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Digital Farming Market Report Scope & Overview:

The Digital Farming Market size was valued at USD 23.90 Billion in 2023 and is expected to grow to USD 65.82 Billion by 2031 and grow at a CAGR of 13.5% over the forecast period of 2024-2031.

Digital farming is the consistent use of smart farming and precision agriculture techniques, internal and external farm networking, web-based data platforms, and Big Data. In order to reduce losses and maximize the production of each plot on the farm, data from each plot can be analyzed to provide information on the soil, weather, and crop growing trends. For the maximization of farmers’ yield, digital farming uses cutting-edge technologies like artificial intelligence (AI), big data analytics, and the Internet of Things (IoT), as well as gadgets like drones, smart crop sensors, and automatic systems. Through applications on their phones, farmers may even get their questions answered and directly manage the supply chain. Digital farming intends to take over all facets of farming from farm to fork through pre-harvest and post-harvest management of farms. With the help of digital farming, farmers can adopt best practices and manage their farms more effectively, minimizing losses and maximizing revenues.

Digital Farming Market Revenue Analysis

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Market Dynamics

Drivers

  • Remote sensing, communication, and telematics technologies are being more widely used, which will promote market growth.

  • Increasing the use of automation in poultry and livestock farming.

Farmers can map soil qualities, classify crop species, detect crop conditions, monitor weeds and agricultural diseases, and track yield using remote sensing technologies. The market is anticipated to expand as a result of the quick advancements in sensing technologies including GIS, GPS, sensors, and cameras. Farmers can obtain useful information about the weather, crop health, and production thanks to sensing devices. Similar to this, producers can now access information about their farms from a distance and help optimize the production process at every stage thanks to the development of cloud computing and data analytics. To manage farm data, market participants are investing in cloud infrastructure construction.

Restrains

  • The market's growth may be constrained by autonomous farm equipment's high initial cost.

Automated agricultural equipment is substantially more expensive than conventional farming equipment. Examples include automated harvesters, weeding robots, tillers, and irrigation systems supported by robots. Similar to how high maintenance costs for modern cars limit the use of smart digital agricultural techniques by small farms. The cost of maintaining these vehicles' cameras, sensors, software, and hardware restrains market expansion. It is important for farmers to invest in automated and technologically advanced vehicles in order to boost agricultural output and profitability, but it is challenging for them to make a larger initial investment. Farmers in nations like India, Brazil, and China have challenges due to the high initial cost of smart farming technologies.

Because of the complexity of the technology employed in smart agriculture solutions, operational costs rise. With changing weather patterns and crop varieties, grid management, software, and remote sensing must be updated on a regular basis. The high cost of drones equipped with tools, image sensors, high-resolution cameras, and software is expected to limit industry expansion.

Opportunities

  • IoT and AI technology adoption is increasing, which will lead to several opportunities for market expansion.

  • Less availability of labor the farmers are shifting towards digital farming.

Artificial intelligence and machine learning are being quickly incorporated into farming equipment and field practices. With its ability to improve productivity and aid in learning, understanding, and responding to various situations, cognitive computing is gaining popularity across the industry. The solutions as a service allow the farmers to keep up with cutting-edge technology, including chatbots and other conversational platforms.

Challenges

  • Less access to technology, Digital agricultural technology may not always be widely available, especially in underdeveloped nations or rural areas with poor infrastructure.

  • The adoption of digital farming technology may also come with a learning curve, and farmers may need training to use them properly.

Impact Of covid-19

Rising Investment in Agricultural Technology to Drive the Need for Digital Farming Solutions in the Post-COVID-19 Era

The COVID-19 pandemic has brought about significant changes in the agricultural industry, with a growing need for digital farming solutions. As a result, there has been an increase in funding for agricultural technology, which is expected to fuel the demand for digital farming solutions. Investors are recognizing the potential of digital farming solutions to improve efficiency, reduce costs, and increase yields. This has led to a surge in funding for agricultural technology startups, which are developing innovative solutions to address the challenges faced by farmers. The adoption of digital farming solutions is expected to accelerate in the post-COVID-19 era, as farmers seek to mitigate the impact of supply chain disruptions and labor shortages. These solutions include precision agriculture, which uses data analytics and machine learning to optimize crop yields, and smart irrigation systems, which use sensors and automation to conserve water. In conclusion, the increased funding in agricultural technology is a positive development for the industry, as it will drive the adoption of digital farming solutions and help farmers to overcome the challenges posed by the pandemic.

