Digital agriculture market: Precision agriculture and farm management segment to account for the largest market share by 2027
The Digital Agriculture Market is estimated to be valued at USD 18.0 billion in 2022. It is projected to reach USD 29.8 billion by 2027, at a CAGR of 10.5%, in terms of value between 2022 and 2027.
The negative impact of ecosystem change on agriculture is the major factor driving the growth of the digital agriculture market. It is also a major driver for the market as farmers are looking for newer technology to help protect crops and livestock from diseases leading to any disruption. Further, increase in investment by government bodies to encourage the adoption of different technology, increasing R&D activities by key players to provide affordable and sustainable solutions to the stakeholders in the value chain, remote sensing devices that enable farmers to monitor weather conditions, map soil properties, detect the growth of livestock, and help in forest management.
Precision agriculture and farm management segment is projected to account for the largest market share in the digital agriculture market during the forecast period
Based on offerings, the precision agriculture and farm management segment is projected 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 the activities in the entire value chain, thus increasing the efficiency of the farm output, productivity, and profitability. Major factors driving the growth of the precision forestry market are increasing forestry mechanization in emerging countries, rise in construction activities, growing demand for timber from sawmills, and prevention of illegal logging and deforestation.
North America holds the largest share in the digital agriculture market during the forecast period
The North American region occupies the largest global digital agriculture market share. The regional manufacturers are currently focusing on new product developments and strategic deals such as partnerships, collaborations, and expansions to create more awareness among consumers and cater to the growing demand. The innovative product development in the region is backed by appropriate research and development facilities available. In North America, the major driving factor is the availability of large farming land, increasing adoption of hardware and software to smoothly manage large farms, a large population of livestock, and low prices of agriculture machinery and equipment.
Digital Agriculture Market Blog
Key players in this market include CISCO Systems, Inc. (US), IBM Corporation (US), Accenture (Ireland), Deere & Company (US), Trimble INC. (US), DeLaval (Sweden), AKVA Group (Norway), Hexagon AB (Sweden), DJI (China), Epicor Software Corporation (US), Vodafone Group PLC. (UK), Bayer Cropscience AG (Germany), TELUS AGRICULTURE (Canada), Small Robot Company (England), Zemdirbiu Konsultacijos UAB (England), Raven Industries (US), Gamaya (Switzerland), AGCO Corporation (US), PrecisionHawk (US), Agreena (Denmark), Ceres Imaging (US), Agricultural Consulting Services (US), EC2CE (Spain), Eurofins Scientific (France), and Arable (US).
