Global Digital Agriculture Market to Reach $29.8 Billion by 2027 at a CAGR of 10.5%
DUBLIN, Nov. 25, 2022 /PRNewswire/ -- The "Global Digital Agriculture Market by Technology (Peripheral, Core), Type (Hardware, Software), Operation (Farming & Feeding, Monitoring & Scouting, Marketing & Demand Generation), Operation, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global digital agriculture market is estimated to be valued at USD 18 billion in 2022. It is projected to reach USD 29.8 billion by 2027, at a CAGR of 10.5%, in terms of value, between 2022 and 2027.
The market is gaining momentum with increasing awareness about early technology adoption due to global labor scarcity, wider social advantages to the farmers, and high demand for agricultural products and crop health. Additionally, increasing awareness regarding farm management using different technology, real-time monitoring, and remote access to manage daily farm operations are gaining momentum in the market for digital agriculture. Key players in the market are working to provide a sustainable solution either through new product launches or by deals such as partnerships and acquisitions. This helps different players to bring their expertise and cater to the growing demands in the digital agriculture market.
By technology, the peripheral segment occupies the largest market share during the forecast period
Based on technologies, the peripheral segment is estimated to occupy the largest market share during the forecast period. Peripheral technology includes different aspects such as an input device and an output device, which are integrated with binary code and electrical signal, which helps in the overall monitoring and getting proper updates on the farm activity status. There are different sensors available such as soil, water, and weather. The data available from these sensors allow farmers to continuously check on the farm and make decisions on a real-time basis, which drastically enhances the overall farm operations. However, concerns regarding data integrity and security are a concern among farmers and relatedstakeholders.
By type, the hardware segment is forecasted to account for the largest market share
Based on types, the hardware segment accounts for the largest market share, and it will dominate the market in terms of value during the forecast period. The hardware segment for this study is further classified into automation & control systems and sensing & monitoring device. These devices reduce manual work by monitoring the entire farm in real-time. This helps in taking corrective measures immediately and optimizing the productivity of the farm.
By operation, the farming and feeding segment is forecasted to dominate the market during the forecast period
Based on operations, the farming and feeding segment accounts for the largest market share in 2022. Farming and feeding include the activities performed in the field for major crops, livestock, and aquaculture farming. The solutions used for monitoring and sensing are not included in this farming and feeding operation. FAO states that we must produce 70% more food by 2050 to cater to the growing world population. The rising global demand for food and the growing focus on increasing profitability and production by implementing advanced techniques in farming are among a few major factors contributing to the growth of the farming and feeding segment in the global digital agriculture market.
By offerings, the precision agriculture and farm management segment is estimated to account for the largest market share
Based on offerings, the precision agriculture and farm management segment is estimated to account for the largest market share in the global digital agriculture market and is projected to grow at a significant CAGR. Data management helps all stakeholders in the value chain to monitor all the parameters of the farm, which is the key driving factor for the growth of precision agriculture and farm management. Additionally, precision farming could be used for a range of applications on a farm as the technology has immensely helped farmers by improving their profit margins.
Leading players profiled in this report include the following:
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Digital Agriculture Market, by Type
8 Digital Agriculture Market, by Operation
9 Digital Agriculture Market, by Offering
10 Digital Agriculture Market, by Technology
11 Digital Agriculture Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent and Related Markets
For more information about this report visit https://www.researchandmarkets.com/r/vmk9uz
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