Impact of Russia Ukraine War

Digital farming, also known as precision agriculture, involves the use of technology to optimize crop production and reduce waste. This includes the use of sensors, drones, and other devices to monitor soil conditions, weather patterns, and crop growth. The data collected is then analyzed to make informed decisions about planting, fertilizing, and harvesting.

However, the Russia-Ukraine war has disrupted the supply chain of digital farming technology. Many of the components used in these devices are manufactured in Russia, and the conflict has led to trade restrictions and increased costs. This has made it difficult for farmers in Ukraine and other neighboring countries to access the latest digital farming tools.

Furthermore, the conflict has also led to a decrease in foreign investment in the region. This has limited the resources available for farmers to invest in digital farming technology, which can be expensive to implement. Despite these challenges.

Impact of recession

The current economic downturn has had a significant impact on the agricultural industry, particularly in the realm of digital farming. As farmers face financial challenges, they are forced to reevaluate their investments in technology and innovation. This has led to a decrease in the adoption of digital farming practices, which could have long-term consequences for the industry. Digital farming, also known as precision agriculture, involves the use of technology to optimize crop yields and reduce waste. This includes the use of sensors, drones, and other tools to monitor soil moisture, crop growth, and pest infestations. By using data-driven insights, farmers can make more informed decisions about when to plant, fertilize, and harvest their crops. However, the high cost of these technologies has made them less accessible to farmers during times of economic uncertainty. Many farmers are struggling to make ends meet, and investing in new equipment and software may not be a top priority. This has led to a slowdown in the adoption of digital farming practices, which could have negative consequences for the industry as a whole.

Key Market Segmentation:

The Digital Farming Market is segmented into three types on the basis of by technology, by infrastructure, and by Application.

by Technology:

  • IoT

  • Blockchain

  • AI/ML

  • Big Data & Analytics

by Infrastructure:

  • Cloud and Data Processing

  • Sensing & Monitoring

  • Communication Technology

  • Telematics/Positioning

  • End-use Components

by Application:

  • Smart Crop Monitoring

  • Yield Monitoring and Mapping

  • oil & Fertilizer Management

  • Weather Forecasting

  • Smart Irrigation Monitoring System

  • Others

Regional Analysis

Due to the presence of top agricultural equipment producers, North America is anticipated to account for a sizeable portion of the global digital farming market. The market in North America is projected to be driven by rising government initiatives and guidelines to strengthen the agriculture industry during the forecast period. In the regional analysis study of the regions of North America, Europe, Asia Pacific middle east, and Africa.

The region with the greatest development is anticipated to be Asia Pacific. In the Asia Pacific region, digital farming is still in its infancy, with growing government backing for its development and for raising farm production in countries like Japan and India. As part of a digital goal, the Indian government launched numerous projects based on cutting-edge technologies including blockchain, cloud, drones, remote sensing, Geographic Information Systems (GIS), and robots.

Digital-Farming-Market-By-Region

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REGIONAL COVERAGE:

North America

  • USA

  • Canada

  • Mexico

Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

Asia-Pacific

  • Japan

  • South Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of the Middle East & Africa

Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Key Players:

The major players in the industry are Monsanto Company, Topcon Corporation, Deere & Company, AGCO Corporation, Kubota Corporation, Hexagon AB, CNH Industrial N.V., Bayer Crop Science Limited, Agreena, CLAAS KGaA mbH, Trimble, Agleader, IBM Corporation, AgEagle Aerial Systems and others in the final report.

AGCO Corporation-Company Financial Analysis

Company Landscape Analysis

Recent development

May 2022 saw a partnership between Kubota Corporation and Parcel THRIVE, Inc. This cooperation enhanced Kubota and Parcel's relationship. The alliance intends to hasten the development of a platform that will bring efficiency and optimization to the production value chain for nuts, vegetables, and other crops.

March 2022 saw the opening of the India Technology Centre (ITC) in Gurugram, which helped CNH Industrial expand its footprint in India. By concentrating on digital solutions and product development, this new center seeks to increase the company's global research and development presence.

