Global Digital Farming Market Gaining Momentum—Projected to Reach USD 10,702.3 Million by 2027


Posted April 9, 2021 by paritosh_shah

Global Digital Farming Market- Industry Trends & Forecast Report 2027

 
Digital farming involves the process of applying the latest technological methods to predict and influence the cultivation process. Digital farming develops an operational system which provides real-time information about the soil and plants’ temperature, humidity, water levels, fertilizer requirements, and nutrients requirement. It helps farmers in optimizing various agricultural processes and increasing crop yield.
Substantial Cost Savings were achieved by the implementation of modern techniques to drive the global digital farming market during the forecast period

The global digital farming market has reached USD 4,770.8 million in 2020. It is further projected to reach USD 10,702.3 million by 2027, at a CAGR of 12.7% during the forecast period (2021–2027) a study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed.


Farming is a cost-intensive process. From seeds to soil preparation to fertilizers to pesticides and crop cutting, farming requires a lot of investment. Fertilizers and pesticides consume a substantial portion of farm investment. Fertilizer spending in the United States rose from USD 8.6 billion to USD 23.5 billion between 1985 and 2016. The ERS (Economic Research Services) by USDA conducted research and concluded that farmers using yield mapping individually or in collaboration with VRT (variable-rate technology) can save USD 25 per acre, while farmers who use GPS with soil mapping can save up to USD 13 per acre. VRT combined with yield mapping has the potential to save USD 22 per acre.

Greenhouse farming accounted for the largest share in the global digital farming market in 2020
Based on application, the greenhouse farming segment held the largest share in the global digital farming market in 2020. Greenhouse farming refers to the growing of crops under a large structure, covered fully or partially with a transparent material. Greenhouse farming has been in use for centuries now. People use greenhouse farming to grow all kinds of crops with tomatoes, cucumbers, peppers, and melons being the most popular ones.

Lack of awareness and understanding is expected to hamper the growth of the global digital farming market during the forecast period.

The most significant challenge associated with digital farming is the lack of awareness and understanding of the technology. To understand the working of new technologies and to see how things will change, an imaginative approach is required. A lot of farmers don’t have any idea how digital farming works. This lack of awareness and understanding along with the high cost of advanced equipment and technology is expected to impede the growth of the global digital farming market during the forecast period.

Global Digital Farming Market: Regional insights

The global digital farming market is divided into the Asia-Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa regions. Europe dominated the global digital farming market in 2020, closely followed by North America. Additionally, the Netherlands in Europe is a global leader in agricultural innovation with the integration of green-house farming and precision farming.

Leading Players operating in the Market are Cisco Systems Inc., Gamaya SA, Trimble Navigation Ltd., Accenture PLC, Epicor Software Corporation, AGCO Corporation,Salt Mobile SA, Deere & Co., IBM Corporation, Hexagone AB, Bayer CropScience AG,and others are the key players operating in the global digital farming market
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Issued By Blueweaveconsulting.com
Country India
Categories Biotech , Food , Technology
Tags digital farmig , farming , technology , Innovation , Digitalization , agriculture
Last Updated April 9, 2021