(MENAFN- market Press Release) February 1, 2022 7:35 am - 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 that the global digital farming market was worth USD 4,770.8 million in 2020 and is further projected to reach USD 10,702.3 million by 2027, at a CAGR of 12.7% during the forecast period (2021-2027). Factors driving the market include increased food demand due to population growth, increasing usage of VRT (Variable Rate Technology), and the growing prevalence of remote sensing technology, as well as guidance technologies by global farmers. Additionally, significant cost savings achieved through the implementation of modern agricultural techniques is another factor driving the market growth.
COVID-19 Impact on Global Digital Farming Market
A majority of the industries have been affected negatively by COVID-19. While some have started to recover, others are still trying to figure a way out. The demand for food and agricultural products skyrocketed with the commencement of lockdown. As a result, farmers faced numerous challenges in meeting increased demand, with the supply chain badly disrupted. The COVID-19 pandemic also disrupted the global digital farming market. As a result, the companies started to focus more on wireless real-time decision-making technology based on the data received from digital farming technology. The sector recovered quickly towards the end of the year as lockdown restrictions were gradually lifted. As things returned to normal, the global digital farming market is expected to expand.
The 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.
To gain a larger market share, key market players are forming alliances, forming partnerships, and participating in mergers and acquisitions. Furthermore, market participants are focused on enhancing product quality in order to gain a competitive advantage over other competitors.
April 6, 2021, Guardian Agriculture launched a USD 10.5 million to streamline crop protection with eVTOL-powered precision. Guardian Agriculture has launched a first-ever integrated eVTOL system for precision application, extending growers' reach, minimizing environmental impact, and curtailing product resistance. It accumulates the data produced during the crop protection process, acts intelligently on it. Guardian Agriculture, which provides data-driven crop security as a service, assists farmers in growing sustainably and profitably.
On April 2, 2021, the Malaysia Digital Economy Corporation (MDEC) and CIMB Islamic Bank Berhad (CIMB Islamic) signed a memorandum of understanding (MoU) to catalyze Digital Agriculture Technology (Digital Agtech) in Malaysia. The MoU also extends an extensive micro-financing program with an allocation of USD 2.42 million as an initial funding package
On March 23, 2021, Ghana's end-to-end digital farming platform, Complete Farmer, secured an undisclosed amount of funding from Ingressive Capital to extend its footprint in other markets. Complete Farmer, founded in 2017, has implemented a crowd-farming model with a total of 7,200 acres of production serving resources to Asia, Europe, and the rest of the world.
Sample Copy of the report: A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the Japan bottled water market is estimated to grow at a CAGR of 7.1% during the forecast period of 2022-2028. Japan bottled water market is flourishing at a high rate because of the increasing water pollution levels and declining access to safe drinking water in the country, which is prompting Japanese citizens to shift towards bottled water. The increasing health consciousness among consumers is also acting as a major driving factor for market growth. Furthermore, with increasing market scope, the industry players are launching a wide range of bottled water and are significantly focusing on improving their distribution channels to boost the product's accessibility, thereby propelling the Japan bottled water market forward. However, increasing concerns surrounding environmental pollution by single-use plastic water bottles may act as a major restraining factor to this market during the forecast period.
Declining Water Quality Levels in Japan Anticipated To Drive the Market Growth During the Forecast Period
Japan is one of the countries that offer exceptionally clean and drinkable tap water. However, several instances of declining water quality that have affected the trust of its citizens have emerged in recent years. It has been reported that some tap water contained radioactive materials, making it unsafe for babies to drink. Additionally, increasing acidity levels have adversely affected Japan's lakes, rivers, and surrounding waters as a result of industrial pollutants. Thus, the pollution levels in the surface water of rivers and streams significantly affect people's access to safe drinking water. Due to these factors, the demand for bottled water is projected to surge across Japan during the forecast period.
Increasing Spending on Advertisement and Marketing Boosting Japan Bottled Water Market Growth
Advertisements and marketing campaigns play an important role in driving sales in any industry. The same holds true for Japan's bottled water market. Japanese players lavishly invest in these strategies to boost their market sales. Bottled water appeals primarily to working adults between the ages of 25 and 44. Therefore, the market players offer attractive packaging to attract consumers. They also establish partnerships with offices, sponsor events, and offer their products as refreshments during charitable events, etc.
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