Digital Farming Market Forecasts to 2030 – Global Analysis By Product (Drones/Robots/Unmanned Aerial Vehicles, Agricultural Equipment’s and Other Products), Technology (IoT, Blockchain, AI/ML/NLP, Big Data & Analytics and Other Technologies), Infrastructu

Digital Farming Market Forecasts to 2030 – Global Analysis By Product (Drones/Robots/Unmanned Aerial Vehicles, Agricultural Equipment’s and Other Products), Technology (IoT, Blockchain, AI/ML/NLP, Big Data & Analytics and Other Technologies), Infrastructure, Application and by Geography

According to Stratistics MRC, the Global Digital Farming Market is accounted for $24.91 billion in 2023 and is expected to reach $71.48 billion by 2030 growing at a CAGR of 16.3% during the forecast period. Digital farming is the use of technologies, services, and products to gather and analyze data and offer farmers the best guidance on managing their land, water, and nutrition. By supporting farmers with the precise and timely application of their crops, the solution contributes to the advancement of agricultural solutions as a whole. It will offer the optimal fertilization program for certain fields, enabling them to choose how much fertilizer to apply and adjust for variations in various fields' regions.

According to a new UN assessment, the world’s current population of 7.6 Billion people will grow to 8.6 Billion in 2030, 9.8 Billion in 2050, and 11.2 Billion in 2100.

Market Dynamics

Driver

Rising demand in usage of innovative technologies

The rising need for food brought on by population growth, the increased usage of VRT (variable rate technology), and the growing use of remote sensing and guiding technologies by farmers around the world have all contributed to the significant growth of the global digital farming market in recent years. Furthermore, the use of innovative agricultural techniques has resulted in substantial cost savings, which is anticipated to fuel demand in the global digital farming market throughout the anticipated timeframe.

Restraint

High cost

Automated agricultural equipment is substantially more expensive than conventional farming equipment. Examples include automated harvesters, weeding robots, tillers, and irrigation systems supported by robots. Moreover, the cost of maintaining modern vehicles further limits the use of smart digital farming technologies by small farmers. Therefore, the upkeep costs for the sensors, software, hardware, and cameras in these cars may slow market expansion.

Opportunity

Technological advancements

Technologies like machine learning and artificial intelligence are being swiftly incorporated into farming equipment or field methods. Additionally, as it increases productivity and aids in learning, understanding, and responding to various situations, cognitive computing is gaining popularity across the industry. Moreover, the agriculture industry is similarly undergoing a digital revolution as a result of new initiatives being introduced by both public and commercial organizations. Internet of things solutions aid in the effective use of natural resources like water, power, and others. Users can monitor crop health and soil moisture using a variety of sensors, including light, humidity, temperature, and others included in Internet of Things (IoT) devices. Thus, computerized farm management systems make it possible to monitor farm operations from any location.

Threat

Lack of awareness and understanding

The main challenge with digital farming is a lack of knowledge and comprehension of technology. However, understanding the workings of new technology and anticipating how things will change require a creative approach. The principles of digital farming are unknown to many farmers. Hence, lack of knowledge and understanding, as well as the expensive price of cutting-edge machinery and technology, are projected to hinder the global digital farming market throughout the forecast period.

Covid-19 Impact

Due to the state-wide lockdowns, travel restrictions, and suspension of import and export activity caused by the COVID-19 pandemic's impact on migrant and rural labourers’ freedom of movement, the agriculture industry was severely disrupted. Global food output was impeded by the severe labor shortage caused by this circumstance. Since there were constrained shipments and an adverse business environment, the pandemic also decreased sales of agricultural equipment. Sales of intelligent farming equipment were delayed by the disruption in the supply chain, which also had an impact on the industry's distribution networks.

The hardware segment is expected to be the largest during the forecast period

The hardware segment is estimated to hold the largest share, because businesses in the digital farming sector are constantly looking for fresh ways to offer consumers cutting-edge goods and services. The Digital Farming Market is home to a few businesses that also sell farming robots. Therefore, the approachable front-end framework of this infrastructure will boost farmers' productivity and output, and they will be able to take advantage of yield opportunities to eliminate world hunger and deal with challenges with limited arable land everywhere.

The Artificial intelligence/Machine learning/Natural language processing segment is expected to have the highest CAGR during the forecast period

The Artificial intelligence/Machine learning/Natural language processing segment is anticipated to have lucrative growth during the forecast period, due to the demand for integrating technologies like artificial intelligence and machine learning into agricultural machinery is rising as a result of the need for automated and cutting-edge equipment for farming. Moreover, businesses are developing cutting-edge AI-powered solutions to recognize weather patterns, soil health, crop health, weeds, and pests, which enable them to boost market sustainability.

Region with largest share

Middle East & Africa commanded the largest market share during the extrapolated period owing to the expansion of smart technology and the internet in the area is attributed to the market expansion. There will be plenty of market opportunities due to the numerous efforts made by governments and tech-savvy businesses in Brazil, Argentina, Israel, and the GCC to build a cloud data center and implement emerging technologies like machine learning (ML), artificial intelligence (AI), cloud, big data, and others which boost the market size.

Region with highest CAGR

Europe is expected to witness profitable growth over the projection period, owing to numerous initiatives were started by the European Union to help farmers use cutting-edge technology in their agricultural endeavours. For instance, The European Union has started a funding initiative called the Life and GAIA Sense project to support intelligent agriculture in the area. Moreover, farmers can get funding through the LIFE GAIA Sense program to place sensors on their properties. These sensors are used to monitor and control a number of factors, such as soil moisture, plant health, and insect control. Hence, such aggressive programs are anticipated to drive market expansion.

Key players in the market

Some of the key players in the Digital Farming Market include Accenture PLC, AgEagle Aerial Systems, AGRO Corporation, Bayer Cropscience Limited, Cisco Systems Inc., CLAAS KGaA mbH, CNH Industrial N.V., Deere & Co., Epicor Software Corporation, Hexagone AB, IBM Corporation, Kubota Corporation, Monsanto Company, Salt Mobile SA, Topcon Corporation, Trimble Navigation Ltd. and Vodafone Group PLC.

Key Developments

In June 2022, Cropin, a Bangalore-based agriculture technology firm, planned to launch an agriculture cloud (Agcloud). Agcloud contains data about crops and farmers' locations. In addition, it includes applications that help solve agriculture-related problems. The information of farmers is digitized and used to run agriculture programs to select crops.

In May 2022, Trimble launched a dual frequency, GNSS receiver module, the Trimble BD9250. Trimble RTX correction services are supported by the Trimble BD9250. The new module was developed to provide high-accuracy positioning for automated agriculture applications.

Products Covered
• Drones/Robots/Unmanned Aerial Vehicles
• Agricultural Equipment’s
• Other Products

Technologies Covered
• Internet of things
• Blockchain
• Artificial intelligence/Machine learning/Natural language processing
• Big Data & Analytics
• Other Technologies

Infrastructures Covered
• Sensing & Monitoring
• Communication Technology
• Cloud and Data Processing
• Telematics/Positioning
• Other Infrastructures

Applications Covered
• Weather Forecasting
• Smart Crop Monitoring
• Smart Irrigation Monitoring System
• Yield Monitoring and Mapping
• Soil & Fertilizer Management
• Other Applications

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements