Digital Agriculture Market Emerging Trends & Global Industry Forecast - 2028
Chicago, July 22, 2024 (GLOBE NEWSWIRE) -- The digital agriculture market is forecasted to experience significant growth, estimated to escalate from USD 22.0 Billion in 2023 to USD 36.0 Billion by 2028, demonstrating a robust Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period. Consumers are increasingly concerned about the environmental impact of food production.
Digital agriculture can help farmers reduce their reliance on harmful chemicals and fertilizers, conserve water, and improve soil health. For example, as stated by MDPI Sustainability article 2021, advanced technologies like the Internet of Things (IoT), play a crucial role in minimizing the use of harmful chemicals that pose risks to human health. The agricultural sector leverages advanced technologies for various programs, including crop disease monitoring, crop modeling, prediction of pest occurrences, and weather forecasting. These emerging technologies serve as highly effective methods for managing plant and crop diseases. This not only benefits the environment but also leads to higher-quality crops.
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The potential of blockchain for digital agriculture is undeniable. Its ability to promote transparency, efficiency, and sustainability positions it as a key driver for transforming the agricultural sector in the future. According to the FAO Report on Blockchain for Agriculture Opportunities and Challenges published in 2019, the implementation of blockchain technology plays a pivotal role by establishing an immutable record spanning from the origin of a product to its retail destination. This not only fosters increased consumer trust in the products they purchase but also provides an opportunity to recognize and reward producers adopting agricultural practices. Such initiatives contribute to the promotion of sustainable farming methods and responsible consumption. Further advancements in technology, infrastructure, and regulatory frameworks will pave the way for widespread adoption and unlock the full potential of blockchain in shaping a more secure and connected agricultural landscape.
Consumers are increasingly demanding transparency and traceability in their food choices. They increasingly demand proof of ethical sourcing and sustainable practices. Blockchain allows to recording of data like organic certification, fair trade practices, and environmental impact, building trust and loyalty. This demand is fueled by concerns about food safety, sustainability, and animal welfare, amplifying their significance in propelling the growth of the digital agriculture market.
Based on type, the hardware segment is expected to become one of the dominant types in the digital agriculture market. The hardware landscape of digital agriculture is constantly evolving, with new technologies emerging all the time. From powerful sensors and intelligent drones to autonomous robots and advanced irrigation systems, these digital tools are revolutionizing the way we grow food, promoting sustainability, efficiency, and increased yields for a brighter future of agriculture.
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Based on region, In North America, with continuous advancements in technology and increasing investments, digital agriculture is poised to further revolutionize the food production landscape. The integration of AI, robotics, and automation, along with personalized farming solutions tailored to individual farm needs is expected to surge. Addressing the challenges of access, affordability, and skills development is critical to ensure equitable and sustainable growth. Collaboration between governments, research institutions, technology companies, and farmers is key to delivering the full potential of digital agriculture and securing a prosperous future for North American agriculture. For instance, in July 2023, Deere & Company (US) and Cargill, Incorporated (US) collaborated to streamline the digital and in-field experience for farmers utilizing John Deere technology and participating in the Cargill RegenConnect program. The partnership aims to simplify program enrollment and field data management through the integration of John Deere's Operations Centre.
Key Players in the Market
- Cisco Systems, Inc. (US)
- IBM Corporation (US)
- Accenture (Ireland)
- Trimble Inc. (US)
- Deere & Company (US)
- Epicor Software Corporation (US)
- Hexagon AB (Sweden)
- Bayer AG (Germany)
- AGCO Corporation (US)
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