Digital Agriculture Global Market Report 2024

The digital agriculture market size has grown strongly in recent years. It will grow from $13.98 billion in 2023 to $15.32 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth observed in the historical period can be attributed to the adoption of precision agriculture practices, the increasing global population, escalating demands for food production, and heightened concerns regarding the impacts of climate change on agriculture.

The digital agriculture market size is expected to see rapid growth in the next few years. It will grow to $23.44 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. Anticipated growth in the forecast period is expected due to the implementation of 5G connectivity in rural areas, supportive government initiatives and subsidies, and the expansion of global connectivity facilitating access to information for agricultural practices.

The projected growth in population is set to fuel advancements in the digital agriculture market. This rise in population, encompassing birth rates, mortality rates, and migration figures, globally or within specific regions, presents an impetus for agricultural technology innovation. Artificial intelligence and the Internet of Things stand poised to transform agricultural intelligence, enhancing yields and curbing food losses. Notably, according to The United Nations in December 2023, the global population is anticipated to swell by nearly 2 billion individuals in the next three decades, reaching 9.7 billion by 2050, ushering in demographic shifts and varied growth rates across regions.

The burgeoning environmental concerns are anticipated to drive growth within the digital agriculture market. Addressing issues such as resource depletion, pollution, and climate change, digital agriculture emerges as a solution leveraging precision technologies and data-driven insights. In January 2023, the United States emitted approximately 67 million tons of carbon dioxide, ranking as the world's second-largest emitter. The drive to combat environmental issues propels the growth of the digital agriculture sector.

Digital agriculture experiences a surge in technology integration by major players such as CNH Industrial. The introduction of platforms such as AGXTEND showcases efforts to enhance productivity and efficiency across varied agricultural operations. For instance, in October 2021, CNH Industrial, a UK-based company operating in digital agriculture, launched AGXTEND, an innovative platform in Brazil. Regardless of the size of the property or the amount of output, it improves productivity and operational efficiency. It offers a real-time soil sensing system that automatically modifies implemented working parameters to deliver uniform tillage performance when used together with electro-herbicide technology. AGXTENDTM is a pioneer in the advancement of precision farming and ISOBUS technologies.

A commercial digital tool is software, or an application developed and marketed for business or monetary purposes, providing specific functionalities or solutions to meet commercial needs. In September 2022, Syngenta introduced Nema Digital, a pioneering commercial digital tool harnessing satellite imagery to detect harmful nematodes. This innovation aids in swift field management adjustments, integrating seamlessly with the Cropwise platform for user-friendly decision-making, enhancing crop quality, and contributing to sustainability in digital agriculture.

In August 2021, CropX, an Israel-based aggrotech ag-analytics company, acquired Dacom Farm Intelligence for an undisclosed amount. With this acquisition, CropX acquired a significant foothold within the European region. Through this acquisition, CropX's staff and dramatically expands its service region and quantity of farms, adding more than 20,000 new farms across more than 50 nations. Dacom Farm Intelligence is a Netherlands-based company engaged in digital agriculture, providing advisory services, data-driven software, and sensor equipment to customers.

Major companies operating in the digital agriculture market report are Microsoft Corporation, International Business Machines Corporation, Bayer AG, Deere & Company, Cisco Systems Inc., Badische Anilin- und Sodafabrik, Syngenta AG, Farmers Edge Inc., Yara International ASA, AGCO Corporation, Eurofins Scientific SE, FluroSat Ltd., Trimble Inc., Topcon Positioning Systems Inc., Benson Hill Inc., DTN LLC, Iteris Inc., Raven Industries Inc., Granular Inc., Ag Leader Technology Inc., Deveron UAS Ltd., Arable Labs Inc., Taranis Services Ltd., Descartes Labs Inc., AgJunction Inc., GeoVisual Analytics, AgriWebb Pty Ltd., Conservis Corporation, Hummingbird Technologies Ltd., Gamaya SA, PrecisionHawk Inc., Aerobotics Ltd., AgriWebb Pty Ltd., FarmLogs Inc., Tillable Inc.

North America was the largest region in the digital agriculture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital agriculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Digital agriculture encompasses key elements such as crop monitoring, artificial intelligence, and precision farming. Crop monitoring involves the digital surveillance of crop growth and performance, integral to effective agricultural management. Companies in this domain are categorized across tiers, with 55% falling under tier 1, 20% in tier 2, and 25% in tier 3. These digital agriculture solutions are deployed through cloud-based and on-premises systems, catering to various applications such as field mapping, crop scouting, weather tracking, drone analytics, financial management, farm inventory management, and other agricultural applications aimed at optimizing farming processes and outcomes.

The digital agriculture market research report is one of a series of new reports that provides digital agriculture market statistics, including digital agriculture industry global market size, regional shares, competitors with a digital agriculture market share, detailed digital agriculture market segments, market trends and opportunities, and any further data you may need to thrive in the digital agriculture industry. This digital agriculture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The digital agriculture market consists of revenues earned by entities by providing core and peripheral technology for agriculture. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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