Digital Farming Market Report Scope:
Report Attributes Details
Market Size in 2023  US$ 23.90 Bn
Market Size by 2031  US$ 65.82 Bn
CAGR   CAGR of 13.5% From 2024 to 2031
Base Year  2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Technology (IoT, Blockchain, AI/ML, Big Data & Analytics)
• By Infrastructure (Cloud and Data Processing, Sensing & Monitoring, Communication Technology, Telematics/Positioning, End-use Components)
• By Application (Smart Crop Monitoring, Yield Monitoring and Mapping, Soil & Fertilizer Management, Weather Forecasting, Smart Irrigation Monitoring System, and Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Monsanto Company, Topcon Corporation, Deere & Company, AGCO Corporation, Kubota Corporation, Hexagon AB, CNH Industrial N.V., Bayer Crop Science Limited, Agreena, CLAAS KGaA mbH, Trimble, Agleader, IBM Corporation, AgEagle Aerial Systems
Key Drivers • Remote sensing, communication, and telematics technologies are being more widely used, which will promote market growth.
• Increasing the use of automation in poultry and livestock farming.
Market Opportunities • IoT and AI technology adoption is increasing, which will lead to several opportunities for market expansion.
• Less availability of labor the farmers are shifting towards digital farming.

 

Frequently Asked Questions

The CAGR of the Digital Farming Market for the forecast period 2022-2030 is 12.98 %.

USD 22.12 billion in 2022 is the market share of the Digital Farming Market.

The major worldwide key players in the Digital Farming Market are Monsanto Company, Topcon Corporation, Deere & Company, AGCO Corporation, Kubota Corporation, Hexagon AB, CNH Industrial N.V., Bayer Crop Science Limited, Agreena, CLAAS KGaA mbH, Trimble, Agleader, IBM Corporation, AgEagle Aerial Systems and others in the final report.

• Remote sensing, communication, and telematics technologies are being more widely used, which will promote market growth.

• Increasing the use of automation in poultry and livestock farming.

The forecast period for the Digital Farming Market is 2022-2030.

Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Russia-Ukraine War

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Digital Farming Market Segmentation, by Technology
8.1 IoT
8.2 Blockchain
8.3 AI/ML
8.4 Big Data & Analytics

9. Digital Farming Market Segmentation, by Infrastructure
9.1 Cloud and Data Processing
9.2 Sensing & Monitoring
9.3 Communication Technology
9.4 Telematics/Positioning
9.5 End-use Components

10. Digital Farming Market Segmentation, by Application
10.1 Smart Crop Monitoring
10.2 Yield Monitoring and Mapping
10.3 oil & Fertilizer Management
10.4 Weather Forecasting
10.5 Smart Irrigation Monitoring System
10.6 Others

