The digital farming software market has witnessed rapid growth, with projections indicating an increase from $6.03 billion in 2023 to $7.02 billion in 2024, reflecting a compound annual growth rate (CAGR) of 16.3%. This expansion is driven by increasing demand for food security, sustainable agriculture, and food production, as well as challenges posed by climate change and the need for sustainable practices. The market is expected to reach $12.97 billion by 2028, with a CAGR of 16.6%. Future growth will be fueled by government support, cost savings, agritech business growth, concerns over agriculture sustainability, and the need for global food security due to population growth and urbanization. Major trends include the adoption of cloud-based platforms, integration of AI and machine learning, development of mobile applications, big data analytics, and advancements in sensor and IoT technologies.
Major Driver In The Digital Farming Software Market
The growing need for sustainable agriculture is set to drive the expansion of the digital farming software market. Sustainable agriculture, which includes practices such as organic farming that avoid synthetic inputs to support environmental health and biodiversity, is gaining traction due to increased environmental awareness, consumer preferences for healthier and ethically produced food, and the need to address climate change and conserve resources. Digital farming software supports sustainable agriculture by optimizing resource use, monitoring crops and soil health in real-time, and facilitating precision farming techniques like targeted irrigation and fertilizer application. For instance, in February 2024, the Research Institute of Organic Agriculture reported that Africa had over 2.7 million hectares of certified organic agricultural land in 2022, reflecting a notable 4.9% growth of nearly 128,000 hectares from the previous year. This trend highlights the increasing role of sustainable agriculture and the corresponding growth in digital farming software.
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Digital Farming Software Market Competitive Landscape
Bayer AG, Deere & Company, Yara International ASA, Granular Inc., AGCO Corporation, CropX Inc., Trimble Inc., Topcon Positioning Systems Inc., Raven Industries Inc., Iteris Inc., Ag Leader Technology Inc., Taranis Visual Ltd., FarmWise Labs Inc., Farmers Edge Inc., Agworld Pty Ltd, FieldIn Ltd., Agrian Inc., Farmobile LLC, FarmLogs Inc., AgJunction Inc., AgriWebb Pty Ltd., Prospera Technologies Ltd., SST Software, Arable labs Inc., Gamaya SA, VanderSat B.V., Farmwave LLC, CropIn Technology Solutions Pvt Ltd., FluroSat Pty Ltd
Key Digital Farming Software Market Trend
The digital farming software market is experiencing growth through the introduction of AI-powered agri-intelligence solutions that optimize agricultural productivity. In June 2022, Cropin launched Cropin Cloud, a groundbreaking industry cloud that integrates AI with agricultural data sources to enhance decision-making and digitize farming operations. This platform is designed for agribusinesses, governments, and related industries, driving digital transformation. The digital farming software market, valued at $5 billion in 2023, is anticipated to grow to $7.8 billion by 2028.
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Digital Farming Software Market Segmentation
The digital farming software market covered in this report is segmented –
1) By Components: Software, Services
2) By Technology: Remote Sensing, Guidance Technology, Variable Rate Technology, Machine Learning, Wireless Connectivity, Other Technologies
3) By Applications: Drone Analytics, Precision Farming, Agriculture Robots, Livestock Monitoring, Greenhouse Management, Supply Chain Management, Financial Management, Other Applications
By Geography:The regions covered in the digital farming software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the digital farming software market in 2023.
The Digital Farming Software Global Market Report 2024 furnishes information about the global digital farming software market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
