PUNE, India | 16th December 2020: The global digital farming market was valued at US$ 6.12 billion in 2019 and is anticipated to witness a compound annual growth rate (CAGR) of 11.3% over the forecast period.
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- The concept of improving various processes in the farming sector has been from the demand for increasing the productivity of the sector. The efforts undertaken from farmers in doing the same gave ranged from utilizing improved seeds and fertilizers for their produce to integrating various irrigation patterns for better yield. In addition to this, the growing prevalence of technological tools and their applications across various industry verticals have led to a steady adoption pattern in agriculture.
- The advent of COVID-19 had led to a stressful condition in the agriculture sector owing to limitations in supply chain operations for the end products. The ensuing conditions have led agriculture stakeholders to focus more on monitoring their overall operational pipeline and integrate effective solutions that would help them during such instances. Digital farming solutions are expected to be a major part of this process and lead to a sustainable supply chain for the agriculture sector in the near future.
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- North America was observed to be the highest revenue contributor for the Digital Farming Market revenue in the year of 2018. Asia Pacific is expected to register the fastest growth rate over the forecast period due to the growing marketing initiatives from various market participants towards the region along with favorable initiatives from governing organizations related to technological integration in the farming sector.
- Some of the players operating in the digital farming market are [x]cube LABS, Accenture, AGCO Corporation, BASF Digital Farming GmbH, Bayer AG, Capgemini Service SAS, cloudeo AG, CropIn Technology Solutions Private Limited, Digiagri, DunavNET, FarmFacts GmbH, Farms2Fork Technologies (cultYvate), Infosys Limited, McKinsey & Company, Monsanto International SARL, Orbia (NETAFIM), Syngenta, Tata Consultancy Services Limited, Telit, and Yara International ASA, among others.
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