Global Digital Farming Software Market, By Component (Software and Services), Technology (Remote Sensing, Guidance Technology, Variable Rate Technology, Machine Learning, Wireless Connectivity and Others), Application (Drone Analytics, Precision Farming, Agriculture Robots, Livestock Monitoring, Greenhouse Management, Supply Chain Management, Financial Management and Others), Country (U.S., Canada, Mexico, U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Belgium, Turkey, Rest of Europe, China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines and Rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Israel, Egypt and Rest of Middle East and Africa, Brazil, Argentina and Rest of South America) Industry Trends and Forecast to 2028
Market Analysis and Insights: Global Digital Farming Software Market
The digital farming software market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 12.3% in the forecast period of 2021 to 2028 and expected to reach USD 10,951.59 million by 2028. Increasing demand for digital farming software is acting as major factor for the growth of the digital farming software market.
Digital farming software is the programmed tools which are developed to optimize and manage farm operations and production activities. The software helps to automate various farm activities such as record management, data storage, monitoring and streamline production activities. Digital farming software maximize yield and revenue related to crops and others using data-driven insights.
Implementing digital farming software makes daily farming operations more efficient. Also, farmers can lower the cost and can focus on quality production which is increasing the utilization and adoption of digital farming software and acts as a driving factor for the growth of the digital farming software market. There is low adoption rate of digital farming software across some areas due to lack of knowledge about the benefits and trust issues which hinders the growth and acts as a restraining factor for the digital farming software market. Internet of things has the potential to transform agriculture in the coming future. IoT-driven agriculture are paving the way to deliver a more productive and sustainable form of agricultural production which is an opportunity for the growth of the digital farming software market. It has been observed that farmers feel insecure to share their internal farm data with companies for availing the benefits of digital farming software which acts as a challenge for the digital farming software market growth.
This digital farming software market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the digital farming software market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Digital Farming Software Market Scope and Market Size
The digital farming software market is segmented on the basis of component, technology and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the digital farming software market is segmented into software and services. In 2021, software segment held larger share in the market owing to factors such as increasing agriculture productivity, growing demand for real-time data management, surging adoption of advance agriculture techniques, vast implementation of precision farming software, focus toward maximum yield production, gathering necessary information about weather conditions and others.
- On the basis of technology, the digital farming software market has been segmented into remote sensing, guidance technology, variable rate technology, machine learning, wireless connectivity and others. In 2021, remote sensing segment held the largest share in the market as it supports in detection of crop water stress, classification of crop species, monitoring of weeds and crop diseases and mapping of crop yield.
- On the basis of application, the digital farming software market has been segmented into drone analytics, precision farming, agriculture robots, livestock monitoring, greenhouse management, supply chain management, financial management and others. In 2021, precision farming segment held the largest share in the market mainly due to the factors such as farmers’ inclination toward making better food produce and fetch good price, need for improvisation in yield and optimum utilization of available scarce resources.
Digital Farming Software Market Country Level Analysis
The digital farming software market is analysed and market size information is provided by the country, component, technology and application as referenced above.
The countries covered in the global digital farming software market report are U.S., Canada, Mexico, U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Belgium, Turkey, Rest of Europe, China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines and Rest of Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Israel, Egypt and Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.
The U.S. dominates the digital farming software market owing to the presence of large number of digital farming software providers, rapid adoption of next-generation farming technologies, and increasing focus toward high quality agriculture products. In Europe, Germany is dominating due to increasing adoption of digital farming software and government’s initiatives to adopt modern agricultural techniques. China dominates the Asia-Pacific digital farming software market owing to the factors such as intense focus toward digitization of agricultural industry and surging favourable government support in terms of adopting technology.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Expanding Demand for High Bandwidth Communication
The digital farming software market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in digital farming software and changes in regulatory scenarios with their support for the digital farming software market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Digital Farming Software Market Share Analysis
The digital farming software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to digital farming software market.
Some of the major players operating in the digital farming software market are Bayer AG, CropX inc., NETAFIM (a subsidiary Of Orbia), PrecisionHawk, Inc., eAgroop, Lda, EZ Lab srl, Ag Leader Technology, Accenture, Infosys Limited, FarmFacts GmbH, Yara, Luda.Farm AB, Granular, Inc. (a subsidiary of Corteva), Trimble Inc., Farmer's Business Network, Inc., DJI, Pix4D SA, Agremo, Farmers Edge Inc., BASF SE, Raven Industries, Inc., AGCO Corporation, Gamaya, DRAGONFLY IT, BayWa AG, Syngenta, Hexagon Agriculture (a subsidiary of HEXAGON), Field Margin Ltd., AeroVironment, Inc., Deere & Company and Topcon among others.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of digital farming software market.
- In January 2020, CropX inc. announced acquisition of CropMetrics which is a cloud-based precision irrigation tools provider. Under this acquisition, the company combined CropX and CropMetrics offerings to provide customers with access to a combination of in-soil data, farm management analytics and decision-support tools. This has helped the company to enhance their offerings and their presence in the market.
- In September 2020, Raven Industries, Inc. introduced Raven Autonomy for optimizing the operations in ecosystem for precision agriculture farming through VSN connected technology helping the farmer to increase their product portfolio. The company has enhanced its business portfolio through this launch of the product that generates more revenue.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for digital farming software through expanded range of size.