CHICAGO, October 14, 2022 /PRNewswire/ — The digital agriculture market is estimated at $18.0 billion in 2022. It should reach $29.8 billion by 2027, at a CAGR of 10.5%, in terms of value between 2022 and 2027, according to a new report from MarketsandMarkets™. The negative impact of changing ecosystems on agriculture is the major driver for the growth of the digital agriculture market. It is also a major driver for the market as farmers look for new technologies to help protect crops and livestock from disruptive diseases. In addition, increased investment by government agencies to encourage adoption of different technologies, increased R&D activities by key players to provide affordable and sustainable solutions to value chain stakeholders, devices remote sensing systems that allow farmers to monitor weather conditions, map soil properties, detect livestock growth and assist in forest management.
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Peripheral technology accounts for the largest market share in the digital agriculture market
Based on the technologies, the peripheral technologies 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 operate farms remotely. Peripheral technology uses both the integration of hardware and software technology to function. Edge technology helps farmers gain insight into crop health, soil, and water flow, and that data is integrated and stored in cloud systems to help optimize production remotely.
The hardware segment accounts for the largest market share in the digital agriculture market during the forecast period
Based on types, the hardware segment is expected to account for the largest market share in the digital agriculture market. Tools, devices, and hardware components account for a huge share due to their widespread use in the digital agriculture industry, which includes precision agriculture, precision aquaculture, precision animal husbandry, precision and smart greenhouses.
The agriculture and food segment is expected to grow at a significant CAGR in the digital agriculture market during the forecast period
By operations, the digital agriculture market is segmented into Agriculture & Food, Monitoring & Screening, and Marketing & Demand Generation. Farmers and other stakeholders are adopting this technology as it improves agricultural productivity and optimizes and automates various processes. It monitors all aspects of the farm, from crop health to livestock diseases to feeding patterns, which helps farms make strategic decisions.
Precision agriculture and farm management segment is expected to account for the largest market share in the digital agriculture market during the forecast period
Based on the offerings, the precision farming and farm management segment is expected 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 activities across the entire value chain, thereby increasing agricultural production efficiency, productivity and profitability. The major drivers for the growth of precision forestry market are increase in forestry mechanization in emerging countries, increase in construction activities, growing demand for timber from sawmills and prevention of illegal logging and of deforestation.
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North America holds the largest digital agriculture market share over the forecast period
The North American region holds the largest global digital agriculture market share. Regional manufacturers are currently focusing on new product development and strategic deals such as partnerships, collaborations and expansions to increase consumer awareness and meet growing demand. The development of innovative products in the region is supported by appropriate research and development facilities available. In North Americathe main driving factor is the availability of large agricultural land, the increasing adoption of hardware and software to smoothly manage large farms, a large livestock population, and low prices for agricultural machinery and equipment.
This report includes a study on marketing and development strategies, as well as product portfolios of leading companies. It consists of profiles of leading companies, such as CISCO Systems, Inc. (USA), IBM Corporation (USA), Accenture (Ireland), Deere & Company (USA), Trimble INC. (United States), DeLaval (Sweden), AKVA Group (Norway), Hexagon AB (Sweden), DJI (China), Epicor Software Corporation (USA), Vodafone Group PLC. (UK), Bayer Cropscience AG (Germany), TELUS AGRICULTURE (Canada), small robot company (England), Zemdirbiu Konsultacijos UAB (England), Raven Industries (United States), Gamaya (Swiss), AGCO Corporation (USA), PrecisionHawk (USA), Agreena (Denmark), Ceres Imaging (US), Agricultural Advisory Services (US), EC2CE (Spain), Eurofins Scientific (France) and Arable (United States).
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Browse Adjacent Reports: Agriculture Industry Market Research Reports and Advice
Smart Agriculture Market by Offering, Agriculture Type (Precision Agriculture, Livestock Monitoring, Precision Aquaculture, Precision Forestry, Smart Greenhouse), Application, Farm Size, and Geography (2021-2026)
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