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Digital Agriculture Market Forecasted to Reach $23.44B by 2028 at 11.2% CAGR, Driven by AI and IoT Innovations
Digital Agriculture Market Report
As per the report, 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 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%.
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Population Growth Driving Digital Agriculture Expansion
The rise in the population is expected to propel the growth of the digital agriculture market going forward. The rise in population refers to the sum of the difference between births and fewer deaths; and the difference between immigrants and fewer emigrants, either all over the globe or concerning the country, territory, or geographic area. Artificial intelligence and the Internet of Things have the potential to revolutionize agriculture intelligence by increasing yields and avoiding or reducing food loss. For instance, in December 2023, according to The United Nations (UN), US-based, an intergovernmental organization that aims to maintain international peace and security, The global population has been on a continuous rise, with an anticipated increase of nearly 2 billion individuals in the next 30 years, from the current 8 billion to 9.7 billion by 2050. This growth is accompanied by demographic shifts such as an aging population and varying growth rates across different regions. . Therefore, the rise in the population is driving the digital agriculture market growth.
Technology And Electronic Devices Transforming Digital Agriculture
The penetration of technology and electronic devices is a key trend gaining popularity in the digital agriculture market. Major companies operating in the digital agriculture sector are focused on the penetration of technology and electronic devices to sustain their position in the market. 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.
The digital agriculture market covered in this report is segmented -
1) By Type: Crop Monitoring, Artificial Intelligence, Precision Farming
2) By Company Type: Tier 1-55%, Tier 2-20%, Tier 3-25%
3) By Deployment: Cloud, On-Premise
4) By Applications: Field Mapping, Crop Scouting, Weather Tracking, Drone Analytics, Financial Management, Farm Inventory Management, Other Applications
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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 (BASF), 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.
Contents of the report:
1. Executive Summary
2. Digital Agriculture Market Report Structure
3. Digital Agriculture Market Trends And Strategies
4. Digital Agriculture Market - Macro Economic Scenario
5. Digital Agriculture Market Size And Growth
…..
27. Digital Agriculture Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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