Digital Farming Global Market Report 2024

The global digital farming market has grown rapidly in recent years. It will grow from $14.06 billion in 2023 to $16.09 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth observed in the historical period can be attributed to the adoption of precision agriculture practices, advancements in sensor technologies, the integration of big data analytics in agriculture, government initiatives, and subsidies, as well as improvements in connectivity in rural areas.

The global digital farming market is expected to see rapid growth in the next few years. It will grow to $26.44 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The anticipated growth in the forecast period can be attributed to the integration of artificial intelligence (AI) and machine learning in agriculture, the use of blockchain for enhanced supply chain transparency, the implementation of 5G technology, the increasing demand for food, and the adoption of digital twin technology. Major trends in the forecast period encompass the continued implementation of 5G technology, the development of robotic farming systems, the utilization of digital twin technology, the adoption of climate-smart agriculture solutions, and increased collaboration between agricultural technology (AgTech) companies.

The digital farming market is experiencing growth due to the rising demand for food. As the global population is projected to reach over 9 billion by 2050, there is a corresponding need for increased food production. Digital farming, or precision agriculture, involves the use of technical solutions for farm management and monitoring, contributing to enhanced agricultural productivity. The Food and Agriculture Organization highlights the necessity for a 70% increase in global food production to meet the demands of the growing population. The adoption of digital farming methods is a response to the imperative of sustaining food production to meet global needs.

The growth of the digital farming market is further propelled by the rise in the global population. The increase in population, accompanied by advancements in technologies like artificial intelligence (AI) and the Internet of Things (IoT), presents an opportunity for revolutionizing farming intelligence. These technologies contribute to increased yields, efficient farming practices, and the mitigation of food loss. The World Bank reports an increase in the global population from 7.76 billion in 2020 to 7.87 billion in 2021. The rise in population is a significant factor driving the adoption of digital farming practices during the forecast period.

Technological advancements emerge as a key trend in the digital farming market. Major companies in the market are focusing on innovating new technologies to sustain their positions. CropX Technologies, for example, introduced continuous nitrogen leaching monitoring capability, allowing farmers to monitor and minimize the environmental effects of nitrogen leaching in real-time. This use of advanced technology contributes to increased agricultural efficiency and sustainability. The integration of real-time data from soil sensors with custom algorithms showcases the trend of leveraging technology for precision agriculture.

Major companies in the digital farming sector are integrating artificial intelligence (AI) to enhance customer services and maintain market competitiveness. Zyter Inc. launched Zyter Smart Agriculture, a solution that provides farmers and agronomists with a comprehensive virtual view of the farm ecosystem using data from IoT sensors and AI technologies. This emphasis on automating and optimizing crop management procedures aligns with the broader trend of incorporating AI into digital farming solutions for more sustainable and precision agriculture.

In June 2022, BASF, a leading Germany-based chemical producer, successfully acquired Horta S.r.l. for an undisclosed amount. This strategic acquisition is anticipated to enhance BASF's portfolio of digital agricultural solutions, enabling its clients to capitalize on the growth potential and opportunities presented by digitization in the agriculture sector. Horta S.r.l., the acquired company, is an Italy-based developer specializing in decision support systems platforms that provide sustainable crop management solutions. The acquisition aligns with BASF's commitment to advancing innovation in agriculture and leveraging digital technologies to offer comprehensive solutions to its clients.

Major companies operating in the digital farming market report are Armacell International Holding, BASF SE, Woodbridge Company Ltd., Dow Inc., Sekisui Chemical Co. Ltd., Recticel NV, UFP Technologies Inc., INOAC Corporation, Kaneka Corporation, Saudi Basic Industries Corporation, Sealed Air Corporation, Zotefoams PLC, Lanxess AG, Foampartner Group, MH Polymers Private Limited, Covestro AG, Furukawa Electric Co. Ltd., Huntsman Corporation, Trelleborg AB, Rogers Corporation, Wanhua Chemical Group Co. Ltd., Synthos S.A., Versalis S.p.A., Total S.A., Nova Chemicals Corporation, Tucson Container Corporation, Polyfoam Corporation, Foamex International Inc., and Foam Products Corporation.

North America was the largest region in the digital farming market share in 2023. The regions covered in the digital farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital farming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main components of digital farming include hardware, software, and other elements. Hardware encompasses tools employed in digital farming to enhance resource utilization and showcase products in various structures. Technologies involved in digital farming include Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), Internet of Things (IoT), blockchain, and big data analytics. The infrastructure of digital farming includes sensing and monitoring, communication technology, cloud and data processing, telematics or positioning, and end-use components. These components are applied in various aspects of digital farming, including yield monitoring, field mapping, crop monitoring, livestock monitoring, real-time safety testing, soil monitoring, and precision farming applications.

This report provides digital farming market statistics, including digital farming industry global market size, regional shares, competitors with digital farming market share, detailed digital farming market segments, market trends, and opportunities, and any further data you may need to thrive in the digital farming industry. This digital farming 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 farming market consists of revenues earned by entities by providing animal monitoring, prescriptive fertilizer programs and geospatial mapping services. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital farming market also includes sales of digital hardware systems such as seed trackers that are used in providing digital farming services. 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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