Dublin, Oct. 10, 2024 (GLOBE NEWSWIRE) — The “Digital Farming Software Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The digital farming software market is set for rapid expansion, forecasting a remarkable leap from $6.03 billion in 2023 to an estimated $7.02 billion by 2024, propelled primarily by the escalating need for sustainable agriculture and greater food productivity. This burgeoning domain fortifies the agricultural sector’s commitment to sustainability and security in food supply. Technological advancements and smart software are at the forefront of this advancement, ensuring that modern farming practices are environmentally sound and yield maximization is achieved with optimal resource utilization.
Anticipated Market Growth Through 2028
Projected continued growth is anticipated to bring the market to a staggering $12.97 billion by 2028, with a consistent CAGR of 16.6%. This growth trajectory underscores the vital role that digital farming software plays in the agricultural industry, supported by factors such as governmental support, cost efficiencies, and technological innovations. The integration of AI, machine learning, cloud-based platforms, and sophisticated analytics continues to revolutionize how farming decisions are made and operations are carried out.
Enhancing Sustainable Practices with Digital Farming Software
Digital farming software significantly contributes to the advancement of sustainable agriculture practices, an approach that is crucial for meeting the food needs of the current generation without compromising the ability of future generations. The integration of digital technologies within farming systems aids in conserving resources and supporting organic farming methods, all while bolstering food quality and addressing ecological concerns. Real-time monitoring and precision farming capabilities are just a few examples of how digital farming software is instrumental in promoting sustainability.
Strategic Market Movers and Industry Innovations
Industry-leading companies are continually developing sophisticated digital solutions to enhance agricultural productivity. AI-powered agri-intelligence platforms are increasingly being deployed to translate complex agricultural data into actionable insights. Notable developments, such as the strategic acquisition of Proagrica by TELUS Agriculture & Consumer Goods, demonstrate a commitment to enhancing digital capabilities and agricultural expertise within the market.
Regional Insights and Key Players in the Market
North America emerged as the leading region within the digital farming software market in 2023, a testament to the rapid adoption of advanced agricultural technologies in the area. The global landscape features prominent players who are making significant contributions to market growth, including Bayer AG, Deere & Company, and Yara International ASA. Collectively, these entities are defining the future of farming with innovative tools and platforms that enhance crop management, data analysis, and overall farm productivity.
Market Scope and Economic Relevance
The digital farming software market comprises a spectrum of services and products that collectively aim to mold a more efficient and productive future for agriculture. The values reported represent the ‘factory gate’ revenue generated by the manufacturers and creators of these innovative products and services. This sector’s significance lies in its contribution to modernizing agricultural practices and promoting long-term sustainability in food production.
In summary, the digital farming software market reflects a dynamic and transformative sector that is critical to the evolution of global agriculture. With significant economic impact and a firm footing in sustainability, the market is set to unlock new opportunities and drive forward the digital revolution in farming practices for years to come.
Key Attributes:
Report Attribute | Details |
No. of Pages | 175 |
Forecast Period | 2024 – 2028 |
Estimated Market Value (USD) in 2024 | $7.02 Billion |
Forecasted Market Value (USD) by 2028 | $12.97 Billion |
Compound Annual Growth Rate | 16.6% |
Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/4emyna
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- Digital Farming Software Market