Digital Agriculture Market Value By Technology (Core, Peripheral), By Type (Software, Hardware and Services), By Operation (Marketing & Demand Generation, Farming & Feeding, and Monitoring & Scouting), By Offering (Financial services, Advisory services, Precision agriculture and farm management, Quality management and traceability, Digital procurement, and Agri E-Commerce) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Industry Analysis, Market Size, Share & Forecast, 2023 - 2032

Market Overview:

Digital Agriculture Market size worth exceeded USD 17.5 Billion in 2022 and is expected to showcase a CAGR of over 9.8% from 2023 to 2032. By the end of the forecast period, the market is anticipated to surpass more than USD 33.7 Billion.

The Digital Agriculture Market refers to the application of technology solutions to agricultural practices to improve efficiency, productivity, and sustainability in farming. It involves the use of various digital technologies such as precision agriculture, machine learning, AI, IoT, and big data analytics to monitor and optimize farming practices. 
The global digital agriculture industry is growing rapidly, driven by the increasing global population, rising demand for food, and the need to improve crop yields and farming efficiency. The market is segmented by hardware, software, and services, as well as by operation and region. 
 

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The digital agriculture market is segmented by region, with North America being the largest market, followed by Europe and Asia Pacific. The North American market is being driven by the high adoption rate of digital technologies in agriculture and the presence of major players in the region. Europe and Asia Pacific are also significant markets for digital agriculture, driven by the increasing adoption of precision farming and IoT technologies in agriculture. 

The digital agriculture market is slated to continue growing in the coming years, as farmers and growers increasingly adopt technology solutions to improve their operations and meet the challenges of a changing global environment. The market is poised to continue growing rapidly in the coming years, driven by the increasing adoption of digital technologies in agriculture and the need to address global challenges including climate change and food security.

DRIVERS: 

Need to improve crop yields and farming efficiency: With the world's arable land becoming scarcer, it is necessary to increase crop yields and farming efficiency to ensure sustainable food production. Digital agriculture technologies offer ways to optimize crop production and reduce waste. 

Adoption of digital technologies in agriculture: The agriculture industry is increasingly adopting digital technologies such as precision agriculture, IoT, and big data analytics to improve farming practices. This trend is driving the growth of the digital agriculture market.

RESTRAINS: 

High initial costs: The implementation of digital agriculture technologies requires significant initial investment in hardware, software, and training. This can be a barrier to adoption for small-scale farmers, limiting the market's growth potential.

Regulatory barriers: The use of digital agriculture technologies may be subject to regulation and approval by government agencies. This could slow down the adoption of these technologies, particularly in regions with complex regulatory frameworks.

Segment Analysis: 

The core segment is expected to lead the digital agriculture market with the highest market share during the projected period.

The core segment is anticipated to hold the largest market share in the global industry, as it includes essential technologies that are directly related to farming practices. The increasing adoption of precision agriculture, IoT, and big data analytics in agriculture is driving growth in this segment. 

However, the peripheral segment is also a fastest emerging from the recent years, driven by the increasing adoption of farm management software and other supporting technologies. These technologies help farmers manage their operations more efficiently and make informed decisions, leading to increased productivity and profitability. Core and peripheral segments are important to the market growth of the digital agriculture. However, the core segment is predicted to hold the largest market share, driven by the increasing demand for precision agriculture and other essential technologies in agriculture.

Regional Overview:

North America is expected to hold the largest market share in the digital agriculture market, driven by the increasing adoption of precision agriculture technologies and the presence of major players in the region. The high level of technological advancement and government support for the adoption of digital agriculture technologies are also contributing to the growth of the market in this region.

The Asia Pacific region is also projected to grow rapidly, driven by the increasing adoption of digital agriculture technologies in countries such as China and India, which have large agricultural sectors. The increasing demand for food and the need to improve crop yields and farming efficiency in these countries are driving industry growth.
Latin America and the Middle East and Africa are also estimated to grow rapidly, driven by the increasing adoption of digital agriculture technologies and the need to improve agricultural productivity in these regions.

Key Development:

On June 2021, Deere & Company (US) and Mobile Track Solution (US) collaborated to provide digital precision farming solutions. This solution provides John Deere & Company with more than 27 cubic yard capacity towed scrapers for its distribution channels as per the agreement. This will increase the efficiency and precision of large-scale earthmoving.

On November 2022, AGCO Corporation has introduced Geo-Bird, a brand-new online tool designed to assist farmers all over the world in independently planning and optimizing their global navigation satellite system (GNSS) machine guidance lines.

Top companies includes in the global digital agriculture market are:

• AGCO Corporation 
• Trimble INC.  
• PrecisionHawk  
• Deere & Company
• Agreena   
• IBM Corporation
• Ceres Imaging  
• Agricultural Consulting Services  
• EC2CE 
• Eurofins Scientific 
• Arable
• Others

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In-depth analysis of digital agriculture market along with industry coverage and forecasting for the following segments:

Market Value, By Technology

• Core
• Peripheral

Market Value, By Type

• Software
• Hardware 
• Services

Market Value, By Operation

• Marketing & Demand Generation
• Farming & Feeding
• Monitoring & Scouting

Market Value, By Offering

• Financial services
• Advisory services
• Precision agriculture and farm management
• Quality management and traceability
• Digital procurement
• Agri E-Commerce

Market Value, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America