Digital Agriculture Marketplace Market Size $40.26 Billion By 2030 | CAGR of 15.05%

Introduction

The global digital agriculture market was estimated to be worth $11.4 billion in 2021, and it is expected to reach $40.26 billion by 2030, expanding at a CAGR of 15.05% from 2021 to 2030.

Farmers and other stakeholders all through the agricultural value chain will be able to improve their food production via the use of new and sophisticated technology that are integrated into a single system through the practise of digital agriculture. Growers and livestock farmers are better able to connect with resources including machinery, finance, marketing, and sales thanks to the support of a digital platform in the agriculture industry. In addition to this, it is useful for everything from the management of distribution and logistics to the purchasing of seeds and the provision of financial loans to farmers.

Multiple unicorns may be found in various parts of the world, and they get significant amounts of financing; this highlights the significance of agriculture that is driven by technology. As a consequence of this, it is probable that in the year ahead we will see digital agriculture marketplaces fighting with one another for global dominance as businesses grow outside their own home markets

Market Dynamics

Increasing Awareness about digital agriculture’s benefits

The rise in public understanding of the ways in which digital agriculture might improve crop yields has contributed to an important expansion in the global market for agricultural goods and services. Farmers are going to have no choice but to start using digital agricultural technologies in order to meet the increasing demand for food that is a direct result of the growing global population.

It is anticipated that the formulation of strategic policies by governments in regard to precision farming will encourage farmers to use the associated technology. Farm advice services are helping to close the knowledge gap between academia and industry. These services assist farmers in embracing new and creative technology, which is the most recent trend in the industry. As a result, the farmers are able to make better use of the resources they have, reduce their costs, and get a leg up on the competition.

Increasing Demand for Increased Productivity and Better Crop Health

The farmers are under continual pressure to increase their production of food and animal feed while reducing the quantity of pesticides they use. At the same time, it is very necessary to reduce the amount of energy and labour that is used while simultaneously enhancing environmental land and water management. Because of the fast rate at which the population is expanding, it is becoming increasingly difficult to feed the growing population, which results in is producing a great deal of pressure to enhance agricultural production. The utilisation of software like precision farming in conjunction with the many tools offered by the Internet of Things (IoT) provide a solution to all of these prerequisites.

More and more AI-based solutions are being used in precision farming.

The use of applications and tools based on AI assists farmers in carrying out controlled and accurate farming by supplying them with the necessary information or guidance regarding the use of fertilizers, water management, crop rotation, pest control, type of crop to be grown according to soil, optimal planting, and nutrition management. Tools based on AI are used to manage pests in agricultural settings. They check to see whether any insects have landed on the farm as well as the species of insects that have done so by utilising satellite photography and comparing it with the previous data using AI algorithms.

Regional Overview of Market

The region of Asia-Pacific is anticipated to have the largest share of the worldwide digital agriculture marketplace market It is anticipated that the strong agricultural growth, in conjunction with the growing emphasis on the use of digitalization in agriculture, will foster the establishment of the digital agriculture marketplace in these regions.

Key Highlights

• The global digital agriculture marketplace market was estimated to be worth $11.4 billion in 2021, and it is expected to reach $40.26billion by 2030, expanding at a CAGR of 15.05% from 2021 to 2030.
• Awareness about benefits if digital agriculture is fuelling the market.
• Rise in Demand for productivity and better crop health is also driving the market growth.
• Increasing Use of AI based software.
• The Digital Agriculture marketplace market has been segmented into the following categories: by offering, product type, technology, application and region.
• On Product type basis the market is divided into the following: Perishables, Non-perishables, Agri raw materials. The market for perishable goods is now leading the pack in the global digital agricultural sector.
• On technology basis the market is classified into guidance technology, remote sensing technology, variable rate application. The variable rate technology is anticipated to experience the greatest compound annual growth rate (CAGR) over the period covered by the projection.
• On application basis the market is divided into: Yield Monitoring, Crop Scouting, Field Mapping, Variable Rate Application, Weather Tracking and Forecasting, Inventory Management, Farm Labor Management, Financial Management, Others (demand forecasting, customer management, payables and receivables). Within the precision farming industry, the yield monitoring sector represented the greatest proportion of the market by application
• The region of Asia-Pacific is anticipated to have the largest share of the worldwide digital agriculture marketplace market

Competitive Players

Competitors in Digital Agriculture Marketplace Market

Most important companies operating in the digital agriculture sector are Deere & Company (US), AGCO Corporation (US), Raven Industries (US), AgJunction (US), and Trimble (US), Twiga Foods Limited, COFCO International, Cranswick PLC, Crofarm Agriproduct Pvt. Ltd., Tanihub, Eden Farm, WayCool Foods and Products Pvt Ltd., Agrofy, Kaset Thai Hitech Co., Ltd., Agri Marketplace, among others, are developing end-use products by joining hands with various companies offering creative and advanced technologies, products, and others.

Recent Developments

Recent Developments By Key Players

Deere & Company released JDLINK, an information management tool, in July 2021. Connectivity services are included in the package at no additional cost. Customers may rely on them to connect their computers.

In October 2019, Deere & Company bought Unimil, a supplier of sugarcane harvester aftermarket components. With this purchase, the firm will be able to assist customers in Brazil in lowering the cost of sugarcane production.

Trimble will release the Trimble R12i GNSS receiver in September 2020. It has tilt adjustment based on inertial measurement units, which provides 30% better performance in demanding settings than conventional receivers.

In July 2021, AGCO Corporation debuted a prototype model of its Precision Ag Line (PAL) initiative, a tool aimed to expedite support services for farmers with mixed-fleet operations who use AGCO's solutions. Farmers may access precision farming knowledge from AGCO companies including Challenger, Fendt, Gleaner, Massey Ferguson, and Precision Planting through PAL.

Raven Industries announced the introduction of their new autonomous product brand "OMNI" in May 2021. This logo emphasises the company's ability to provide autonomous solutions.

Raven and other companies cooperated with AGCO, an agricultural machinery producer, in May 2021. The goal is to assess spraying technique in order to improve the effectiveness and efficiency of crop protection product application.

Segmentation

Segmentation of Digital Agriculture Marketplace Market

By Offering

• Hardware
• Software
• Services

By Product Type

• Perishables
• Non-perishables
• Agri raw materials

By Technology

• Guidance Technology
• Remote Sensing Technology
• Variable Rate Application

By Application

• Yield Monitoring
• Crop Scouting
• Field Mapping
• Variable Rate Application
• Weather Tracking and Forecasting
• Inventory Management
• Farm Labor Management
• Financial Management
• Others (demand forecasting, customer management, payables and receivables)

By Region

• Americas
• Europe
• Asia Pacific
• LAMEA