Summary
Major players in the digital farming market are Trimble Inc., Accenture plc., Deere & Company, IBM Corporation, Monsanto Company, Bayer Cropscience Limited, Syngenta AG, BASF SE, AgGateway, Aglytix Inc., CropX Inc., Farmers Business Network (FBN) Inc., DigitalGlobe, Salt Mobile SA, and Epicor Software Corporation.
The global digital farming market is expected to grow from $12.24 billion in 2022 to $13.97 billion in 2023 at a compound annual growth rate (CAGR) of 14.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital farming market is expected to grow to $23.00 billion in 2027 at a CAGR of 13.3%.
The digital farming market consists of revenues earned by entities by providing animal monitoring, prescriptive fertilizer programs and geospatial mapping services.The market value includes the value of related goods sold by the service provider or included within the service offering.
The digital farming market also includes sales of digital hardware systems such as seed trackers that are used in providing digital farming services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Digital farming refers to the consistent use of smart farming and precision farming techniques, internal and external farm networking, and web-based data platforms used in conjunction with big data analysis. The digital farming is used to integrate financial and field-level records for the whole management of farm activity.
North America was the largest region in the digital farming market in 2022. The regions covered in the digital farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of digital farming are hardware, software, and other components.Hardware refers to the tools used in digital farming to improve the use of resources and showcase the products in various structures.
The technology involved are AI or ML or NLP, IoT, blockchain, and big data and analytics. The various infrastructure involved are sensing and monitoring, communication technology, cloud and data processing, telematics or positioning, and end-use components that are being used for yield monitoring, field mapping, crop monitoring, livestock monitoring, real-time safety testing, soil monitoring, and precision farming applications.
The rising demand for food is expected to propel the growth of the digital farming market going forward.Food refers to a substance that is mostly made up of protein, carbohydrates, fat, and other nutrients and is used by an organism’s body to support development, vital functions, and the production of energy.
Digital farming, or agriculture, is used by farmers to increase agricultural productivity by utilizing technical solutions for dependable farm management and monitoring.With the growing demand for food, digital farming methods are increasingly being adopted to sustain this demand.
For instance, according to a data report published by The Food and Agriculture Organization, a Canada-based body of the United Nations and provider of access to food and agriculture data, global food production will need to increase by 70% to support the food needs of the worldwide population that is forecasted to reach 9 plus billion by 2050.In terms of volume, the food demand is projected to be around 10,094 million tons in 2030 and 14,886 million tons in 2050.
Therefore, the rising demand for food is driving the demand for the digital farming market.
Technological advancements are a key trend gaining popularity in the digital farming market.Major companies operating in the digital farming market are focused on innovating new technologies to sustain their position in the market.
For instance, in August 2022, CropX Technologies, an Israel-based ag-analytics company that produces cloud-based software aiming to conserve water and energy, launched the continuous nitrogen leaching monitoring capability, a new capability that continuously monitors salt and nitrogen movement in the soil.By monitoring and minimizing the environmental effects of nitrogen leaching, farmers can increase output and improve plant and soil health.
The CropX technology combines real-time data from soil sensors on soil moisture, temperature, and electric conductivity (EC) with custom algorithms developed and lab-tested by a team of in-house agronomists. The data is then displayed on the dashboard of the CropX farm management system for simple viewing and reporting.
In June 2022, BASF, a Germany-based chemical producer acquired Horta S.r.l. for an undisclosed amount. This acquisition is expected to strengthen BASF’s range of digital agricultural solutions and help its clients take advantage of the growth potential and opportunities presented by digitization. Horta S.r.l. is an Italy-based developer of decision support systems platforms that offer a sustainable crop management system.
The countries covered in the digital farming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The digital farming market research report is one of a series of new reports that provides digital farming market statistics, including digital farming industry global market size, regional shares, competitors with digital farming market share, detailed digital farming market segments, market trends, and opportunities, and any further data you may need to thrive in the digital farming industry. This digital farming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
