The digital agriculture market is set for substantial growth, fueled by technological innovations and the increasing demand for sustainable and efficient farming practices. With the ongoing evolution of digital tools and platforms, the agricultural sector is poised for a transformation, providing opportunities for greater productivity, enhanced food security, and better livelihoods for farmers.
How
Digital Agriculture is Transforming Farming and Forecasting a $39.8 Billion
Future
Digital agriculture offers innovative
solutions to tackle the growing challenge of food insecurity, which is
increasingly intensified by rising population levels. By utilizing technologies
such as remote sensing and data analytics, digital agriculture enhances the
efficiency and sustainability of food production. These advancements help
optimize resource use, improve crop yields, and reduce environmental impacts,
boosting food availability and accessibility. The global digital agriculture industry is on a
trajectory of significant growth, with an estimated value forecasted to reach
USD 39.8 billion by 2029 from the 2024 valuation of USD 24.2 billion,
exhibiting an optimistic Compound Annual Growth Rate (CAGR) of 10.4%.
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A notable example is the Indian
government’s initiative to lead a technological revolution in agriculture. As
of January 1, 2024, India is demonstrating its commitment to modernizing
agriculture through strategic initiatives designed to close the technology gap
and increase productivity. A key component of this effort is the National
e-Governance Plan in Agriculture (NeGPA), which supports states in implementing digital agriculture projects that leverage
artificial intelligence (AI), machine learning (ML), Internet of Things (IoT),
and blockchain. NeGPA aims to promote data-driven decision-making to optimize
agricultural outcomes and drive sectoral advancements.
The Surge in Automation
Hardware: What the Highest Projected CAGR Means for the Digital Farming
Industry
As technology continues to
transform agricultural practices, the role of automation and control systems
becomes increasingly critical. Modern hardware solutions, from sensor-equipped
devices to automated machinery, are revolutionizing farming processes. The
focus on precision farming is driving the integration of these advanced
hardware solutions to optimize resource use, boost efficiency, and improve
overall agricultural productivity. This growing adoption of automation and
control systems highlights the significant impact of digital technologies on
traditional farming, paving the way for a future of smart, data-driven
agriculture that promises sustainability and technological advancement.
To support data-driven
farming, Precision Agriculture Connectivity Infrastructure is essential. This
infrastructure includes secure hyperscale cloud connectivity, farm-centric
computing platforms, private 5G wireless systems, public wireless field coverage,
and a range of terrestrial and non-terrestrial networks. It forms the backbone
for deploying artificial intelligence, quantum computing, machine vision, and
other innovations developed by experts in automation and control systems within
digital agriculture.
A March 2023 report from the European
Parliament notes a significant rise in interest in agricultural robots over the
past decade, though adoption rates vary globally. Robotics applications in
agriculture span field farming, dairy management, indoor farming, and
horticulture. This surge in technological innovation and autonomous systems
underscores the growing importance of automation and control systems in the digital farming market. The integration of
intelligent features and robotics not only enhances operational efficiency but
also sets the stage for future advancements in smart farming practices.
The Digital Economy’s Role in Driving Agricultural Development
In December 2023, the influence
of the digital economy on agriculture in developing countries emerged as a
crucial factor in boosting agricultural production and tackling hunger-related
issues. Technologies like precision farming, data analytics, and digital
monitoring systems are essential for refining farming practices, enhancing
yields, and improving resource efficiency. Additionally, digitalization is
transforming governance within the agricultural sector by enabling more
transparent and efficient management. This results in better policymaking,
resource allocation, and monitoring of agricultural programs.
China, India, and Beyond: The Growing Influence of Asia Pacific
Digital Agriculture Market
The Asia Pacific digital agriculture market is
significantly driven by government incentives, expanding internet access, and
growing awareness of technological advancements. These factors, along with the
need for higher agricultural yields and more efficient resource use, are
fueling the region’s progress in digital agriculture. Government policies and
educational programs aimed at farmers have raised awareness and adoption of
digital technologies. China plays a major role in the region’s leadership in
this sector, with India also emerging as a key player, while Australia, New
Zealand, and Japan continue to show steady growth in digital agriculture.
Additionally, increasing
support from major industry players is boosting the growth of digital
agriculture in the region. For example, in November 2022, Syngenta and Plantix
launched a partnership to provide smallholder farmers in Asia Pacific with
AI-powered tools through the Cropwise Grower app. This initiative aims to reach
500,000 farmers across five countries, offering them access to a comprehensive
database of crops, diseases, and best practices. The app features localized
content, offline functionality, and early warnings for pests and diseases. This
collaboration seeks to bridge the information gap for rural farmers, enhance
decision-making, and improve yields and livelihoods.
The Top Digital Agriculture Companies to Watch: Innovations and
Impact on the Industry
IBM’s
Role in Agriculture: Leveraging Data and Technology for Smarter Farming
IBM Corporation is a
global technology powerhouse headquartered in Armonk, New York, with operations
in over 175 countries. With a long and storied history spanning over a century,
IBM has been a pioneer in various fields, including hardware, software, and
services. It operates through six business segments, namely, Cloud &
Cognitive Software, Global Business Services, Global Technology Services,
Systems, Global Financing, and Others. The company provides agriculture
solutions globally by using its Watson Decision Platform in combination with
data acquired from The Weather Company to help farmers with planning, plowing,
planting, and harvesting. The company has 12 R&D laboratories across six
continents. Apart from the US, IBM has formidable research centers in Japan,
China, India, Ireland, and Switzerland.
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Cisco Systems: Leading the Charge in Smart Agriculture with
Advanced Networking Solutions
Cisco Systems, Inc., is a
global leader in networking technology, playing a crucial role in building the
infrastructure that powers the Internet. They offer a wide range of hardware,
software, and services that help businesses, governments, and individuals
connect securely and efficiently. The company offers smart agriculture
solutions aimed at boosting farm efficiency, income, and supply chain
connections. Using tools like data analytics, sensors, and satellite imagery,
Cisco Systems, Inc., builds a central platform integrating data-driven
insights, collaboration tools, secure networks, and web portals. This creates
an IoT ecosystem that enhances agricultural yield and profitability.
In December 2022, Cisco
Systems, Inc., partnered with SatSure (US), a data analytics startup, to help
governments address specific needs in smart agriculture. This collaboration
showcases the effectiveness of Cisco LaunchPad, their accelerator program, in
fostering innovation and mutual benefit for businesses.
Top Questions Answered by the Digital
Agriculture Market Report
·
How is the digital
agriculture market evolving?
· What are the key drivers of digital
agriculture industry growth?
· What benefits does digital agriculture offer to farmers?
· Which region expected to hold largest digital
agriculture market share
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