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Digital Agriculture Market Size is Expanding to USD 52.3 BN

Tokyo, June 22, 2023 (GLOBE NEWSWIRE) — The digital agriculture market is expected to grow at a CAGR of 10.67% during the forecast period till the year 2030. Due to the advancements in digital technologies agriculture and the food chain are being transformed. The use of Internet mobile technologies and other devices which are helpful in data analysis, artificial intelligence and digitally delivered services there is a growth in the digital agricultural market.

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Farm machinery automation is helpful in fine tuning of inputs which help in reducing the demand for the manual labor, remote satellite data and it helps in improving the accuracy. This technology is not limited to the farm, but it is extended to the entire value-added chain until the final product reaches the customer. Digital agriculture is also known as E agriculture or smart farming which has improved results due to technological development, changing climatic conditions and reduced irrigation water levels.

Regional snapshots

The Asia Pacific market had the largest market share, and it is expected to grow during the forecast period. There is a tremendous growth in various nations across the Asia Pacific region. There are many technologically advanced economies that are making significant investments in order to improve the yield from agricultural land. From the states of Telangana, Tamil Nadu and Andhra Pradesh which are in India the farmers are using precision agricultural techniques in order to improve the yield of the crops. In this region there is agricultural growth along with increased emphasis on digitalization of agricultural activities. The Asia Pacific region is expected to boost the development of the digital agriculture marketplace.

The North American region is showing great growth in the digital agriculture market due to an increase in the initiatives that are taken by the government to adopt these modern agricultural technologies and improve the infrastructure. Due to the presence of major market players in the North American region the market is expected to grow during the forecast period.

Report Highlights

  • On the basis of the business channel, the digital agricultural market is expected to have good growth in the B2B segment. Various tools and services like software tools, data analysis, value added services for logistics, value added services for purchasing seeds, fertilizers and algorithms are provided by many startups in this market. The farmers have enhanced crop productivity and cultivation with the use of these tools in the B2B market.
  • On the basis of the product type, the perishables segment is expected to dominate the digital agricultural market. Dairy products, vegetables, fresh fruits, poultry, meat and seafood are perishable food items.
  • On the basis of the region, the Asia Pacific market shall grow well during the forecast period as there is an increased emphasis on digitalization of agriculture which is expected to help in the growth of the farm yield. Due to the presence of various digital agricultural companies India is dominating the Asia Pacific region. In the coming years India can become a vast digital agriculture marketplace.

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Scope of this report

Coverage Details
Market Size in 2030 USD 52.3 Billion
CAGR 10.67% from 2023 to 2032
Asia Pacific Revenue Share 39% in 2022
Europe Revenue Share 28% in 2022
North America Revenue Share 25% in 2022
Key Players AGCO Corporation, Microsoft Corporation, HummingBird Technologies, IBM Corporation, Gamaya SA, DTN, Taranis, Farmers Edge, Eurofins, Agriwebb, Climate Corporation, Others

Market Dynamics

Drivers

As the farmers across the globe are under continuous pressure to produce more food and animal feed with the use of few pesticides it is extremely important to utilize less energy and that happened labor which will be useful in improving the yield. With the fast-rising population in the Asia Pacific regions, it is becoming extremely difficult to feed the growing population. There is an increased strain on the agricultural output due to this ever-increasing population. Agriculture needs to become consistently productive and more efficient with the utilization of resources and time in a manner that will be able to yield maximum output. The use of digitalization in agricultural activities is extremely significant for farmers as well as better social benefits for the world. These advancements in technology are able to provide better capacities for agricultural industry.

Restraints

In order to achieve maximum profitability, sustainability and output from these land resources the use of information and technology for farm management is useful in finding, analyzing and regulating the feel. There’s an extensive study for the precision agricultural technology system. compared to the study made in this field It is still lagging in many this. Start ran

Opportunities

The growing penetration of technology and the use of electronic devices in the field of agriculture is expected to provide great opportunities for growth in the coming years. The awareness regarding the availability of this technology, which is cost effective, shall also provide potential opportunities for the digital agricultural market in the coming years.

Challenges

Once the data is properly analyzed valuable insights are gathered. But analysis of this data is a big integration problem so to say it is far better or far easier to work at the farms with machines rather than collecting useful data. That are insufficient agricultural infrastructure and support facilities available across many nations which poses a major challenge for the growth of this market. The lack of awareness regarding the agricultural methods is also creating a barrier in the growth of this market.

The initial investment for integrated automated robotics is extremely high. There’s a need for training and interaction with this robotic equipment’s in order to gain expertise in this field.

Recent developments

  • Microsoft India and the agricultural ministry have signed a memorandum of understanding in April 2021 which is for a pilot initiative which will help in promoting digital agriculture in six states within 100 communities in India. This project will be launched in UP, MP, Haryana, Rajasthan, Andhra Pradesh and Gujarat. This project aims at building a farmer interface for well-organized and smart agriculture post-harvest management and distribution.

Market Segmentation

By Business Channel

By Product Type

  • Perishables
  • Non perishables
  • Raw materials
  • Others

By Component Type

By Deployment

By Infrastructure

  • Sensing & Monitoring
  • Sensors
  • Cameras
  • Communication Technology
  • Short Range
  • Medium Range
  • Long Range
  • Cloud and Data Processing
  • Telematics/Positioning
  • GPS/GNSS
  • GIS

By Type

By Company Type

  • Tier 1-55%
  • Tier 2-20%
  • Tier 3-25%

By Designation

  • C-Level Executives-40%
  • Directors -35%
  • Others-25%

By Application

  • Field Mapping
  • Livestock Monitoring
  • Greenhouse Farming
  • Crop Scouting
  • Weather Tracking
  • Drone Analytics
  • Financial Management
  • Farm Inventory Management
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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