Artificial Intelligence
The Digital Agriculture Market Is Expected To Grow At A 11.5 % Rate, Driven By The Rise In The Population As Per The Business Research Company’s Digital Agriculture Global Market Report 2022
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According to The Business Research Company’s research report on the digital agriculture market, the rise in the population is expected to propel the growth of the digital agriculture market going forward. The rise in population refers to the sum of the difference between births and fewer deaths; and the difference between immigrants and fewer emigrants, either all over the globe or concerning the country, territory, or geographic area. Artificial intelligence and the Internet of Things have the potential to revolutionise agriculture intelligence by increasing yields and avoiding or reducing food loss. For instance, in 2021, according to “The World Bank,” a US-based international financial institution that provides loans and grants to the governments of low and middle-income countries, the world population reached 7.87 billion, up from 7.76 billion in 2020. Therefore, the rise in the population is driving the digital agriculture market.
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The global digital agriculture market size is expected to grow from $11.78 billion in 2021 to $13.14 billion in 2022 at a compound annual growth rate (CAGR) of 11.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The digital agriculture market is expected to grow to $20.28 billion in 2026 at a CAGR of 11.5%.
The penetration of technology and electronic devices is a key trend gaining popularity in the digital agriculture market. Major companies operating in the digital agriculture sector are focused on the penetration of technology and electronic devices to sustain their position in the market. For instance, in October 2021, CNH Industrial, a UK-based company operating in digital agriculture, launched AGXTEND, an innovative platform in Brazil. Regardless of the size of the property or the amount of output, it improves productivity and operational efficiency. It offers a real-time soil sensing system that automatically modifies implemented working parameters to deliver uniform tillage performance when used together with electro-herbicide technology. AGXTENDTM is a pioneer in the advancement of precision farming and ISOBUS technologies.
Major players in the digital agriculture market include Farmers Edge, IBM Corporation, Bayer AG, Deere & Company, HummingBird Technologies, AGCO Corporation, Gamaya SA, Trimble Navigation Ltd., DTN, Syngenta AG, Eurofins Scientific SE, AgriWebb, BASF SE, Raven Industries Inc., and Cisco Systems Inc.
The global digital agriculture market analysis is segmented by type into crop monitoring, artificial intelligence, precision farming; by company type into tier 1-55%, tier 2-20%, tier 3-25%; by deployment into cloud, on-premise; by applications into field mapping, crop scouting, weather tracking, drone analytics, financial management, farm inventory management, other applications.
North America was the largest region in the digital agriculture market in 2021. The regions covered in this digital agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Digital Agriculture Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide digital agriculture market forecast size and growth, digital agriculture market segments and geographies, digital agriculture market trends, digital agriculture market drivers and restraints, digital agriculture market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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