Digital Farming Market by Scope, Growth Prospective, Application & Forecast by 2026
Digital farming or digital agriculture is the implementation of IT in agriculture, and it involves applications connected to machinery and other digital agriculture technologies. Digital farming is used to improve overall farm production employing advanced digital technology. The involvement of digital technology in farming is an evolution in the agriculture sector and has positively impacted the sustainability and efficiency of the farms. Digital farming covers the use of biology and technology together 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 forecasted 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 forecasted 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.
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The global digital farming market is expected to grow over the forecasted period owing to factors such as rising world population, rapidly decreasing arable land, growing global population, rising need for effective agriculture, increasing penetration of advanced technologies in agriculture sector coupled with the growing need for high production of grains and vegetables. Also, the increasing population of green farming across the globe is also pushing for the growth of the digital farming market.
Based on Component, the Global Digital Farming Market can be classified as hardware, 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 contributed the largest to the market owing to factors such as increasing global food demand, crop health monitoring to yield higher production and extended profitability.
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Geographically, the presence of the global digital farming market can be witnessed in five major regions, including Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. In 2020, North America accounted for the largest share in the global digital farming market and is expected to dominate the market in the forecasted period. The growth of the region can be attributed to factors such as high investment in research and development in advanced agriculture techniques and the presence of major players in digital farming solutions in the region.
Vodafone Group PLC, Cisco Systems Inc., Trimble Navigation Ltd., Salt Mobile SA, Accenture PLC, Deere & Co., IBM Corporation, Epicor Software Corporation and Hexagone AB are few of the key market players in the global digital farming market.
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