PUBLISHER: The Business Research Company | PRODUCT CODE: 1546458
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546458
Digital farming software encompasses a range of technological tools and applications that integrate data analytics, sensors, and farm management software. Its primary goal is to optimize agricultural practices, improve farm efficiency, and empower farmers to make data-driven decisions. This software enables monitoring of crop and soil conditions, efficient resource management, and maximizing yields while minimizing costs and environmental impact.
The components of digital farming software include computer programs and applications tailored to assist farmers in managing various aspects of agricultural operations. These include crop planning, soil health monitoring, irrigation scheduling, and pest management. The technologies involved span remote sensing, guidance technology, variable rate technology, machine learning, wireless connectivity, and others. These technologies support applications such as drone analytics, precision farming, agriculture robots, livestock monitoring, greenhouse management, supply chain management, and financial management.
The digital farming software market research report is one of a series of new reports from The Business Research Company that provides digital farming software market statistics, including digital farming software industry global market size, regional shares, competitors with a digital farming software market share, detailed digital farming software market segments, market trends and opportunities, and any further data you may need to thrive in the digital farming software industry. This digital farming software market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The digital farming software market size has grown rapidly in recent years. It will grow from $6.03 billion in 2023 to $7.02 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The increase during the historical period can be linked to a growing demand for food security and sustainable agriculture, heightened requirements for increased food production amidst challenges posed by climate change, and a necessity for sustainable agricultural practices.
The digital farming software market size is expected to see rapid growth in the next few years. It will grow to $12.97 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The rise in the anticipated period is attributed to governmental backing and initiatives, cost efficiencies leading to improved profitability, expansion of agritech enterprises, mounting concerns regarding agricultural sustainability, and heightened global food security demands due to population growth and urbanization. Key trends anticipated in this period include the adoption of cloud-based platforms, incorporation of AI and machine learning technologies to enhance farm management practices, the development of mobile applications, utilization of big data analytics, and advancements in sensor and IoT technologies.
The digital farming software market is expected to grow due to increasing demand for sustainable agriculture. Sustainable agriculture, which includes organic farming and avoids synthetic inputs, aims to meet current food needs without compromising future generations' ability to do so. Factors driving this demand include rising awareness of environmental impact, consumer preference for healthier food, and efforts to mitigate climate change. Digital farming software supports sustainable agriculture by optimizing resource use, monitoring crop and soil health in real-time, and enabling precision farming techniques such as targeted irrigation and fertilizer application. For example, Africa saw a 4.9% increase in certified organic agricultural land in 2022, reaching over 2.7 million hectares. This growth underscores the role of digital farming software in promoting sustainable practices.
Leading companies in the digital farming software market focus on developing advanced solutions such as AI-powered agri-intelligence to enhance precision farming and agricultural productivity. AI-powered agri-intelligence analyzes agricultural data to improve farming practices and productivity. For instance, Cropin launched Cropin Cloud in June 2022, integrating AI-powered agri-intelligence with data sources to digitize agriculture and support decision-making with secure, scalable solutions. This versatile platform drives digital transformation across agri-businesses, governments, and related industries by enhancing operational efficiency and data analytics.
In March 2024, TELUS Agriculture & Consumer Goods acquired Proagrica, enhancing its agronomy expertise and platform capabilities. This acquisition aims to strengthen customer digitization, data connectivity, and insights, aligning well with TELUS Agriculture's existing agronomic solutions.
Major companies operating in the digital farming software market are Bayer AG, Deere & Company, Yara International ASA, Granular Inc., AGCO Corporation, CropX Inc., Trimble Inc., Topcon Positioning Systems, Inc., Raven Industries, Inc., Iteris Inc., Ag Leader Technology Inc., Taranis Visual Ltd., FarmWise Labs, Inc., Farmers Edge Inc., Agworld Pty Ltd, FieldIn Ltd., Agrian Inc., Farmobile LLC, FarmLogs Inc., AgJunction Inc., AgriWebb Pty Ltd., Prospera Technologies Ltd., SST Software, Arable labs Inc., Gamaya SA, VanderSat B.V., Farmwave LLC, CropIn Technology Solutions Pvt Ltd., FluroSat Pty Ltd
North America was the largest region in the digital farming software market in 2023. The regions covered in the digital farming software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the digital farming software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The digital farming software market consists of revenues earned by entities by providing services such as crop monitoring and analysis, weather forecasting and risk assessment, marketplaces, and trading platforms. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital farming software market also includes sales of drones, automated irrigation controllers, geographic information systems (GIS), and global positioning systems (GPS) systems. 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.
Digital Farming Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital farming software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital farming software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital farming software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.