Worldwide Digital Agriculture Indsutry (2020 to 2027) – Featuring IBM, Farmers Edge & SAP Among Others
Dublin, Oct. 14, 2020 (GLOBE NEWSWIRE) — The “COVID-19 Impact on Digital Agriculture – Global Market Outlook (2019-2027)” report has been added to ResearchAndMarkets.com’s offering.
According to the report, the Global COVID-19 Impact on Digital Agriculture Market accounted for $5.06 billion in 2019 and is expected to reach $12.43 billion by 2027, growing at a CAGR of 11.9% during the forecast period.
Increase in agricultural production by helping farmers in making informed decisions, growth in consumption of animal-based products, and a rise in demand for higher production of animal feed are some of the factors propelling the growth of the market. However, lack of proper standardization practices and technological awareness among farmers are hampering the growth of the market.
Modern agriculture/farming is highly technical, and the growing digitization and technological advancement are further transforming the farming industry. Labour shortages and supply chain disruptions are expected to raise the need for digital agriculture, globally.
Based on the smart farming system, the field mapping segment is anticipated to hold considerable market share during the forecast period as it is the most chosen and adopted way of technology nowadays and also allows the farmers and growers to monitor the whole farm area through satellite imaging and regulate the processes accordingly. By geography, Asia-Pacific is expected to grow at a significant market share during the forecast period as the most populated countries such as China and India are the most affected countries during the pandemic and the government policies supporting the …