GOOG - Digital Farming Market expected to be valued worth USD 10.23 billion by 2025
The global digital farming market is expected to be valued worth USD 10.23 billion by 2025. According to BlueWeave Consulting, it is expected to register a CAGR of 14.2 per cent over the forecast period. Increasing demand for specialized equipment such as sensing devices, automation and control system and antennas and access points is expected to drive the growth of the market in the Forecast period. In 2019, bio-engineering, imagery and sensors, big data and robotics and automation have supported the expansion process for the global digital farming market.
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Global digital farming market is expected to grow over the forecast period owning to factors such as rising world population, rapidly decreasing arable land, growing global population, rising need for effective agriculture, rising penetration of advanced technologies in agriculture sector coupled with growing need for high production of grains and vegetables. In addition, increasing population of green farming across the globe is also pushing for the growth of digital farming market.
Growing number of applications for telematics in agriculture is expected to drive the demand for digital farming over the forecast period. Telematics services include usage of tracking devices such as Global Navigation Satellite System (GNSS) to locate the position of the equipment for management purposes. The increasing adoption of new technologies and advanced devices for digital farming is expected to drive the growth of the market. Increasing demand for managed services is another contributing factor to the expansion of digital farming market.
On the basis of Component, the Global Digital Farming Market can be classified as hardware and software. On the basis of Application, the market can be segregated as Precision Farming, Live Stock Monitoring, Green House Farming and others. In 2019, precision farming has contributed the largest to the market owning to factors such as increasing global food demand, crop health monitoring to yield higher production and extended profitability. Green House farming is expected to emerge as another key segment in the global digital farming market due to rising global warming.
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Geographically, the presence of global digital farming market can be witnessed in five major regions including Europe, North America, Latin America, Asia Pacific and Middle East and Africa. In 2019, North America accounted for the largest share in the global digital farming market and is expected to dominate the market in the forecast period. The growth of the region can be attributed to factors such as high investment in research and development in advanced agriculture techniques and presence of major players in digital farming solutions in the region.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Digital Farming market size & forecast. The report promises to provide state-of-the-art technology of Digital Farming production and industry insights which help decision-makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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