On the basis of geographical analysis, the global digital agriculture marketplace market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of increasing penetration of digitalization in the agriculture industry, along with growing government focus on improving agriculture. Moreover, a large section of the population in countries, such as, China, and India, is employed in agriculture sector. According to the data by the India Brand Equity Foundation (IBEF), about 58% of India’s population is dependent on agriculture for livelihood. Such factors are estimated to boost the market growth. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing adoption of advanced technology in the agriculture industry, backed by rising investment in the industry, along with the growing need for smart agriculture solutions.
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The global digital agriculture marketplace market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global digital agriculture marketplace market includes the following segments:
By Business Channel
November, 2021: The AGCO Agriculture Foundation announced a three-year partnership with Minorities in Agriculture, Natural Resources, and Related Sciences (MANRRS) with the aim to increase student representation in the agriculture industry.
August, 2021: Cranswick plc donated 20,000 Euros to Farm Africa to unlock the potential of agriculture to transform rural Africa.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Shivam Bhutani, Anil Kumar
Ans: The growing demand for food products, and increasing penetration of digital marketplace in agriculture sector are estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~16% over the forecast period, i.e., 2022 – 2030.
Ans: The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the rising adoption of technology in the agriculture industry in the region.
Ans: The major players in the market are Agrellus, Inc., AGCO Corporation, Trimble, Inc., Hummingbird Technologies, Gamaya SA, Conservis LLC, Raven Industries, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by business channel, product, and by region.
Ans: The business-to-business segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: The disruptions in the agriculture supply chain are estimated to hamper the market growth.