Digital Agriculture Market Overview:
A research team conducted extensive primary and secondary research for the Digital Agriculture market analysis. Secondary research was conducted to supplement existing data, segment the market, calculate total market size, and forecast market size and growth rate.
Digital technology’s emergence, accessibility, and flexibility are revolutionizing agricultural and food production. Cellphone technologies, remote sensing, and cloud services are already enhancing smallholders’ access to data, inputs, and markets, improving productivity, simplifying supply chains, and lowering operational expenses in the agricultural and food industry. However, there are several obstacles to overcome in the ‘digitalization’ of agriculture and the food value chain. Cybersecurity and data protection, labor replacement and re-education, and the possibility of establishing a digital gap across economies, sectors, or individuals with varying ability to accept new technology are all issues that need to be addressed. Regardless of these considerations, digital change in agriculture is unquestionably here to stay..
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Digital Agriculture Market Dynamics:
Government regulations and guidelines are one of the main causes growth of digital agriculture market in many regions. These factors contribute to the creation of a favorable environment for competitive digital marketplaces and electronic services. There is also a tendency toward governments implementing e-services referred to as e-government particularly in the areas of health, education, the climate, and work. Designing and administering a digital government program, on the other hand, necessitates a high degree of administrative competence, and some nations have had mixed results. Developing countries frequently have the smallest capacity to handle the process. Success varies by sector, and in many nations, the agricultural industry falls behind, despite being key employment in rural regions.
Digital Agriculture Market Segmentation:
The precision farming segment accounted for more than 45% of the digital agriculture market by type in 2020. During the forecast period, this market segment is anticipated to grow at a CAGR of 13.6%. Precision farming is anticipated to expand over time following the COVID-19 pandemic because it enables farmers to monitor the condition of their crops without being physically present in the field through the use of automation. This reduces the need for contact with other people, which is crucial during these times. This farming, as opposed to conventional gardening methods, uses precise proportions of inputs to increase average yields.
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Digital Agriculture Market Key players:
COVID-19 Impact on Digital Agriculture market:
The COVID-19 outbreak has had a significant impact on the Digital Agriculture market. Due to the global economic downturn and a labour shortage, the development of Digital Agriculture production facilities has been halted. The pandemic of COVID-19 has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits, limiting the growth of the Digital Agriculture market in 2020. However, given the high demand for Digital Agriculture, the market effects of COVID-19 are expected to be transient. The industry is expected to fully recover by early 2021.
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