Digital Agriculture Market worth $36.0 billion by 2028 – Exclusive Report by MarketsandMarkets™

Press Releases

Jan 29, 2024

CHICAGO, Jan. 29, 2024 /PRNewswire/ — The Digital Agriculture Market valued at USD 22.0 billion in 2023, showcases a remarkable growth projection, anticipated to escalate to USD 36.0 billion by 2028, indicating a robust compound annual growth rate (CAGR) of 10.3% from 2023 to 2028 according to a report published by MarketsandMarkets™. According to an article published by MDPI on “How Does the Digital Economy Promote Agricultural Development?” In December 2023, the impact of the digital economy on agriculture in developing countries held significant importance in enhancing agricultural production and addressing hunger-related challenges. Technologies such as precision farming, data analytics, and digital monitoring systems play a pivotal role in optimizing farming practices, leading to improved yields and resource efficiency. The digitalization of agriculture positively influences governance in the sector. Digital tools enable more transparent and efficient governance, facilitating better policymaking, resource allocation, and monitoring of agricultural initiatives. For instance, the Indian government is spearheading a technological revolution in agriculture, championing the widespread adoption of digital and innovative farming techniques throughout the nation. As of January 1, 2024, the nation’s commitment to embracing the future of farming is evident through a series of strategic initiatives aimed at bridging the technology gap and elevating agricultural productivity. One of the key initiatives in transforming Indian Agriculture is NeGPA (National e-Governance Plan in Agriculture) which supports states in implementing digital agriculture projects that harness the power of artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), and blockchain. This initiative aims to drive data-driven decisions for optimized agricultural outcomes.

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The Automation and Control Systems hardware segment is poised for remarkable growth with the highest projected CAGR in the upcoming forecast period.

As technological advancements continue to redefine agricultural practices, the emphasis on automation and control systems becomes increasingly important. This involves various modern hardware solutions designed to revolutionize farming processes, ranging from sensor-laden equipment to automated machinery. As precision farming takes center stage, the integration of hardware solutions promises to optimize resource utilization, enhance efficiency, and elevate overall agricultural productivity. This surge in the adoption of automation and control systems is a confirmation of the transformative impact of digital technologies on traditional farming, for an era of smart, data-driven agriculture that holds the promise of sustainable and technologically advanced farming practices in the future. As the sector continues to embrace innovation, automation and control systems stand as a key driver, propelling the digital agriculture market toward growth and efficiency.

The domain of data-driven farming requires Precision Agriculture Connectivity Infrastructure, enabling secure hyperscale Cloud connectivity, farm-centric computing platforms, private 5G wireless systems, public wireless field coverage, and diverse terrestrial and non-terrestrial networks. This foundational infrastructure acts as the backbone for deploying artificial intelligence, quantum computing, machine vision, various automation methods, and other innovations developed by software experts in the field of automation and control systems within digital agriculture.

According to the European Parliament Report published in March 2023, the interest in agricultural robots has grown strongly in the last decade, although its worldwide distribution is not uniform. The areas of application of robotics in agriculture are in field farming, dairy management, indoor farming, horticulture, and others. This surge in technological innovation and the development of autonomous systems underscores the expanding role of automation and control systems in the digital agriculture market. The integration of intelligent features and robotics not only enhances operational efficiency but also sets the stage for future advancements in smart farming practices.

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The US is poised to maintain its dominant position within the North American digital agriculture market throughout the forecast period.

As a frontrunner in technological innovation and agricultural advancements, the US plays a pivotal role in steering the growth of the digital agriculture sector. The nation’s robust infrastructure, substantial investments in research and development, and widespread adoption of modern technologies in farming practices contribute to its enduring prominence in the market.

According to the USDA Report of February 2023, the substantial adoption of digital agriculture technologies, including yield maps, soil maps, variable rate technologies (VRT), and automated guidance systems, particularly in corn and soybean acreage, signifies a significant growth trajectory for digital agriculture in the US. Though their use has been increasing in recent years, technologies such as yield maps, soil maps, and VRT have been adopted on only between 5 and 25% of total US planted acreage for winter wheat, cotton, sorghum, and rice. However, adoption of automated guidance has increased sharply in the past 20 years, with application on well over 50% of the acreage planted to corn, cotton, rice, sorghum, soybeans, and winter wheat. This surge in adoption reflects a shift towards more technologically advanced and data-driven farming methods. Farmers are increasingly recognizing the transformative impact of digital agriculture technologies on operational efficiency, resource optimization, and ultimately, crop yields. As these technologies become more prevalent and their benefits more apparent, the broader adoption across diverse crops is likely to continue, further driving the growth of digital agriculture in the U.S. This trend not only enhances the competitiveness of American agriculture but also underscores the sector’s commitment to embracing innovation for sustainable and technologically advanced farming practices.

Prominent industry players, including Cisco Systems, Inc. (US), IBM Corporation (US), Accenture (Ireland), Trimble Inc. (US), Deere & Company (US), Epicor Software Corporation (US), Hexagon AB (Sweden), Bayer AG (Germany), AGCO Corporation (US), and Vodafone Group PLC (UK), wield substantial influence in the digital agriculture market. These entities boast robust manufacturing facilities and well-established distribution networks across pivotal regions such as North America, Europe, South America, and the Asia Pacific, ensuring a widespread presence and accessibility of their products.

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