Digital Agriculture is the implementation of IT in the agriculture sector while involving applications connected to machinery and other digital agriculture technologies. Digital farming improves overall farm production. The involvement of digital technology has positively impacted the sustainability and efficiency of the farms. Digital agriculture refers to tools that digitally collect, store, analyze, and share electronic data and/or information along the agricultural value chain. The convergence of IT with agriculture coupled with government initiatives and a decline in sensor prices drives the market growth. According to the Farm Profits and Adoption of Precision Agriculture study in 2017, yield mapping is used on about 40% of US corn and soybean acres, GPS soil maps on about 30%, guidance on over 50%, and VRT on 28-34% of acres. Further, the Penetration of AI and IoT in agriculture fuel the market growth as these technologies use smart sensors providing a connected environment along with remote monitoring capabilities resulting in higher adoption of devices. As per Statista, the global Agriculture IoT penetration in precision farming accounted for 38.93% and is projected to reach 39.49% by 2023. Moreover, increasing product launches catering to diversified needs of the agricultural sector increase the product portfolio driving the market growth. For Instance: Precision Planting LLC in January 2019, introduced two new products. First, SmartDepth, an automated solution for managing the depth of the planter. Second FurrowForce closing systems, which automates furrow closing row by row and provides visibility to closing performance on a 20*20 display. However high implementation and operational costs impede the growth of the market over the forecast period of 2020-2027. Although, tremendous research in order to develop new techniques to increase the product portfolio presents a lucrative opportunity for the market.
The global Digital Agriculture Market is valued at approximately USD 5.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 10.20% over the forecast period 2020-2027 and is estimated to reach USD 11.53 billion by 2027.
The regional analysis of the global Digital Agriculture market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing modernization in the agricultural sector and the presence of major market players in the region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income, the rising population would create lucrative growth prospects for the Digital Agriculture market across the Asia-Pacific region.
Major market players included in this report are Farmers Edge, AgriWebb, Monsanto Company, Bayer Cropscience Limited, Deere & Company, Accenture PLC, Syngenta, AgGateway, Aglytix Inc., CropX Inc., and Farmers Business Network
The detailed segments and sub-segment of the market are explained below:
By Smart Farming Systems: Livestock Monitoring, Yield Monitoring, Crop Scouting, Field Mapping, Real-Time Safety Testing, Climate Smart
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