Market Leaders: CISCO Systems, Inc. and Deere & Company are Focusing nn New Product Launches and Expanding their Businesses to Consolidate their Market Position in Digital Agriculture Market
The global digital agriculture market size is estimated to be valued at USD 18.0 billion in 2022 and is projected to reach USD 29.8 billion by 2027, recording a CAGR of 10.5%, in terms of value, during the forecast period. Digital agriculture uses information and communication technology to support systems in farming, covering all aspects of farming at a granular level. Digital agriculture covers the entire value chain of agriculture, starting from farm inputs to digital procurement, which helps farmers and other stakeholders to make informed decisions, reduce wastages, and increase the operational efficiency of farms.
Key players in this market include CISCO Systems, Inc. (US), IBM Corporation (US), Accenture (Ireland), Deere & Company (US), Trimble INC. (US), DeLaval (Sweden), AKVA Group (Norway), Hexagon AB (Sweden), DJI (China), Epicor Software Corporation (US), Vodafone Group PLC. (UK), Bayer Cropscience AG (Germany), TELUS AGRICULTURE (Canada), Small Robot Company (England), Zemdirbiu Konsultacijos UAB (England), Raven Industries (US), Gamaya (Switzerland), AGCO Corporation (US), PrecisionHawk (US), Agreena (Denmark), Ceres Imaging (US), Agricultural Consulting Services (US), EC2CE (Spain), Eurofins Scientific (France), and Arable (US).
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The key players focus on improving their market shares through product launches and strategic expansions. Various new players and start-ups are also entering the market as the digital agriculture market is in its nascent phase and has huge potential to grow, especially in developing countries. The digital agriculture market can be classified as a consolidated market with a major market share of 55–60% acquired by the top 10 key players operating in the market, present at the global level.
Cisco Systems, Inc (US) designs and sells a broad range of technologies that power the Internet. Cisco’s products and technologies are grouped into the following categories: Infrastructure Platforms; Applications; and Security and Other Products. In addition to product offerings, the company provides a broad range of service offerings, including technical support services and advanced services. The business is organized into three geographic segments: Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC). The companys main focus in the digital agriculture market is on providing software that integrates the sensors and information available for better farming and knowledge sharing. For the same, Cisco Solutions, Inc partnered with The/Nudge Centre for Social Innovation with the Government of India, which aimed at mobilizing agri-tech start-ups to innovate solutions that have the potential to positively impact at least 10 million small farmers.
Deere & Company (US) is a leading provider of digital agriculture products and solutions. The company offers various products for digital agriculture, such as display systems, guidance and machine control systems, tractors, and field and crop systems. Deere & Company operates through five business segments: Production & Precision Agriculture, Agriculture & Turf, Construction, Forestry Operations, Financial Operations, and Others. It operates in the digital farming market through its Production & Precision Agriculture segment. The company has a strong brand name and a well-established distribution network worldwide, making it one of the market leaders. In June 2021, Deere & Company signed a partnership agreement with Mobile Track Solution (US) to provide digital solutions for precision farming. Deere & Company acquired Harvest Profit (US) in November 2020, a leading provider of software used in precision farming. Both developments will help the company establish its market presence and cater to the demand in the digital agriculture market.
Related Reports:
Digital Agriculture Market by Technology (Peripheral and Core), Type (Hardware and Software), Operation (Farming & Feeding, Monitoring & Scouting, and Marketing & Demand Generation), Operation and Region - Global Forecast to 2027
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