Global Digital Farming market research 2024, Forecast To 2033
4 Mar, 2024
The digital farming market has experienced rapid growth, slated to increase from $14.06 billion in 2023 to$16.09 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. This growth is attributed to the adoption of precision agriculture, advancements in sensor technologies, big data analytics in agriculture, and government initiatives with subsidies, leading to improved connectivity in rural areas. Forecasts indicate continued rapid expansion, with the market expected to reach $26.44 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. This growth will be fueled by the integration of AI and machine learning, blockchain for supply chain transparency, 5G technology implementation, increasing demand for food, and the adoption of digital twin technology. Major trends include the implementation of 5G technology, robotic farming systems, digital twin technology, climate-smart agriculture solutions, and collaboration between agtech companies.
Global Digital Farming Market Key Driver
The rising demand for food is expected to propel the growth of the digital farming market going forward. Food refers to a substance that is mostly made up of protein, carbohydrates, fat, and other nutrients and is used by an organism's body to support development, vital functions, and the production of energy. Digital farming, or agriculture, is used by farmers to increase agricultural productivity by utilizing technical solutions for dependable farm management and monitoring. With the growing demand for food, digital farming methods are increasingly being adopted to sustain this demand. For instance, according to a data report published by The Food and Agriculture Organization, a Canada-based body of the United Nations and provider of access to food and agriculture data, global food production will need to increase by 70% to support the food needs of the worldwide population that is forecasted to reach 9 plus billion by 2050. In terms of volume, the food demand is projected to be around 10,094 million tons in 2030 and 14,886 million tons in 2050. Therefore, the rising demand for food is driving the demand for the digital farming market. In 2023, the digital farming market was valued at $6.8 billion, and it is projected to reach $11.2 billion by 2028.
Get A Free Sample Of The Global Digital Farming Market ReportGlobal Digital Farming Market Segments
The global digital farming market covered in this report is segmented –
1) By Component: Hardware, Software, Other Components
2) By Technology: AI or ML or NLP, IoT, Blockchain, Big Data and Analytics
3) By Infrastructure: Sensing and Monitoring, Communication Technology, Cloud and Data Processing, Telematics or Positioning, End-Use Components
4) By Application: Yield Monitoring, Field Mapping, Crop Monitoring, Livestock Monitoring, Real Time Safety Testing, Soil Monitoring, Precision Farming
By Geography: The regions covered in the digital farming market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the digital farming market share in 2023. The regions covered in the digital farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Digital Farming Industry Players
Armacell International Holding, BASF SE, Woodbridge Company Ltd., Dow Inc., Sekisui Chemical Co. Ltd., Recticel NV, UFP Technologies Inc., INOAC Corporation, Kaneka Corporation, Saudi Basic Industries Corporation, Sealed Air Corporation, Zotefoams PLC, Lanxess AG, Foampartner Group, MH Polymers Private Limited, Covestro AG, Furukawa Electric Co. Ltd., Huntsman Corporation, Trelleborg AB, Rogers Corporation, Wanhua Chemical Group Co. Ltd., Synthos S.A., Versalis S.p.A., Total S.A., Nova Chemicals Corporation, Tucson Container Corporation, Polyfoam Corporation, Foamex International Inc., Foam Products Corporation
Get The Full Global Digital Farming Market Report
Digital Farming Market Overview
Digital farming refers to the consistent use of smart farming and precision farming techniques, internal and external farm networking, and web-based data platforms used in conjunction with big data analysis. The digital farming is used to integrate financial and field-level records for the whole management of farm activity.
Digital Farming Global Market Report 2023 provides data on the global digital farming market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The digital farming market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.