Reports and Data has recently added a new research report titled ‘Global Digital Farming Market Forecast to 2027’ to its wide database that offers extensive information about the Digital Farming market with regards to market share, market size, revenue growth, global and regional reach, and product portfolio offered by the market. The report focuses on current and emerging trends in the agriculture industry such as sustainable farming, novel irrigation and air seeding technology, incorporation of GPS and satellite imagery to boost productivity of the farms, and rapid adoption of smart agriculture to offer crucial insights into technological developments and progress of the sector. Agriculture is one of the fastest growing industries worldwide attributed to growing population and surging demand for food and food products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to growing global demand.
The report further offers insights into recent developments, mergers and acquisitions, product launches, supply and demand, and macro- and micro-economic factors affecting the market growth. The digital farming market size is forecast to exceed USD 13.41 billion by 2027 in terms of remuneration, from USD 4.53 billion in 2019, delivering a CAGR of around 14.5% through the forecast period.
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Market Dynamics:
Agriculture sector is one of the most important revenue generating sector and contributes significantly to the overall economic growth of a country. Technological advancements in agricultural equipment and techniques have drastically boosted output and production capacity. Rapid integration of ICT, robotics, aerial imagery and GPS techniques, and the Internet of Things, among others have radically shaped agricultural sector in the recent past. Growing adoption of precision agriculture and drones have enabled farms and businesses to increase their profit margins and improve their operations to be more efficient, safer, and environmentally sustainable.
Technological advancement in agricultural sector has led to higher productivity of crops, limited use of water and fertilizers which in turn have minimized crop prices, lower release of chemicals and pesticides into water bodies, and safer conditions of growing and high quality crops. Growing demand and increasing consumption of food across the globe owing to rapidly growing population is a key factor contributing to the revenue growth of the market. The report discusses the industry scope and development in key regions of the world such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa to offer crucial insights about lucrative growth opportunities with regards to production and consumption pattern, supply and demand, consumer demand, and regulatory framework.
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Key companies in the market are focusing on R&D for development of novel and advanced agricultural devices, temperature and moisture sensors, and systems to supply to the growing demand. Moreover, they are offering training and assistance to farmers on how to deploy and utilize novel technologies along with their existing practices to boost farm and livestock productivity. The competitive landscape section of the report discusses in detail the company overview, product and services portfolio, business expansion plans, production and manufacturing capacity, financial standing, and global market position. It further sheds light on the recent mergers and acquisitions, collaborations, partnerships, corporate and government deals, agreements, and product launches.
Top companies operating in the market and profiled in the report include:
Vodafone Group PLC, Trimble Inc., Salt Mobile SA, Accenture, Deere & Company, IBM, Epicor Software Corporation, Hexagon, Monsanto Company, Bayer Cropscience Limited, Syngenta, AgGateway, Aglytix Inc., CropX Inc., Farmers Business Network (FBN), BASF SE, and DigitalGlobe.
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Further, the report segments the Digital Farming market on the basis of product types, applications, end-use industries, and technology among others. The report offers insights into key factors influencing the revenue growth of the segment and provides information about lucrative investment opportunities to stakeholders, investors, and clients.
Digital Farming Market Segmentation:
By Component: (Revenue, USD Million; 2017–2027)
- Hardware
- Software
- Others
By Application: (Revenue, USD Million; 2017–2027)
- Precision Farming
- Live Stock Monitoring
- Green House Farming
- Others
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Objective of Studies:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Digital Farming market.
- To provide insights about factors affecting the market growth. To analyze the Digital Farming market based on various factors- price analysis, supply chain analysis, Porte five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, Latin America and Rest of the World.
- To provide country level analysis of the market with respect to the current market size and future prospective.
- To provide country level analysis of the market for segment by application, product type and sub-segments.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global Digital Farming market.
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