According to market research, the digital farming industry is expected to grow significantly, with a market size projected to exceed USD 13.41 billion by 2027, up from USD 4.53 billion in 2019, with a compound annual growth rate (CAGR) of 14.5%. This growth is attributed to various factors, including a decrease in arable land, a growing global population, and increased demand for food. It is estimated that the global population will increase by 40% and reach 9.6 billion by 2050, which will require a doubling of food production to meet the demand. To achieve this, there has been a shift towards the adoption of advanced technology at various levels of farming.
Digital farming, also known as Farming 4.0, is a combination of several farming technologies such as data capture, analysis, machine learning, connectivity, satellites, robotics, drones, automation, and sensors. This technology facilitates the efficient use of resources like land, fertilizers, water, seeds, etc., to improve the quality and quantity of farm produce. Drones are increasingly being used in farming practices, including soil and field analysis, crop health assessment, and monitoring crops and livestock.
From precision farming to greenhouse farming, livestock monitoring, and connected devices software, all contribute to vital applications of farming. The growing usage of information technology in agriculture will boost the digital farming market share. Additionally, industry players are focusing on extracting data from farmers to direct product choices, making farmers technologically dependent, and embedding them into the value chain, which will reinforce digital farming market trends through 2027.
However, high investments associated with smart agricultural solutions may be a drawback for farmers, especially in developing countries, which may hamper industry growth.
The digital farming market share is segmented by component (hardware, software, and others) and application (precision farming, livestock monitoring, greenhouse farming, and others). The hardware segment is expected to have a major growth rate through 2027 due to the large-scale adoption of hardware components for digital farming. The precision farming application is anticipated to witness the fastest growth, followed by greenhouse farming.
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The market is divided into five key regions: North America, Europe, Latin America, Asia Pacific, and the Middle East Africa. North America accounted for the largest share of the overall revenue in 2019 and is expected to gain significant traction over the forecast period. Europe will also be a major regional ground for the digital farming market through 2027 due to favorable government initiatives pertaining to the introduction of technology in farming practices.
Key players operating in the global digital farming market include Vodafone Group PLC, Trimble Inc., Salt Mobile SA, Accenture, Deere Company, IBM, Epicor Software Corporation, Hexagon, Monsanto Company, Bayer Cropscience Limited, Syngenta, AgGateway, Aglytix Inc., CropX Inc., Farmers Business Network (FBN), BASF SE, and DigitalGlobe. In September 2020, the National Artificial Intelligence Research Institutes program received a USD 20 million grant for five years to explore innovative uses of AI to develop a prototype autonomous “farm of the future.”
Digital Farming Market: Drive factors
The digital farming market is expected to grow at a significant rate in the coming years. Some of the key factors driving the growth of the market include a decline in arable land, a rapidly expanding global population, and an associated increase in food demand. Estimates suggest that the global population will increase by 40% and reach 9.6 billion by the end of 2050. To cater to the growing food requirements, the overall food production needs to be doubled in the coming years, which is leading to a paradigm shift towards the adoption of advanced technology at various levels of farming for optimum crop production.
Digital farming, also known as Farming 4.0, is driven by developments in several different farming technologies, such as data capture, analysis, machine learning, connectivity, satellites, robotics, drones, automation, and sensors. Smart farming technology facilitates the efficient use of resources such as land, fertilizers, water, seeds, and others to improve the overall quality and quantity of farm produce.
Furthermore, growing focus on industry players to extract data from farmers and then use this to direct product choices, imbibing farmers into the value chain, and making them technologically dependent will also reinforce digital farming market trends through 2027. However, high investments associated with smart agricultural solutions may be a drawback for farmers, especially in developing countries, which may hamper industry growth.
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