The Digital Farming Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Digital Farming Global Market Report 2024, The digital farming market size has grown rapidly in recent years. It will grow from $14.06 billion in 2023 to $16.09 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to precision agriculture adoption, advancements in sensor technologies, big data analytics in agriculture, government initiatives and subsidies, improved connectivity in rural areas..

The digital farming market size is expected to see rapid growth in the next few years. It will grow to $26.44 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to ai and machine learning integration, blockchain for supply chain transparency, 5g technology implementation, increasing demand for food, digital twin technology.. Major trends in the forecast period include 5g technology implementation, robotic farming systems, digital twin technology, climate-smart agriculture solutions, collaboration between agtech companies.

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.

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The digital farming market covered in this report is segmented –
1) Digital Farming Market By Component: Hardware, Software, Other Components
2) Digital Farming Market By Technology: AI or ML or NLP, IoT, Blockchain, Big Data and Analytics
3) Digital Farming Market By Infrastructure: Sensing and Monitoring, Communication Technology, Cloud and Data Processing, Telematics or Positioning, End-Use Components
4) Digital Farming Market By Application: Yield Monitoring, Field Mapping, Crop Monitoring, Livestock Monitoring, Real Time Safety Testing, Soil Monitoring, Precision Farming

Technological advancements are a key trend gaining popularity in the digital farming market. Major companies operating in the digital farming market are focused on innovating new technologies to sustain their position in the market. For instance, in August 2022, CropX Technologies, an Israel-based ag-analytics company that produces cloud-based software aiming to conserve water and energy, launched the continuous nitrogen leaching monitoring capability, a new capability that continuously monitors salt and nitrogen movement in the soil. By monitoring and minimizing the environmental effects of nitrogen leaching, farmers can increase output and improve plant and soil health. The CropX technology combines real-time data from soil sensors on soil moisture, temperature, and electric conductivity (EC) with custom algorithms developed and lab-tested by a team of in-house agronomists. The data is then displayed on the dashboard of the CropX farm management system for simple viewing and reporting.

The digital farming market report table of contents includes:

1. Executive Summary

2. Digital Farming Market Characteristics

3. Digital Farming Market Trends And Strategies

4. Digital Farming Market - Macro Economic Scenario

5. Global Digital Farming Market Size and Growth

.....

31. Global Digital Farming Market Competitive Benchmarking

32. Global Digital Farming Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Digital Farming Market

34. Digital Farming Market Future Outlook and Potential Analysis

35. Appendix

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