Digital Agriculture Market Size is Expected to reach USD 10587.6 Million by 2027, Reported by Brandessence Market Research
PUNE, India, March 31, 2021 /PRNewswire/ -- Brandessence Market Research has published a new report title "Digital Agriculture Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027" Increasing day to day demand of food & growing labor shortage are some of the major factors anticipated to drive the growth of Global Digital Agriculture Market.
Global Digital Agriculture Market size is valued at USD 5131.9 Million in 2020 and expected to reach USD 10587.6 Million by 2027 with a CAGR of 10.9% over the forecast period.
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Digital agriculture is the use of technology in agriculture such as sensors, AI, UAV, robot, GPS, temperature & moisture detector, etc. to collect, store, analyze data for required action. The technology is not limited to farm but it is expanded to whole value addition chain till output reaches to customer. Digital agriculture is also sometimes known as smart farming or e-agriculture is the result of increasing technological development, shortage of farm labor, changing climate conditions, AND decreasing water level for irrigation, etc. The continuous income with better standard of living without working in field has led to the urbanization and deployment of technology in farm for day to day activities which will help in improving productivity at low cost and due to the less human resource dependence, efficient processes, timely activities, etc. provides better environment for agriculture.
The use of automization such as driverless electric tractor, drone for applying pesticide, and robots for weeding will reduce the carbon footprint & increases the safety. The digital agriculture requires operator to understand and use the technology which would reduce the delays in sowing, plowing, irrigation & product delivery to market. The countries like Israel doesn't have natural environment for production of crop & hence it uses purified ocean water for irrigation, artificial environment for crop growth and etc.
During Covid-19 Pandemic, the government imposed restriction globally on movement has affected every market but agriculture is least affected. The manufacturing of technological equipment has also affected considerably which affects both demand & supply. The imposition of social distancing reduces farm labor considerable and the demand for digital agriculture has shown significant dip but it is expected to grow at fast pace to meet the demand of food around the globe after the pandemic.
Increasing Demand for Food and Growing Shortage of Farm Labor are the Major Factor Driving the Market Growth
The major factor driving the growth of global digital agriculture market is shortage of labor along with increased demand for food. The increasing world population results in growing demand for more food means increased productivity with reduced cost in limited resources. According to the World Bank, the world population is growing at 1.075% in 2019 which is around 82 million. In addition, the growing shortage of farm labor due to urbanization in the search of consistent income source is also supplementing the demand for digital agricultural offerings. According to World Bank, the urban population growth is at 1.88% whereas for rural it is at 0.072%. Furthermore, increasing scarcity of natural resources such as water, changing climate like greenhouse effect, etc. increases the demand for digital agriculture for efficient use of resources and increased productivity. However, the lack of technical knowledge among individual for effective utilization may hinder the market growth. In spite of that, increasing penetration of technology & electronic devices in the field of agriculture may provide more opportunities for the further growth of the market.
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News: IBM Partnered with Solinftec for Raising Standard of Digital Agriculture
February 4th 2021; IBM partnered with Solinftec for providing precision solution to agriculture globally. Unparalleled climate based insight of IBM paired with Solinftec's artificial intelligence & sophisticated algorithms to provide real time decision making solutions to increase operation efficiency, use of inputs & agricultural compliance which results in reduced environmental impact.
Key Players for Global Digital Agriculture Market Report:
Some of the key players for global digital agriculture market are DTN, Taranis, Farmers Edge, Eurofins, Agriwebb, Climate Corporation, Microsoft, Monsanto, Digital Agriculture Services, IBM, Farmers Edge, SAP, FarmCrowdy, Eka, Bayer, Cargill, Yara International, BASF, Delta & Pine Land, Sunkist Growers and others.
Global Digital Agriculture Market Segmentation:
Global digital agriculture market report is segmented on the basis of component, application, farm size and region & country level. Based upon component, global digital agriculture market is classified into hardware, software and services. Based upon application, the market is divided into precision farming, live stock monitoring, green house farming, precision forestry, precision aquaculture and others. Based upon farm size, global digital agriculture market is divided into small, medium and large.
By Component:
- Hardware
- Software
- Services
By Application:
- Precision Farming
- Live Stock Monitoring
- Green House Farming
- Precision Forestry
- Precision Aquaculture
- Others
By Farm Size:
- Small
- Medium
- Large
North America is Expected to Dominate the Global Digital Agriculture Market.
The global digital agriculture market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. North America is expected to dominate the global digital agriculture market within the forecast period due to its small population lives in rural area, large farm size, highly advanced economy and early adoption of technologically advanced products & solutions. According to Farm Bureau, only 2% of United State population owns farm or ranch. In addition, the region is technologically developed with technically able individuals helps in fast adoption of digital agriculture. Furthermore, the farm size in this region is huge which makes it difficult to manage manually or with less working labor. According to USDA, the average United States farm size in 2019 was 444 acres.
Europe is expected to capture the second largest share for global digital agriculture market due to its 74% of population resides in cities and individuals are technologically able. In addition the area has large farms such as per Eurostat, UK with 68 hectare per farm, Luxembourg with 62 hectare per farm. Asia pacific is developing region & expected to witness a significant market growth due to growing urbanization & increasing working population.
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