Digital Agriculture Market

Digital Agriculture Market Size & Share - Future Growth Expectations

The global digital agriculture industry, valued at USD 22.0 billion in 2023, is expected to experience significant growth, reaching USD 36.0 billion by 2028. This strong expansion, with a compound annual growth rate (CAGR) of 10.3% during the forecast period, is largely attributed to a notable trend in the digital agriculture market. This trend involves the increased availability of digital agriculture tools to smallholder farmers, especially in developing nations, thanks to the rise of mobile internet and cloud computing. As a result, these farmers are empowered to enhance their livelihoods and actively participate in the digital economy.

The digital agriculture market is poised for substantial growth in the coming years, driven by several key factors:

  • Continued expansion driven by technological advancements.
  • Increased adoption of digital solutions by farmers.
  • Growing awareness of the benefits of digital agriculture practices.
  • Rise of mobile internet and cloud computing making tools more accessible.
  • Robust growth projected to transform the agricultural sector globally.

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  • Technological Advancements: Continued advancements in technology, including artificial intelligence, machine learning, Internet of Things (IoT), and robotics, are expected to drive innovation and efficiency in digital agriculture. These technologies will enable farmers to collect and analyze data more effectively, optimize resource use, and improve decision-making processes.
  • Increased Adoption of Digital Solutions: Farmers around the world are increasingly recognizing the value of digital solutions in enhancing productivity, reducing costs, and mitigating risks. As a result, there is a growing adoption of precision agriculture techniques, farm management software, IoT devices, and other digital tools across different scales of farming operations.
  • Growing Awareness of Benefits: There is a growing awareness among farmers, policymakers, and other stakeholders about the benefits of digital agriculture practices. These include improved crop yields, resource efficiency, sustainability, and resilience to climate change. As awareness spreads, more farmers are likely to embrace digital technologies to stay competitive and address evolving challenges in agriculture.
  • Rise of Mobile Internet and Cloud Computing: The increasing availability of mobile internet connectivity and cloud computing infrastructure is making digital agriculture tools more accessible to farmers, particularly in remote and rural areas. This trend is democratizing access to information and enabling farmers to leverage data-driven insights for better farm management and decision-making.
  • Emergence of New Business Models: The digital agriculture market is witnessing the emergence of new business models and partnerships aimed at delivering value-added services to farmers. This includes subscription-based software platforms, pay-per-use IoT solutions, and collaborations between technology companies, agritech startups, and traditional agricultural players.
  • Regulatory Support and Incentives: Governments and regulatory bodies are increasingly recognizing the potential of digital agriculture to address food security, environmental sustainability, and rural development goals. As a result, there is a growing emphasis on creating supportive policies, funding research and development initiatives, and providing incentives for farmers to adopt digital technologies.
  • Global Market Expansion: The digital agriculture market is expanding globally, driven by increasing demand for food, changing consumer preferences, and demographic trends. Emerging economies, in particular, offer significant growth opportunities due to rising incomes, urbanization, and a growing middle class that demands higher-quality and safer food products.
Based on these factors, the digital agriculture market is projected to experience robust growth in the coming years, with significant opportunities for market players to capitalize on emerging trends and technological advancements.
 
Digital Agriculture Market Share - Global Industry Landscape

The digital agriculture market is characterized by the presence of several key players competing for market share. Some of the leading companies in the digital agriculture industry include:

  • 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)
  • Vodafone Group PLC (UK)

These companies, along with several others, collectively shape the global digital agriculture industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for digital agriculture continues to rise, companies are expected to intensify their efforts to capture market share and drive innovation in digital agriculture discovery, development, and commercialization.

Cisco Systems, Inc. (US):

  • Market Share: Cisco offers networking solutions and has a significant presence in providing connectivity infrastructure for digital agriculture applications.

IBM Corporation (US):

  • Market Share: IBM provides various digital agriculture solutions, including AI-powered analytics platforms, blockchain-based traceability solutions, and cloud computing services.
  • Key Offerings: AI-driven analytics, blockchain-based traceability, cloud computing services.

Accenture (Ireland):

  • Market Share: Accenture offers consulting and technology services for digital transformation in agriculture, focusing on implementing advanced technologies and data-driven strategies.
  • Key Offerings: Consulting services, technology implementation, digital transformation strategies.

Trimble Inc. (US):

  • Market Share: Trimble specializes in precision agriculture solutions, offering hardware such as GPS receivers and guidance systems, as well as software for farm management and data analytics.
  • Key Offerings: Precision agriculture hardware, farm management software, data analytics.

Deere & Company (US):

  • Market Share: Deere & Company is a leading manufacturer of agricultural machinery, including tractors, harvesters, and precision farming equipment.
  • Key Offerings: Agricultural machinery, precision farming equipment.

Epicor Software Corporation (US):

  • Market Share: Epicor provides enterprise resource planning (ERP) software tailored for the agriculture industry, enabling efficient management of farm operations and supply chains.
  • Key Offerings: ERP software for agriculture, supply chain management solutions.

Hexagon AB (Sweden):

  • Market Share: Hexagon offers precision agriculture solutions, including GPS and GNSS receivers, as well as software for field mapping, soil analysis, and crop monitoring.
  • Key Offerings: Precision agriculture hardware, field mapping software, crop monitoring solutions.

Bayer AG (Germany):

  • Market Share: Bayer is a leading provider of crop protection products, seeds, and digital farming solutions, offering technologies for pest management, seed breeding, and farm management.
  • Key Offerings: Crop protection products, seeds, digital farming solutions.

AGCO Corporation (US):

  • Market Share: AGCO manufactures agricultural equipment and machinery, including tractors, combines, and implements, with a focus on integrating advanced technologies for precision farming.
  • Key Offerings: Agricultural machinery, precision farming technology.

Vodafone Group PLC (UK):

  • Market Share: Vodafone provides connectivity services and IoT solutions for agriculture, enabling remote monitoring, data collection, and management of farm equipment and operations.
  • Key Offerings: Connectivity services, IoT solutions for agriculture.

Related Reports:

Digital Agriculture Market by Offering, Technology (Peripheral, Core), Operation (Farming & Feeding, Monitoring & Scouting, Marketing & Demand Generation) Type (Hardware, Software, Services), Region - Global Forecast to 2028

Digital Agriculture Market Size,  Share & Growth Report
Report Code
AGI 8180
RI Published ON
5/3/2024
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