New York, US, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Digital Agriculture Market information by Deployment, by Components, by Application and Region – forecast to 2027” market size to on grow at a compound annual growth rate of 11.2% by 2027.
Market Scope:
Agriculture and agriculture sectors benefit from technological advancements. The use of mobile phones for digital farming has expedited this shift. Expanding Internet and digital connection has the potential to be useful in underdeveloped countries.
Dominant Key Players on Digital Agriculture Market Covered are:
- Microsoft Corporation (US)
- IBM Corporation (US)
- Gameya SA (Switzerland)
- Agrivi (England)
- AGCO Corporation (US)
- Small Robot Company (UK)
- Hummingbird Technologies (UK)
- Deere & Company (US)
- Bayer Crop Science AG (Germany)
- Conservis Corporation (US)
- Raven Industries (US)
- Trimble Inc. (US)
- DTN (US)
- Case Corporation (US)
- Farmers Edge (Canada)
- Agri Webb (Australia)
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Market USP Exclusively Encompassed:
Market Drivers
Growing Requirement for High Productivity & Improved Crop Health
Farmers are constantly under pressure to produce more food and feed while using fewer pesticides. At the same time, it is vital to use less energy and labor while improving environmental land and water management. With a rapidly growing population, feeding the growing population is becoming increasingly challenging, putting further strain on agricultural output. Thanks to digital agriculture, agriculture can become more productive, consistent, and efficient in terms of time and resource consumption. This has important implications for farmers as well as broader societal implications around the world. It also enables organizations to share information across traditional industry borders, enabling the emergence of new, disruptive prospects. The growth of the digital age moves the world toward new modes of work.
Browse In-depth Market Research Report (141 Pages) on Digital Agriculture Market:
https://www.marketresearchfuture.com/reports/digital-agriculture-market-10695
Segmentation of Market Covered in the Research:
The worldwide digital agriculture market has been segmented based on component, application, and deployment.
Based on the component, the global digital agriculture market has been segmented into hardware, software, and services. The hardware segment has been classified into displays, guidance and steering systems, GPS/GNSS devices, irrigation controllers, and drones/UAVs.
By application, the global digital agriculture market has been segmented into yield monitoring, field mapping, crop monitoring, livestock monitoring, real-time safety testing, soil monitoring, precision farming, and others (weather tracking and drone analytics).
By deployment, the global digital agriculture market has been segmented into cloud and on-premise.
Regional Analysis
APAC to Spearhead the Global Market
During the projection period, Asia Pacific is set to be the fastest-growing regional market. The Asia Pacific market has been divided into China, Japan, India, and the rest of the region. Furthermore, APAC is seeing great growth as a result of a variety of factors, including the rise of local firms and government programs aimed at advanced technical breakthroughs. Some countries in the region, such as China and Japan, have embraced and are rapidly deploying digital agricultural technologies. However, the vast development potential in most Asia Pacific regions remains unexplored. In comparison to traditional farming practices, new farming techniques such as precision farming can help in utilizing agricultural inputs in precise proportions to increase average yields.
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COVID-19 Impact on the Global Digital Agriculture Market
Extreme food insecurity is afflicting an increasing number of countries, erasing years of development achievement. Even before COVID-19 decreased wages and disrupted supply chains, chronic and acute hunger was on the rise due to a variety of factors such as conflict, socioeconomic situations, natural catastrophes, climate change, and pests. The consequences of COVID-19 have resulted in severe and widespread increases in global food insecurity, affecting vulnerable households in practically every nation, and the effects are expected to endure through 2021 and 2022. On July 16, 2021, the Agricultural Commodity Price Index remained near its highest level since 2013 and was approximately 30% higher than in January 2020. Maize, wheat, and rice prices are around 43%, 13%, and 10% higher, respectively than in January 2020.
While the global production outlook for important grains remains favorable, higher prices reflect high demand, as well as weather concerns, macroeconomic issues, and COVID-19-related supply disruptions. Food price inflation is severe at the retail level in several countries, showing that supply interruptions due to COVID-19 social distancing measures, currency depreciation, and other factors continue. Individuals in low- and middle-income countries are disproportionately affected by rising food prices because they spend a larger proportion of their income on food than people in high-income countries. Mobility constraints (national or international border closures) and changes in consumer demand offered substantial challenges. Due to the restrictions, consumers were unable to eat out and were forced to make their meals at home. Furthermore, individuals are avoiding attending markets and supermarkets due to the possibility of getting COVID-19 in stores. Supply chain disruptions have impacted not only producers, distributors, and consumers but also labor-intensive food processing plants. Many plants' output was reduced, slowed, or temporarily halted as a result of workers who were confirmed to be COVID-19 positive and were worried about becoming ill at work, primarily at meat-processing food enterprises during the outbreak.
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Industry News
In February 2021, IBM and Solinftec collaborated to supply precision agricultural solutions around the world. The merger of IBM's unparalleled climate understanding with Solinftec's artificial intelligence and advanced algorithms results in real-time decision-making solutions that improve operation efficiency, input utilization, and agricultural compliance, resulting in lesser environmental impact.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
