Digital Farming Global Market Report 2024

Description

Digital Farming Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on digital farming market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for digital farming? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital farming market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Component: Hardware; Software; Other Components
2) By Technology: AI or ML or NLP; IoT; Blockchain; Big Data and Analytics
3) By Infrastructure: Sensing and Monitoring; Communication Technology; Cloud and Data Processing; Telematics or Positioning; End-Use Components
4) By Application: Yield Monitoring; Field Mapping; Crop Monitoring; Livestock Monitoring; Real Time Safety Testing; Soil Monitoring; Precision Farming
Companies Mentioned: Armacell International Holding; BASF SE; Woodbridge Company Ltd.; Dow Inc.; Sekisui Chemical Co. Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Digital farming involves the consistent application of smart farming and precision farming techniques, along with internal and external farm networking and web-based data platforms, all utilized in conjunction with big data analysis. The goal of digital farming is to integrate financial and field-level records for comprehensive farm management.

The main components of digital farming include hardware, software, and other elements. Hardware encompasses tools employed in digital farming to enhance resource utilization and showcase products in various structures. Technologies involved in digital farming include Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), Internet of Things (IoT), blockchain, and big data analytics. The infrastructure of digital farming includes sensing and monitoring, communication technology, cloud and data processing, telematics or positioning, and end-use components. These components are applied in various aspects of digital farming, including yield monitoring, field mapping, crop monitoring, livestock monitoring, real-time safety testing, soil monitoring, and precision farming applications.

The digital farming market research report is one of a series of new reports from The Business Research Company that provides digital farming market statistics, including digital farming industry global market size, regional shares, competitors with digital farming market share, detailed digital farming market segments, market trends, and opportunities, and any further data you may need to thrive in the digital farming industry. This digital farming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The digital farming market size has grown rapidly in recent years. It will grow from $14.06 billion in 2023 to $16.09 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth observed in the historical period can be attributed to the adoption of precision agriculture practices, advancements in sensor technologies, the integration of big data analytics in agriculture, government initiatives, and subsidies, as well as improvements in connectivity in rural areas.

The digital farming market size is expected to see rapid growth in the next few years. It will grow to $26.44 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The anticipated growth in the forecast period can be attributed to the integration of artificial intelligence (AI) and machine learning in agriculture, the use of blockchain for enhanced supply chain transparency, the implementation of 5G technology, the increasing demand for food, and the adoption of digital twin technology. Major trends in the forecast period encompass the continued implementation of 5G technology, the development of robotic farming systems, the utilization of digital twin technology, the adoption of climate-smart agriculture solutions, and increased collaboration between agricultural technology (AgTech) companies.

The digital farming market is experiencing growth due to the rising demand for food. As the global population is projected to reach over 9 billion by 2050, there is a corresponding need for increased food production. Digital farming, or precision agriculture, involves the use of technical solutions for farm management and monitoring, contributing to enhanced agricultural productivity. The Food and Agriculture Organization highlights the necessity for a 70% increase in global food production to meet the demands of the growing population. The adoption of digital farming methods is a response to the imperative of sustaining food production to meet global needs.

The growth of the digital farming market is further propelled by the rise in the global population. The increase in population, accompanied by advancements in technologies like artificial intelligence (AI) and the Internet of Things (IoT), presents an opportunity for revolutionizing farming intelligence. These technologies contribute to increased yields, efficient farming practices, and the mitigation of food loss. The World Bank reports an increase in the global population from 7.76 billion in 2020 to 7.87 billion in 2021. The rise in population is a significant factor driving the adoption of digital farming practices during the forecast period.

Technological advancements emerge as a key trend in the digital farming market. Major companies in the market are focusing on innovating new technologies to sustain their positions. CropX Technologies, for example, introduced continuous nitrogen leaching monitoring capability, allowing farmers to monitor and minimize the environmental effects of nitrogen leaching in real-time. This use of advanced technology contributes to increased agricultural efficiency and sustainability. The integration of real-time data from soil sensors with custom algorithms showcases the trend of leveraging technology for precision agriculture.

Major companies in the digital farming sector are integrating artificial intelligence (AI) to enhance customer services and maintain market competitiveness. Zyter Inc. launched Zyter Smart Agriculture, a solution that provides farmers and agronomists with a comprehensive virtual view of the farm ecosystem using data from IoT sensors and AI technologies. This emphasis on automating and optimizing crop management procedures aligns with the broader trend of incorporating AI into digital farming solutions for more sustainable and precision agriculture.

