“Increasing urgency for agricultural products and demand for higher production in animal feed to drive the growth of the digital agriculture market.”
Post COVID-19, the global digital agriculture market size is estimated to grow from USD 5.6 billion in 2020 and is projected to reach USD 6.2 billion by 2021, recording a CAGR of 9.9%. The increasing demand for agricultural food products, shift in consumer preferences to higher standards of food safety and quality, and unavailability of laborers during COVID-19 are some of the driving factors for the market. However, the immediate standardization process and technological awareness among farmers are some of the restraints in the market.
“The field mapping segment is projected to grow at the highest CAGR between 2020 and 2021.”
Field mapping accounted for the fastest-growing smart management system market in 2021, by value, in the digital agriculture market, as it is the most preferred and adopted way of digital agriculture nowadays. It allows the farmers and growers to monitor the whole farm area through satellite imaging and regulate the processes accordingly. The COVID-19 situation is expected to increase the adoption of the field mapping system, because it allows the farmers to regulate the farm processes remotely without taking unnecessary field trips. The current guidelines of social distancing and prohibition for not getting out from home demand the adoption of such systems, which can help farmers to undertake agricultural activities smoothly.
“Asia Pacific is projected to be the fastest-growing in the digital agriculture market during the forecast period.”
The market for digital agriculture, by region, has been segmented into Asia Pacific, Europe, the US, and RoW. The Asia Pacific region segment is to be the fastest-growing market through 2021, by value, in the digital agriculture market. Asia Pacific accounts for the most populated countries such as China and India with increasing demand for agricultural products. These countries are also the most two of the most affected countries during COVID-19. The government policies supporting the digitization of farm processes and the need for efficient usage of natural resources, along with decreasing availability of migrant laborers, are expected to increase the adoption of digital agriculture techniques.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, and extensive primary interviews have been conducted with key experts. The breakup of the profiles of primary participants is as follows:
- By Company Type: Tier 1-55 %, Tier 2-20%, and Tier 3-25%
- By Designation: C-levelexecutives-40%, Directors -35%, Others-25%
- By Geography: North America-10%, Europe-20%, Asia Pacific-40%, and RoW-30%
Some of the major players in the global digital agriculture market are DTN (US), Farmers Edge (Canada), Taranis (Israel), Eurofins (Luxembourg), and AgriWebb (Australia).
This report covers the COVID-19 impact on the digital agriculture market based on customer analysis, growth opportunities, short- and mid-term strategies, smart farming system type, end use application, and geography. A detailed analysis of key industry players has been done to provide insights into their business, COVID-19 impact and services, and key strategies associated with the digital agriculture market.
Reasons To Buy the Report:
- Illustrative segmentation analysis and forecast pertaining to the digital agriculture market based on smart farming systems and geography have been conducted to provide an overall view of the digital agriculture industry considering the detailed impact analysis of COVID-19
- Major drivers, restraints, and opportunities for the digital agriculture market have been detailed in this report