Market Size of Digital Agriculture Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 20.01 Billion |
| Market Size (2029) | USD 32.96 Billion |
| CAGR (2024 - 2029) | 10.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Digital Agriculture Market Analysis
The Digital Agriculture Market size is estimated at USD 20.01 billion in 2024, and is expected to reach USD 32.96 billion by 2029, growing at a CAGR of 10.5% during the forecast period (2024-2029).
The increasing awareness about the benefits of digital agriculture in optimizing agricultural production has resulted in a great boom in the agriculture market. With the growing food demand, owing to the increasing population, the adoption of digital agriculture tools is inevitable.
Growing concerns regarding food security and nutrition are anticipated to provide several opportunities for the industry to prosper. The United States is expected to invest a significant share in facilitating the ecosystem for future foods. As more consumer insights are developed in terms of 'fresh-from-farm-to-table,' the availability of freshly harvested vegetables across retail outlets is expected to increase in the United States. For instance, in June 2021, the National Science Foundation's Cyber-Physical Systems program and the USDA's National Institute of Food and Agriculture (NIFA) provided USD 7 million in grants to researchers led by engineers from the Iowa State University and the University of Illinois Urbana-Champaign on operations of farm managing, like sensing, modeling, and decision-making at the level of individual crops.
The United Kingdom government, in its industrial strategy, has put artificial intelligence (AI) aimed at escalating crop productivity. The country has committed to boosting R&D spending to 2.4% of the GDP by 2027. Furthermore, a new EUR 500 million project has been announced in Cambridge, which seeks to cement Britain's position as an innovator in the growing agri-tech industry. The development will accommodate up to 4,000 employees and will bring together agricultural and tech companies to spearhead a center of global agricultural innovation and productivity.
Strategic policymaking for precision farming by the countries is expected to encourage farmers to adopt the related technologies. Farm advisory services are bridging the gap between science and practice. These services help farmers in adopting new innovative technologies, which is the latest trend in the market. They are more efficient in utilizing the available resources, are cost-effective, and can help face challenges.
Technological advancements and innovations are among the major factors driving the digital agriculture market, helping farmers maximize their yield and minimize losses with efficient use of resources. Hence, the increased need to meet the demand of the growing population, along with the limited scarcity of natural resources, is anticipated to drive the market for digital farming globally during the forecast period.