In June 2022, BASF, a leading Germany-based chemical producer, successfully acquired Horta S.r.l. for an undisclosed amount. This strategic acquisition is anticipated to enhance BASF's portfolio of digital agricultural solutions, enabling its clients to capitalize on the growth potential and opportunities presented by digitization in the agriculture sector. Horta S.r.l., the acquired company, is an Italy-based developer specializing in decision support systems platforms that provide sustainable crop management solutions. The acquisition aligns with BASF's commitment to advancing innovation in agriculture and leveraging digital technologies to offer comprehensive solutions to its clients.

Major companies operating in the digital farming market report are Armacell International Holding, BASF SE, Woodbridge Company Ltd., Dow Inc., Sekisui Chemical Co. Ltd., Recticel NV, UFP Technologies Inc., INOAC Corporation, Kaneka Corporation, Saudi Basic Industries Corporation, Sealed Air Corporation, Zotefoams PLC, Lanxess AG, Foampartner Group, MH Polymers Private Limited, Covestro AG, Furukawa Electric Co. Ltd., Huntsman Corporation, Trelleborg AB, Rogers Corporation, Wanhua Chemical Group Co. Ltd., Synthos S.A., Versalis S.p.A., Total S.A., Nova Chemicals Corporation, Tucson Container Corporation, Polyfoam Corporation, Foamex International Inc., and Foam Products Corporation.

North America was the largest region in the digital farming market share in 2023. The regions covered in the digital farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the digital farming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The digital farming market consists of revenues earned by entities by providing animal monitoring, prescriptive fertilizer programs and geospatial mapping services. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital farming market also includes sales of digital hardware systems such as seed trackers that are used in providing digital farming services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r12626

1. Executive Summary

2. Digital Farming Market Characteristics

3. Digital Farming Market Trends And Strategies

4. Digital Farming Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Digital Farming Market Size and Growth

5.1. Global Digital Farming Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Digital Farming Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Digital Farming Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Digital Farming Market Segmentation

6.1. Global Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Hardware
Software
Other Components
6.2. Global Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
AI or ML or NLP
IoT
Blockchain
Big Data and Analytics
6.3. Global Digital Farming Market, Segmentation By Infrastructure, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Sensing and Monitoring
Communication Technology
Cloud and Data Processing
Telematics or Positioning
End-Use Components
6.4. Global Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Yield Monitoring
Field Mapping
Crop Monitoring
Livestock Monitoring
Real Time Safety Testing
Soil Monitoring
Precision Farming

7. Digital Farming Market Regional And Country Analysis

7.1. Global Digital Farming Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Digital Farming Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Digital Farming Market

8.1. Asia-Pacific Digital Farming Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Digital Farming Market

9.1. China Digital Farming Market Overview
9.2. China Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Digital Farming Market

10.1. India Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Digital Farming Market

11.1. Japan Digital Farming Market Overview
11.2. Japan Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Digital Farming Market

12.1. Australia Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Digital Farming Market

13.1. Indonesia Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Digital Farming Market

14.1. South Korea Digital Farming Market Overview
14.2. South Korea Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Digital Farming Market

15.1. Western Europe Digital Farming Market Overview
15.2. Western Europe Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Digital Farming Market

16.1. UK Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Digital Farming Market

17.1. Germany Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Digital Farming Market

18.1. France Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Digital Farming Market

19.1. Italy Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Digital Farming Market

20.1. Spain Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Digital Farming Market

21.1. Eastern Europe Digital Farming Market Overview
21.2. Eastern Europe Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Digital Farming Market

22.1. Russia Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Digital Farming Market

23.1. North America Digital Farming Market Overview
23.2. North America Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Digital Farming Market

24.1. USA Digital Farming Market Overview
24.2. USA Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Digital Farming Market

25.1. Canada Digital Farming Market Overview
25.2. Canada Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Digital Farming Market

26.1. South America Digital Farming Market Overview
26.2. South America Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Digital Farming Market

27.1. Brazil Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Digital Farming Market

28.1. Middle East Digital Farming Market Overview
28.2. Middle East Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Digital Farming Market

29.1. Africa Digital Farming Market Overview
29.2. Africa Digital Farming Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Digital Farming Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Digital Farming Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Digital Farming Market Competitive Landscape And Company Profiles

30.1. Digital Farming Market Competitive Landscape
30.2. Digital Farming Market Company Profiles
- 30.2.1. Armacell International Holding
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. BASF SE
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Woodbridge Company Ltd.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Dow Inc.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Sekisui Chemical Co. Ltd
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Digital Farming Market Competitive Benchmarking

32. Global Digital Farming Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Digital Farming Market

34. Digital Farming Market Future Outlook and Potential Analysis

34.1 Digital Farming Market In 2028 - Countries Offering Most New Opportunities
34.2 Digital Farming Market In 2028 - Segments Offering Most New Opportunities
34.3 Digital Farming Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer