Digital Farming Market size is poised to reach USD 55 Billion by the end of 2033, growing at a CAGR of 17% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of digital farming was over USD 21 Billion.The growth of the market is primarily attributed to the worldwide intensifying stances of crop failure and scarcity of natural resources. According to the data provided by the World Bank, the worldwide total natural resources rents ratio was 1.6% of GDP in 2020, whereas, the same was 2.5% of GDP in 2018.
Digital farming or digital agriculture is the use of IT in agriculture to enhance the cultivation process. It involves applications of connected machinery and other digital agriculture technologies. Digital farming is used to improve overall farm production, improve financial performance, and help farmers to boost their farm’s productivity using advanced digital technology. Further, the involvement of digital technology in farming is an evolution in the agriculture sector and has positively impacted the efficiency and sustainability of farms. Digital farming deals with the use of technology in the form of devices and sensors to help farmers to do precise farming. For instance, mechanical soil sensors analyze soil structure. The sensors employ a detector that penetrates the soil and measures resistive forces via load cells or strain gauges. On large tractors, a similar form of this innovation is used to forecast pulling prerequisites for ground-engaging equipment. Tensiometers are very useful for irrigation interventions as they detect the force used by the roots in water absorption.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~17% |
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Base Year Market Size (2022) |
~ USD 21 Billion |
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Forecast Year Market Size (2033) |
~ USD 55 Billion |
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Regional Scope |
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Application (Yield Monitoring & Mapping, Smart Crop Monitoring, Smart Irrigation Monitoring, Soil & Fertilizer Management, Livestock Monitoring, Green House Farming, Weather Forecasting)
The digital farming market is segmented and analyzed for demand and supply by application segment into yield monitoring & mapping, smart crop monitoring, smart irrigation monitoring, soil & fertilizer management, livestock monitoring, greenhouse farming, weather forecasting, and others. Out of these, the smart crop monitoring segment is expected to hold the highest growth over the forecast period owing to the surge in lack of natural resources, increasing ratio of crop failure, intensifying water shortage, and rise in soil degradation across the globe. According to a report by the Food and Agricultural Organization of the United Nations, over 90% of Earth's soil is estimated to be degraded by 2050, up from the current 33% degradation rate.
Our in-depth analysis of the global digital farming market includes the following segments:
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By Component |
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By Technology |
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By Application |
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The North America digital farming market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033 backed by the presence of some major players in digital farming, high investment in research and development of advanced agriculture techniques, significant deployment of technology and automation in agriculture, and increasing government initiatives to enhance the agriculture sector. As per the U.S Department of Agriculture, The USDA intends to invest up to USD 300 million in a new organic transition initiative to provide farmers with substantial support as they shift towards organic production. Furthermore, it is estimated that up to USD 75 million are estimated to invested to support urban agriculture. Apart from this, the USDA is going to invest USD 40 million in cooperative agreements with organizations to support accessibility and training for urban farmers.
Trimble Inc. introduced its next-generation displays- the Trimble GFX-1060 and GFX-1260 for in- field precision agriculture applications.
Hexagon AB launched a new technology which is dedicated for improving accuracy in shovel planting. By using sensors that indicate the machine's position and orientation, as well as the angle at which its rods are inclining, the software indicates the position and displacement that need to be used to place seedlings or planting pits evenly inside the target.
Author Credits: Shivam Bhutani, Anil Kumar
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