Digital Agriculture Market to Grow Three Fold by 2028 | BlueWeave Consulting – Yahoo Finance

Based on region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa, wherein North America region accounted for the largest share in 2021 owing to consumers increasing preference toward digital technologies for agriculture. Advanced economy coupled with the early adoption of the latest technologies have resulted within growth associated with digital agriculture in this region. The area is a pioneer in implementing new technology. The region’s market has a high revenue due to factors including expanding government efforts that boost the implementation of modern farming technology plus established infrastructure.

New Delhi, Aug. 04, 2022 (GLOBE NEWSWIRE) — The particular agricultural marketplace has experienced a significant rise as a result of growing awareness of the advantages of digital agriculture in maximizing agricultural productivity. The use of technologies in the farming sector, such as AI, drones, GPS, moisture detectors, etc., to gather, store, and analyses data in order to take necessary action is known as electronic agriculture. Technology has been developed in order to include the whole value-addition chain till the product is delivered to the particular client, and not only farms.

A recent study conducted by the strategic consulting plus market research firm, BlueWeave Talking to , revealed that the global digital agriculture market was worth USD 10. 7 billion within the year 2021. The market is projected to grow at a CAGR associated with 16. 8% during the forecast period (2022-2028), earning revenues of around UNITED STATES DOLLAR 31. 8 billion by the end of 2028. The demand for higher crop health and production, growing labor scarcity in agriculture, and rising concern about food security plus nutrition are the main reasons propelling the particular market with regard to digital farming. A better environment regarding agriculture is created from the continuous income and increased standard associated with living without having to labor within the fields. This has led in order to urbanization and the use of technology on farms intended for day-to-day operations, which will aid in enhancing productivity at a cheap cost.

Electronic agriculture provides substantial advantages for farmers in addition to wider social advantages elsewhere in the world. Additionally , it enables firms to share information beyond traditional industry borders, creating new, disruptive potential. The development of the digital era will be pushing people everywhere to adopt new work practices. Technologies enhances agriculture industry capabilities. The rise in demand for the creation of novel systems without compromising productivity or the environment, the installation of software systems for waste reduction detection, and the particular growth within manufacturer profits are all factors that are anticipated to increase total market demand. The usage of mobile phones for electronic farming hastens this trend. Increasing internet and digital connection possess positive effects in underdeveloped nations. Over the course of the forecast time period, these factors are predicted to fuel the expansion of the worldwide digital farming market.

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Lack of Workforce and Rising Food Demand are the Two Main Factors Boosting the particular Growth associated with the Global Digital Agriculture Industry

Worldwide population growth causes a rise in food need, which within turn causes productivity to improve while using less resources. The need for electronic agricultural solutions is also being augmented simply by the rising labor scarcity in agriculture as a result of urbanization plus the need for reliable sources of income. Furthermore, the need for digital agriculture is growing due to the decreasing availability associated with natural sources like water and the effects of climate change such as the greenhouse effect. The lack of technical expertise among people, however , may prevent the industry from expanding .

  Digital Agriculture Market is Anticipated to Witness Potential Growth Owing in order to Rising Technological Advancements in the Asia-Pacific Region

During the forecast period, the Asia-Pacific region is usually anticipated to register highest development rate within the electronic agriculture marketplace due to increasing awareness about new technologies related to farming and adopting favorable authorities policies to promote digitization in the agriculture sector. With the particular increase in urbanization as well as the developing requirement for improving food security, the requirement for digital agriculture is definitely expected to boost in this region. APAC is expanding rapidly due to a number of factors, including local corporate growth and governmental initiatives supporting cutting-edge specialized advancements. Some countries in the region, including China and Japan, have embraced, and are quickly deploying digital agriculture technologies. However, the vast development potential is still largely unrealized in the majority of Asia-Pacific markets.

New farming technology, such as precision gardening, can help in making use of agricultural inputs in precise quantities in order to increase average yields as compared to traditional cultivation approaches. It is projected that this United States would contribute significantly to supporting the ecology to get future foods. In the United States market, it is expected that there would be an increase in the particular availability of recently produced veggies across retail channels as more consumer insights into fresh-from-farm-to-table food are created. The UK federal government has placed AI in the center of its expanding efficiency goals within its industrial policy. Growing worries about nutrition and food security are expected to create a variety of brand new chances pertaining to the business to flourish.

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Impact of COVID-19 on the Global Electronic Agriculture Marketplace

The impact associated with COVID-19 resulted in significant plus widespread embrace the global food insecurity, impacting vulnerable households in virtually every nation, and the effects are anticipated to last through 2022. Even before COVID-19, reduced wages and disrupted supply chains, chronic and acute hunger were on the rise meant for a number of leads to, including conflict, socioeconomic conditions, natural catastrophes, climate change, and pests. The consequences of COVID-19 upon vulnerable households have led in considerable and widespread increases within global meals insecurity. These effects are usually expected in order to persist through 2022.

Although the forecast designed for important grain production globally is still favorable, increased prices are a result of the strong demand, weather-related issues, macroeconomic variables, and supply disruptions brought on by COVID-19. Retail foods prices are usually rising significantly in several countries, which points to supply interruptions due to COVID-19 social distancing policies, currency devaluations, plus other aspects. Individuals in low- and middle-income countries are more impacted by increasing food prices than individuals in high-income countries because they spend a larger percentage associated with their earnings on food. Due to the restrictions, consumers had been forced in order to prepare their own meals at home. Furthermore, individuals are staying away from marketplaces plus supermarkets due to the possibility of getting COVID-19 virus. In addition to producers, distributors, and customers, labor-intensive meals processing industries have also been impacted by provide chain interruptions.

Competitive Landscape

The existence of several regional and local suppliers is what defines the particular global electronic agricultural marketplace. The digital agriculture market is competitive with domestic, regional, plus international companies are all competing for the sizeable piece of the market share. Some of the prominent player in the global electronic agriculture market includes Agrellus, Inc., Agri Marketplace, Agrofy, Agrostar, COFCO International, Crofarm Agriproducts Pvt. Ltd., DeHaat, Eden Farm, Farmcrowdy, Kaset Thai Hitech Co., Limited., Ninjacart Platform (63Ideas Infolabs Pvt. Ltd. ), Tanihub, WayCool Foods and Products Pvt Limited.

By growing their service offerings and introducing much better consumer packages and discounts, the companies continue to lead the business. In addition to producers, distributors, plus consumers, labor-intensive food processing industries have got also already been influenced by supply chain disruptions. A variety of tactics are used, which includes signing agreements, mergers, and strategic alliances. For instance, just for the purpose of offering an international precision agricultural solution, IBM teamed up with Solinftec. Unparalleled IBM climate-based information can be combined with Solinftec’s artificial intelligence and powerful algorithms in order to offer real-time decision-making solutions to improve operation efficiency, usage of inputs, plus agricultural compliance, which reduces environmental impact.

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The report’s in-depth analysis provides information about growth potential, upcoming trends, and global digital agriculture marketplace. It also highlights the particular factors driving forecasts associated with total market size. The particular report promises to provide current technology trends within the worldwide digital farming market ­along with market insights to help decision-makers make sound strategic decisions. Furthermore, the report furthermore analyses the particular market’s development drivers, challenges, and competing dynamics.

Recent Developments

• In April 2021 ,   the Union Ministry of Farming and Microsoft India have signed a Memorandum of Understanding (MoU) for the pilot initiative to advertise electronic agriculture within 100 communities across six states. Ms will launch a pilot project in 100 villages across ten districts within six states (UP, MP, Gujarat, Haryana, Rajasthan, plus Andhra Pradesh) to build a farmer interface for smart and well-organized agriculture, including post-harvest management and distribution.

• Within February 2021 , IBM and Solinftec collaborated in order to provide precision agricultural solutions throughout the particular world. IBM’s unrivaled weather understanding, coupled with Solinftec’s artificial intelligence and advanced algorithms, result in real-time decision-making solutions that will improve procedure efficiency, input utilization, plus agricultural conformity, resulting in lower environmental effect.

Scope of Report:

By Component Type

• Hardware

• Software

• Devices

By Application

By Deployment

• Cloud

• On-Premise

• Hybrid

Simply by Region

• North America

• Europe

• Asia-Pacific

• Latin The united states

• Middle Eastern and The african continent

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