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AGRICULTURE & ALLIED ACTIVITIES

Digital Farming Market : Global Demand Analysis & Opportunity Outlook 2024

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Extensive insights into the Growth of Digital Farming Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Digital Farming Market Overview

Digital farming or digital agriculture is basically the use of IT in agriculture and it involves applications of connected machinery and other digital agriculture technologies. Digital farming is used to improve overall farm production, to improve financial performance and to help farmers to boost their farms productivity by means of advanced digital technology. Further, involvement of digital technology in farming is an evolution in agriculture sector and has positively impacted the efficiency and sustainability of the farms. Digital farming deals with use of biology and technology together in order to help farmers to do precise farming.

Market Segmentation

Global digital farming market is anticipated to flourish at a remarkable pace over the forecast period i.e.2017-2024. Rising world population and rapidly decreasing arable land are some of the major factors which are propelling the growth of global digital farming market in order to improve overall efficiency and production of available arable lands.

Digital Farming

Geographically, global digital farming market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Moreover, North America region accounted for a major share of the global market and is dominating the global market of digital farming market. High investment in research and development in advanced agriculture techniques and presence of some major players in digital farming solutions are expected to be the major factors behind the growth of digital farming market in this region.

Apart from this, Asia Pacific region is expected to be the fastest growing market in digital farming during the forecast period. This growth of digital farming market in this region can be attributed to rapid acceleration of population in this region and increasing penetration of advanced agriculture solutions as well.CLICK TO DOWNLOAD FREE SAMPLE

Market Segmentation

Our-in depth analysis of the global digital farming market includes the following segments:

By Component

  • Hardware
  • Software
  • Others

By Application

  • Precision Farming
  • Live Stock Monitoring
  • Green House Farming
  • Others

By Region

Global digital farming market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers & Challenges

Global digital farming market is primarily driven by factors such as growing global population and rising need for effective agriculture solution which can boost efficiency and production of arable lands. In addition to this, rising penetration of advanced technologies in agriculture sector coupled with growing need for high production of grains and vegetables are key factors which are likely to drive the growth of global digital farming market.

Additionally, increasing population of green farming across the globe is fueling the growth of digital farming market. Moreover, additional benefits of digital farming such as livestock monitoring, precision farming, higher productivity and low investment are fueling the adoption of digital farming globally. Further, these additional benefits of digital farming are likely to drive the growth of global digital farming market.

Rising demand for quality crops in amount to meet the growing need of grains and vegetables is also a major factor which has led farmers to adopt digital farming solution at their fields in order to improve productivity of arable lands.

However, high cost of digital farming solutions resisting the adoption of digital farming among the farmers. This factor is a major challenge to the digital farming market and is likely to hamper the growth of global digital farming market. Apart from this, lack of awareness towards digital farming is also a major factor which is likely to dampen the growth of global digital farming market in near future.

Key Players

  • Vodafone Group PLC
    • Company Overview
    • Key Product Offering
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Trimble Navigation Ltd.
  • Cisco Systems Inc.
  • Salt Mobile SA
  • Accenture PLC
  • Deere & Co.
  • IBM Corporation
  • Epicor Software Corporation
  • Hexagone AB

Scope & Context

Overview of the Parent Market

Analyst View

Segmentation

The global digital farming market is segmented as follows:

  • By Component Market Size & Y-O-Y Growth Analysis
  • By Application Market Size & Y-O-Y Growth Analysis
  • By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment


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