11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Digital Farming Market by Country
11.2.2 North America Digital Farming Market by Technology
11.2.3 North America Digital Farming Market by Infrastructure
11.2.4 North America Digital Farming Market by Application
11.2.5 USA
11.2.5.1 USA Digital Farming Market by Technology
11.2.5.2 USA Digital Farming Market by Infrastructure
11.2.5.3 USA Digital Farming Market by Application
11.2. Canada
11.2.6.1 Canada Digital Farming Market by Technology
11.2.6.2 Canada Digital Farming Market by Infrastructure
11.2.6.3 Canada Digital Farming Market by Application
11.2.7 Mexico
11.2.7.1 Mexico Digital Farming Market by Technology
11.2.7.2 Mexico Digital Farming Market by Infrastructure
11.2.7.3 Mexico Digital Farming Market by Application
11.3 Europe
11.3.1 Europe Digital Farming Market by Country
11.3.2 Europe Digital Farming Market by Technology
11.3.3 Europe Digital Farming Market by Infrastructure
11.3.4 Europe Digital Farming Market by Application
11.3.5 Germany
11.3.5.1 Germany Digital Farming Market by Technology
11.3.5.2 Germany Digital Farming Market by Infrastructure
11.3.5.3 Germany Digital Farming Market by Application
11.3.6 UK
11.3.6.1 UK Digital Farming Market by Technology
11.3.6.2 UK Digital Farming Market by Infrastructure
11.3.6.3 UK Digital Farming Market by Application
11.3.7 France
11.3.7.1 France Digital Farming Market by Technology
11.3.7.2 France Digital Farming Market by Infrastructure
11.3.7.3 France Digital Farming Market by Application
11.3.8 Italy
11.3.8.1 Italy Digital Farming Market by Technology
11.3.8.2 Italy Digital Farming Market by Infrastructure
11.3.8.3 Italy Digital Farming Market by Application
11.3.9 Spain
11.3.9.1 Spain Digital Farming Market by Technology
11.3.9.2 Spain Digital Farming Market by Infrastructure
11.3.9.3 Spain Digital Farming Market by Application
11.3.10 The Netherlands
11.3.10.1 Netherlands Digital Farming Market by Technology
11.3.10.2 Netherlands Digital Farming Market by Infrastructure
11.3.10.3 Netherlands Digital Farming Market by Application
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Digital Farming Market by Technology
11.3.11.2 Rest of Europe Digital Farming Market by Infrastructure
11.3.11.3 Rest of Europe Digital Farming Market by Application
11.4 Asia-Pacific
11.4.1 Asia Pacific Digital Farming Market by Country
11.4.2 Asia Pacific Digital Farming Market by Technology
11.4.3 Asia Pacific Digital Farming Market by Infrastructure
11.4.4Asia Pacific Digital Farming Market by Application
11.4.5 japan
11.4.5.1 Japan Digital Farming Market by Technology
11.4.5.2 Japan Digital Farming Market by Infrastructure
11.4.5.3 Japan Digital Farming Market by Application
11.4.6 South Korea
11.4.6.1 South Korea Digital Farming Market by Technology
11.4.6.2 South Korea Digital Farming Market by Infrastructure
11.4.6.3 South Korea Digital Farming Market by Application
11.4.7 China
11.4.7.1 China Digital Farming Market by Technology
11.4.7.2 China Digital Farming Market by Infrastructure
11.4.7.3 China Digital Farming Market by Application
11.4.8 India
11.4.8.1 India Digital Farming Market by Technology
11.4.8.2 India Digital Farming Market by Infrastructure
11.4.8.3 India Digital Farming Market by Application
11.4.9 Australia
11.4.9.1 Australia Digital Farming Market by Technology
11.4.9.2 Australia Digital Farming Market by Infrastructure
11.4.9.3 Australia Digital Farming Market by Application
11.4.10 Rest of Asia-Pacific
11.4.10.1 APAC Digital Farming Market by Technology
11.4.10.2 APAC Digital Farming Market by Infrastructure
11.4.10.3 APAC Digital Farming Market by Application
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Digital Farming Market by Country
11.5.2 The Middle East & Africa Digital Farming Market by Technology
11.5.3 The Middle East & Africa Digital Farming Market by Infrastructure
11.5.4The Middle East & Africa Digital Farming Market by Application
11.5.6 Israel
11.5.6.1 Israel Digital Farming Market by Technology
11.5.6.2 Israel Digital Farming Market by Infrastructure
11.5.6.3 Israel Digital Farming Market by Application
11.5.7 UAE
11.5.7.1 UAE Digital Farming Market by Technology
11.5.7.2 UAE Digital Farming Market by Infrastructure
11.5.7.3 UAE Digital Farming Market by Application
11.5.8 South Africa
11.5.8.1 South Africa Digital Farming Market by Technology
11.5.8.2 South Africa Digital Farming Market by Infrastructure
11.5.8.3 South Africa Digital Farming Market by Application
11.5.9 Rest of Middle East & Africa
11.5.9.1 Rest of Middle East & Asia Digital Farming Market by Technology
11.5.9.2 Rest of Middle East & Asia Digital Farming Market by Infrastructure
11.5.9.3 Rest of Middle East & Asia Digital Farming Market by Application
11.6 Latin America
11.6.1 Latin America Digital Farming Market by Country
11.6.2 Latin America Digital Farming Market by Technology
11.6.3 Latin America Digital Farming Market by Infrastructure
11.6.4 Latin America Digital Farming Market by Application
11.6.5 brazil
11.6.5.1 Brazil Digital Farming Market by Technology
11.6.5.2 Brazil Africa Digital Farming Market by Infrastructure
11.6.5.3 Brazil Digital Farming Market by Application
11.6.6 Argentina
11.6.6.1 Argentina Digital Farming Market by Technology
11.6.6.2 Argentina Digital Farming Market by Infrastructure
11.6.6.3 Argentina Digital Farming Market by Application
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Digital Farming Market by Technology
11.6.7.2 Rest of Latin America Digital Farming Market by Infrastructure
11.6.7.3 Rest of Latin America Digital Farming Market by Application

12. Company Profile
12.1 Monsanto Company.
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Topcon Corporation.
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Deere & Company
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 AGCO Corporation.
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Kubota Corporation
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Hexagon AB
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 CNH Industrial N.V.
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Bayer Crop Science Limited
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Agreena.
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Agleader.
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View

13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments

14. USE Cases and Best Practices

15. Conclusion

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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