The digital agriculture market, valued at USD 22.0 billion in 2023, is set for an impressive ascent to USD 36.0 billion by 2028, indicating a robust compound annual growth rate (CAGR) of 10.3% during the forecast period, as per a research report by MarketsandMarkets.
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Market Overview:
The report delineates the digital agriculture market's landscape, encompassing offerings, technologies (peripheral, core), operations (farming & feeding, monitoring & scouting, marketing & demand generation), and types (hardware, software, services). With 266 market data tables, 50 figures, and an in-depth table of contents spanning 306 pages, it provides comprehensive insights into the industry.
Role of Digital Economy in Agricultural Development:
Technological advancements, including precision farming, data analytics, and digital monitoring systems, are instrumental in optimizing farming practices, enhancing yields, and resource efficiency. The digitalization of agriculture fosters transparent governance, enabling better policymaking and resource allocation. Initiatives like India's NeGPA harness artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), and blockchain to drive data-driven decisions for optimized agricultural outcomes.
Growth Projections:
The automation and control systems hardware segment are poised for remarkable growth, boasting the highest projected CAGR. Modern hardware solutions promise to revolutionize farming processes, optimizing resource utilization, efficiency, and productivity. Precision Agriculture Connectivity Infrastructure acts as the backbone for deploying innovations within digital agriculture.
Integration of Robotics:
Technological innovation and the development of autonomous systems, including agricultural robots, underscore the expanding role of automation and control systems. Intelligent features and robotics enhance operational efficiency, paving the way for future advancements in smart farming practices.
Regional Dynamics:
The US is positioned to maintain its dominant stance in the North American digital agriculture market. Its robust infrastructure, substantial investments in research and development, and widespread adoption of modern technologies contribute to market leadership. Technologies such as yield maps, soil maps, and automated guidance systems witness increasing adoption, reflecting a shift towards data-driven farming methods.
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Key Market Players:
Prominent industry players like Cisco Systems, Inc., IBM Corporation, Accenture, Trimble Inc., Deere & Company, Epicor Software Corporation, Hexagon AB, Bayer AG, AGCO Corporation, and Vodafone Group PLC wield substantial influence, ensuring widespread accessibility of their products across pivotal regions.
In conclusion, the digital agriculture market's trajectory promises transformative advancements, driven by technological innovations, strategic initiatives, and increasing adoption of automation and control systems, shaping the future of farming practices worldwide.
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Digital Agriculture Market Growth Dynamics, Trends and Forecast by 2028
Digital Agriculture Market Offering, Technology (Peripheral, Core), Operation (Farming & Feeding, Monitoring & Scouting, Marketing & Demand Generation) Type (Hardware, Software, Services), Region - Global Forecast to 2028