COVID-19 Impact on Digital Agriculture Market Worth $6.2 Bil
CHICAGO, June 8, 2020 /PRNewswire/ -- MarketsandMarkets™ published a report titled, "COVID-19 Impact on Digital Agriculture Market by Smart Farming Systems (Livestock Monitoring, Yield Monitoring, Crop Scouting, Field Mapping, Real-Time Safety Testing, and Climate Smart), and Region - Global Forecast to 2021". Based on their findings, the COVID-19 Impact on Digital Agriculture Market size is estimated to grow from USD 5.6 billion in 2020 and is projected to reach USD 6.2 billion by 2021, recording a CAGR of 9.9%.
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The digital agriculture market is projected to witness significant growth due to the increasing population and rising demand for agricultural produce across the globe. Increased farm mechanization and developing digital agriculture infrastructure are expected to increase the adoption of digital agriculture among the farmers. The COVID-19 impact on the market is estimated to be positive. Labor shortages and supply chain disruptions are expected to raise the need for digital agriculture globally.
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"The field mapping segment to grow at the highest CAGR between 2020 and 2021"
Field mapping is projected to be the fastest-growing market in 2021, by value, in the digital agriculture market, as it is the most preferred and adopted way of digital agriculture. It allows the farmers and growers to monitor the whole farm area through satellite imaging and regulate the processes accordingly. The COVID-19 situation is expected to increase the adoption of the field mapping system because it allows the farmers to regulate the farm processes remotely without taking unnecessary field trips. The current guidelines of social distancing and prohibition for not getting out from home demand the adoption of such systems which can help farmers to carry agricultural activities smoothly.
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"Asia Pacific to be the fastest-growing market in digital agriculture market during the forecast period"
The market for digital agriculture, by region, has been segmented into Asia Pacific, Europe, the US, and RoW. The Asia Pacific segment accounted for the fastest-growing market in 2021, by value, in the digital agriculture market. Asia Pacific comprises the most populated countries such as China and India, with increasing demand for agricultural products. These countries are also the most two of the most affected countries during COVID-19. The government policies supporting the digitization of farm processes and the need for efficient usage of natural resources, and decreasing availability of migrant labor are expected to increase the adoption of digital agriculture techniques.
Smart Agriculture Market by Agriculture Type (Precision Farming, Livestock, Aquaculture, Greenhouse), Hardware (GPS, Drones, Sensors, RFID, LED Grow Lights), Software, Services, Application, Farm Size, and Geography - Global Forecast to 2025
Precision Farming Market by Technology (Guidance, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Variable Rate Application), Offering (Hardware—Sensors, GPS, Yield Monitors; Software; Services) and Geography - Global Forecast to 2025
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