Impact of COVID-19 on Digital Agriculture Market By Component (Hardware, Software and Services); By Application (Livestock Monitoring Application, Precision Farming Application, Field Mapping, Smart Greenhouse Application, Real Time Safety Testing Application, Crop Scouting Application, Yield Monitoring and Others); By Region (North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa) – Analysis of market share, size & trends for 2016-19 and forecasts to 2030.
Digital Agriculture is the use of Information Technology in agriculture. It includes the most important purposes of increasing yield by using connected computers, machinery and other digital technologies to deliver better and more efficient crop management results, soil analysis and the deployment of new crop cultivation and harvesting techniques. Digital agriculture is being used to increase overall farm efficiency, enhance financial output and assist farmers with advanced digital technology in improving their agricultural productivity.
Global Digital Agriculture Market is estimated to grow from USD XXXX million in 2019 to USD XXXX million in 2030 with a CAGR of XX%. Growth in the Digital agriculture market is driven by factors such as rising demand for food due to the rapidly growing population, increasingly deployment of latest technologies in agriculture, improving standard of living of people and demand for protein-rich organic-food, increasing concentration of farmers on monitoring farm animals and easy detection of ailments, and increasing emphasis on using cost-effective measures.
Global Digital Agriculture Market: Segments
Hardware offerings are anticipated to be the fastest growing over 2020-2030
Digital agriculture market on the basis of offerings is segmented into hardware, software and services. The hardware segment accounted for a major share in 2019 and is anticipated to have the highest CAGR during the forecast period. Latest technology and new digital farm equipment’s are expected to expand in the forecast period, driving the growth of the hardware supply in the digital agricultural industry. A new strategy to farming methods has been introduced to fuel market growth by increasing prevalence of automation and control systems, like Geo Positioning System receivers, irrigation controllers, and navigation and guiding systems.
Global Digital Agriculture Market: Market Dynamics
Rising demand for Agricultural Produce to fuel the digitization in agriculture
Growing global demand for food, farmers need to increase crop production either by increasing the amount of agricultural land or by adopting advanced agricultural methods such as precision farming. Another major factor which has prompted farmers to implement digital farming solutions in their farms so as to boost the productivity of agricultural land is increased demand for quality crops that meet the increasing requirements of grains and plants.
High Equipment Cost
Some of the factors limiting the growth of the Digital agriculture market are the high cost of devices used in Digital agriculture and the lack of awareness among farmers. High costs incurred in the production of Digital agricultural equipment, in turn, increase the price of the final product, which is likely to restrict the growth of the market over the forecast period.
Global Digital Agriculture Market: Region
Asia-Pacific to register a remarkable CAGR during the forecast period
Global Digital Agriculture market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific and rest of the world is classified as Middle-East and Africa. Asia Pacific is one of the most populous regions with rising demand for agricultural goods. Moreover, adoption of digital farming techniques, increase in government policies to promote the digitalization of agricultural processes and the need for productive use of natural resources along with a decrease in the availability of migrant workers are likely to propel the growth of digital agriculture in Asia-Pacific.
Impact of Covid-19 on Digital Agriculture Market
COVID-19 is expected to have a positive impact on the market. The demand for digital agriculture all across the globe is anticipated to rise due to labor shortages and interruptions in the supply chain. Rising agricultural food demand and consumer demand altering towards organic, greater safety and quality standards of food are some of the drivers for the market. Digital agriculture offers key services worldwide by offering digital agriculture solutions, notwithstanding several challenges and obstacles faced by the industry.
o Company overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
• Farmers Edge
Global Digital Agriculture Market Report also contains an analysis on:
• Digital Agriculture Market by segment:
• By Offering
• By application/ end-use industry
o Livestock Monitoring Application
o Precision Farming Application
o Field Mapping Application
o Smart Greenhouse Application
o Real Time Safety Testing Application
o Crop Scouting Application
o Yield Monitoring Application
• By Region
o North America
o Latin America
o Middle east and Africa
• Digital Agriculture Market Size
• Digital Agriculture Market Dynamics
• Supply and Demand
• Current Issues/trends/challenges
• Competition and Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints