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According to MarketsandMarkets, the agricultural sector is on the cusp of a digital revolution. The digital agriculture market, which encompasses the use of advanced technologies to improve farm operations and optimize yields, is experiencing significant growth.
Market Size and Growth
The global digital agriculture market was estimated to be worth $22.0 billion in 2023 with a projected Compound Annual Growth Rate (CAGR) of 10.3%. Analysts predict a robust growth trajectory, with the market reaching $36.0 billion by 2028. This growth signifies the increasing adoption of digital tools and technologies by farmers worldwide.
Market Drivers Cultivating Efficiency and Sustainability
Several factors are fuelling the digital agriculture market’s expansion:
- Rising food demand: A growing global population necessitates increased food production. Digital agriculture solutions like precision farming enable farmers to optimize resource utilization and maximize yields.
- Precision Farming Advancements: Technologies like Internet of Things (IoT) sensors, drones, and robotics are transforming traditional farming practices. Real-time data collection and analysis empower farmers to make data-driven decisions regarding irrigation, fertilization, and pest control, leading to improved efficiency and sustainability.
- Government Initiatives: Many governments are actively promoting the adoption of digital agriculture through subsidies and research programs, recognizing its potential to enhance agricultural productivity.
- Mobile Internet and Cloud Computing: The widespread accessibility of mobile internet and cloud computing is making digital agriculture tools more accessible and affordable, particularly for smallholder farmers in developing countries.
SOURCE: MARKETSandMARKETS
