The global digital agriculture market size was estimated at USD 19 billion in 2022 and is expected to hit around USD 49.5 billion by 2032, poised to reach a notable CAGR of 10.1% during the forecast period 2023 to 2032.
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There is growing pressure on farmers to produce more food and animal feed by using lesser chemicals. The increasing population is making it more difficult to feed the growing population. There's an increase in the strain on agricultural production. The use of Internet of Things solutions combined with precision agricultural softwares will help the agricultural sector. There is an increasing use of agricultural tools that are digital which help in tracking the progress of the crops with the help of sensors that record the condition of the soil and the temperature in the fields.
Farmers are using these applications to analyze the climate for the growth of various crops. Like all the other sectors farming is also making use of digital platforms post pandemic. There's an increase in the investments and innovations for the digital agriculture. Increasing dependency on the digitization is helping in the betterment of the lives of various farmers across the world.
Due to an increased awareness about the benefits of the digital agriculture in better optimization of agricultural production has the resulted in the growth of the agriculture market. Increasing demand for food due to the increase in population has led to the adoption of these digital agricultural tools by various farmers. In many countries there is strategic policymaking which helps in encouraging the farmers to adopt these new technologies. There are many farms advisory services that help the farmers in adopting these new innovative technologies which enables them to become efficient in utilizing the resources which are extremely cost effective and help in combating the challenges. These softwares are able to help the farmers to maximize their yield and minimize the losses.
North American region is the largest market for digital agriculture. That's a great investment by the United States which helps in facilitating the ecosystem for future foods. The Asia Pacific region is also expected to be the fastest-growing market for digital agriculture. Farming is helping the farmers to understand the seeds that can be planted and the number of fertilizers that need to be used it is also helping them in understanding the perfect time for harvesting the crops which will help in generating the expected output.
Increase population and an increasing need for food security is creating a great demand for digital agriculture across many regions. With the help of digitalization in the agricultural market, businesses are able to communicate information beyond the conventional boundaries of their industries. Due to digitization in the agricultural field, there is initiation of new modes of work. These technological advancements have improved the capacities of agriculture and the agricultural industries.
Report Scope of the Digital Agriculture Market
|Market Size in 2023||
USD 20.82 Billion
|Market Size by 2032||
USD 49.5 Billion
|Growth Rate from 2023 to 2032||CAGR of 10.1%|
|Forecast Period||2023 to 2032|
|Segments Covered||Business Channel, Product Type, Component Type, Deployment, Infrastructure, Type, Company Type, Designation, Application, and Geography|
|Companies Mentioned||AGCO Corporation, Microsoft Corporation, HummingBird Technologies, IBM Corporation, Gamaya SA, DTN, Taranis, Farmers Edge, Eurofins, Agriwebb, Climate Corporation, Others|
Product Type Insights
On the basis of the product type the perishable segment is expected to dominate the marketplace during the forecast period. Dairy products, vegetables, meat, fresh fruits, seafood and poultry are all the perishable foods in the digital agricultural marketplace.
Business Channels Insights
The B2B segment is expected to have the largest market share during the forecast period in the digital agricultural market. B2B commerce operates between companies instead of the end user and the company. There are various tools and services like software tools, data analysis, value added services for logistics which are offered to the farmers. All these services in the B2B segment help the farmers to improve their crop productivity and cultivation
The Asia Pacific region is expected to dominate the global digital agricultural market during the forecast period. The Chinese agricultural sector has undergone a great revolution with respect to the adoption of smart farming practices. With the availability of Internet of Things cellular devices use of sensor-based technologies like gear tooth sensor-based irrigation and fertilizer equipment the market is expected to grow. There is an increased rate of mechanization and smart agricultural practices are adopted by the farmers.
China has contributed well in the agricultural science and technology progress. The rate of mechanization in crop harvesting and crop cultivation has rose exponentially in China. India is an agricultural country and it is traditionally dependent on rain and the climate changes. Due to these reasons the farmers are extremely vulnerable to crop loss in India. An increase in the use of artificial intelligence in the agricultural field will help in reducing the uncertainties and the risk in the agricultural activities in India.
In the recent years the Indian government has adopted agricultural policies that have provided a major boost to digital agriculture. IBM and the Government of India have signed a pact in order to provide weather forecast and soil moisture information at village levels using the artificial intelligence.
Digital technology is playing an extremely big role in the in India’s steps towards agricultural modernization and vitalization. The digital agriculture market in the Asia Pacific region is driven by the rise in technology driven agricultural equipments which are available across the Asia Pacific regions and there is an increase in the government funding for the establishment of these tech firms.
Key Market Developments
Segments Covered in the Report
By Business Channel
By Product Type
By Component Type
By Company Type
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