technology segment is categorized into Big data & analytics, IoT, AI/ML, and Blockchain.
    IoT segment of technology captured largest revenue for digital farming owing to adoption of IoT based system such as smart sensors, robot drones, and chatbots. IoT, automatic systems, drones, and smart crop sensors for crop monitoring boost the growth of digital farming. Thus, rising investments in technological innovation for agriculture sector fuel the demand of IoT technology for digital farming.
    AI/ML segment is anticipating fastest growth of digital farming market due to rising adoption of artificial intelligence in agriculture technology. Additionally, companies are developing advanced AI-based solution for soil analysis and weather detection, which fuel the growth of AI-based digital farming. For instance, PEAT, a Germany based technology company, designed Plantix, an AI-based application to identify nutrient deficiencies and usage of fertilizers to enhance crop yield.

    By Region

    The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
    North America accounted major market share for digital farming owing to existence of leading agricultural equipment manufacturers and rising investments in technological development for agriculture sector. For instance, in February 2020, AGCO Corporation launched Momentum planter in North America, to tackle challenges regarding planting conditions. The product is integrated with SmartFrame technology used for automated and smart configuration technology.



    Asia Pacific region is expected to grow rapidly during forecast period due to rising adoption of emerging technology. Moreover, Government support for digital farming in developing countries such as India and Japan augmented the demand of digital farming. For instance, the government of India initiated multiple projects for emerging technologies such as big data & analytics, IoT, drones, smart sensor, artificial intelligence, and blockchain technology under digital agriculture mission for 2022-2025. The initiative aims to adopt advanced technologies including AI and blockchain to monitor crop growth, soil condition, and weather prediction.

    Base Digital Farming Market Competitive Landscape

    The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global Digital Farming Market. Key players in the market include-

    • Ag Leader Technology
    • Deere and Company
    • AgJunction Inc.
    • Raven Industries Inc.
    • Trimble Inc.
    • CropMetrics LLC
    • AGCO Corporation,
    • Kubota Corporation
    • Topcon Corporation

    Recent Developments

    • In May 2022, Kubota Corporation collaborated with Parcel THRIVE, a US AgTech startup company. The collaboration aims to speed up the growth for efficient production value chain of fruits, nuts, and vegetables.
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