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Digital Agriculture Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The digital agriculture market size is expected to see rapid growth in the next few years. It will grow to $23.44 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%.” - The Business Research Company
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The digital agriculture market has experienced significant growth in recent years. It is projected to increase from $13.98 billion in 2023 to $15.32 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.6%. This growth can be attributed to the adoption of precision agriculture, the rising global population and food demand, and concerns over climate change.
How Big Is the Global Digital Agriculture Market Expected to Grow, and What Is Its Annual Growth Rate?
The digital agriculture market is projected to experience rapid growth in the coming years, reaching a value of $23.44 billion by 2028 with a compound annual growth rate (CAGR) of 11.2%. This growth is driven by factors such as the expansion of 5G connectivity in rural areas, government initiatives and subsidies, and enhanced global connectivity and access to information. Key trends expected during the forecast period include the use of digital twins and simulation models, advancements in sensor technologies, precision farming techniques, the application of AI and machine learning in crop management, and the growth of farm management software platforms.
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What Is Driving the Growth of the Digital Agriculture Market?
The growing population is anticipated to drive the expansion of the digital agriculture market in the coming years. Population growth is determined by the difference between births and deaths, as well as the net migration rate, either globally or within specific regions. Technologies like artificial intelligence and the Internet of Things have the potential to transform agricultural practices by enhancing crop yields and minimizing food waste.
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Which Leading Companies Are Driving The Growth Of The Digital Agriculture Market Share?
Major companies operating in the digital agriculture market report are Microsoft Corporation, International Business Machines Corporation, Bayer AG, Deere & Company, Cisco Systems Inc., Badische Anilin- und Sodafabrik (BASF), Syngenta AG, Farmers Edge Inc.
What Are The Key Trends Driving The Growth Of The Digital Agriculture Market Size?
The increasing integration of technology and electronic devices is a significant trend gaining momentum in the digital agriculture market. Leading companies in the sector are concentrating on expanding the use of technology and electronic devices to maintain their market position.
How Is the Global Digital Agriculture Market Segmented?
1) By Type: Crop Monitoring, Artificial Intelligence, Precision Farming
2) By Company Type: Tier 1-55%, Tier 2-20%, Tier 3-25%
3) By Deployment: Cloud, On-Premise
4) By Applications: Field Mapping, Crop Scouting, Weather Tracking, Drone Analytics, Financial Management, Farm Inventory Management, Other Applications
North America: The Leading Region in the Digital Agriculture Market
North America was the largest region in the digital agriculture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital agriculture global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
What Is the Digital Agriculture Market?
Digital agriculture involves the use of cutting-edge technologies integrated into a unified system to support farmers and other participants in the agricultural value chain in increasing food production. It aims to improve agricultural productivity, lower production costs, prevent soil degradation, reduce chemical use in crop farming, and promote efficient water management.
The Digital Agriculture Global Market Report 2024 from The Business Research Company includes the following key information:
.Market size data for both historical and future periods
.Analysis of both macro and microeconomic factors that have impacted the market over the past five years
.Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
.Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Digital Agriculture Market Report: Trends, Opportunities, Strategies, and More
The Digital Agriculture Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into digital agriculture market size, digital agriculture market drivers and trends, digital agriculture global market major players, digital agriculture competitors' revenues, digital agriculture global market positioning, and digital agriculture market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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What Services Does The Business Research Company Offer?
The Business Research Company has published more than 15,000 reports spanning 27 industries and over 60 regions. Our research is supported by 1.5 million datasets, thorough secondary research, and unique insights gained from interviews with industry experts. We offer ongoing and customized research services, featuring a variety of specialized packages designed to meet your specific needs, such as Market Entry Research, Competitor Tracking, Supplier & Distributor Packages, and many others.
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Oliver Guirdham
The Business Research Company
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