Digital Farming Market expected to be valued worth USD 10.23 billion by 2025
Published Date | 2020 January 28
Digital Farming or digital agriculture is the implementation of IT in agriculture and it basically involves applications connected to machinery and other digital agriculture technologies. Digital Farming is used to improve overall farm production by means of advanced digital technology. The involvement of digital technology in farming is an evolution in agriculture sector and has positively impacted the sustainability and efficiency of the farms. Digital farming covers the use of biology and technology together in order to help farms to do precise farming.
The global digital farming market is expected to be valued worth USD 10.23 billion by 2025. According to BlueWeave Consulting, it is expected to register a CAGR of 14.2 per cent over the forecast period. Increasing demand for specialized equipment such as sensing devices, automation and control system and antennas and access points is expected to drive the growth of the market in the Forecast period. In 2019, bio-engineering, imagery and sensors, big data and robotics and automation have supported the expansion process for the global digital farming market.
Increasing population of green farming to drive the growth of Global Digital Farming Market
Global digital farming market is expected to grow over the forecast period owning to factors such as rising world population, rapidly decreasing arable land, growing global population, rising need for effective agriculture, rising penetration of advanced technologies in agriculture sector coupled with growing need for high production of grains and vegetables. In addition, increasing population of green farming across the globe is also pushing for the growth of digital farming market. Rising demand for quality crops in amount to meet the growing need of grains and vegetables has been a major factor leading to adoption of digital farming solutions at the fields by the farmers in order to improve the productivity of arable lands.
Growing number of applications for telematics in agriculture is expected to drive the demand for digital farming over the forecast period. Telematics services include usage of tracking devices such as Global Navigation Satellite System (GNSS) to locate the position of the equipment for management purposes. The increasing adoption of new technologies and advanced devices for digital farming is expected to drive the growth of the market. Increasing demand for managed services is another contributing factor to the expansion of digital farming market. Smart Farming could be a long term answer to the growing population in developing countries as well as to the demand of growing digital farming market. Smart farming technology also facilitates efficient use of resources such as water, land, seed and fertilizers improving the overall quality and quality of farm yield.
Precision farming contributed the largest to the Global Digital Farming Market in 2019
On the basis of Component, the Global Digital Farming Market can be classified as hardware and software. On the basis of Application, the market can be segregated as Precision Farming, Live Stock Monitoring, Green House Farming and others. In 2019, precision farming has contributed the largest to the market owning to factors such as increasing global food demand, crop health monitoring to yield higher production and extended profitability. Green House farming is expected to emerge as another key segment in the global digital farming market due to rising global warming.
North America accounted for the largest share in the global digital farming market
Geographically, the presence of global digital farming market can be witnessed in five major regions including Europe, North America, Latin America, Asia Pacific and Middle East and Africa. In 2019, North America accounted for the largest share in the global digital farming market and is expected to dominate the market in the forecast period. The growth of the region can be attributed to factors such as high investment in research and development in advanced agriculture techniques and presence of major players in digital farming solutions in the region.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Digital Farming market size & forecast. The report promises to provide state-of-the-art technology of Digital Farming production and industry insights which help decision-makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.