24/7 Customer Support
Global Agritech Platform Market is estimated to witness a major jump in revenue to US$ 64,448.07 million by 2031 from US$ 13,265.5 million in 2022 at a CAGR of 19.2% over the projection period 2023-2031.
The Agritech industry has a significant impact on the agricultural sector by providing farmers with easy access to agricultural inputs and information on best practices. With the growing demand for agricultural products due to increasing global population, investments in agriculture technology solutions have been increasing worldwide. Agritech platforms provide farmers with a wide range of services, including crop monitoring, precision farming, soil analysis, weather forecasting, and farm management tools.
The proliferation of smartphones and high internet penetration in rural areas has enabled farmers to track their field status and implement new scientific techniques to improve their agricultural output. Agritech platforms offer significant benefits to farmers such as increased productivity, improved crop quality, reduced costs, and enhanced profitability. Furthermore, the use of agritech platforms helps farmers optimize their resources, reduce waste, and minimize the impact of farming practices on the environment.
Market research indicates that the global Agritech market is expected to grow significantly in the coming years due to increasing demand for food, the need to improve productivity, and the adoption of precision farming techniques. As more farmers embrace technology solutions to improve their farming practices, the market is expected to expand even further.
To Get more Insights, Request A Free Sample
Shift Towards Advanced Technology and Government Initiatives
The agriculture industry has witnessed a shift from traditional methods to advanced technological methods. This shift is expected to boost the growth of the agritech platform market. Modern agriculture is driven by continuous improvements in digital tools and data, along with collaborations among farmers and researchers across the public and private sectors. With the adoption of advanced technology, farmers can monitor their crops' growth and control crop irrigation systems, leading to better yields and efficient use of resources.
Mobile technology has played a crucial role in monitoring and controlling crop irrigation systems. The use of smartphones and tablets has enabled farmers to remotely monitor their crops, soil moisture levels, and weather conditions. This information helps them make informed decisions about irrigation, fertilization, and other critical activities in the global agritech platform market.
Government initiatives are also playing a critical role in the growth of the agritech industry. Governments worldwide are launching initiatives to promote the adoption of agritech platforms. These initiatives aim to create an ecosystem for the agritech industry to thrive, encouraging the use of digital platforms and modern technology in agriculture.
Rising Adoption of Precision Farming Techniques to Drive Growth of The Global Agritech Platform Market
Precision farming is an advanced farming technique that involves using technologies such as GPS, sensors, and drones to monitor and manage crops. This technique enables farmers to make data-driven decisions, optimize their use of resources, and reduce waste. Precision farming techniques are gaining popularity among farmers worldwide due to their ability to improve crop yields, reduce costs, and enhance profitability.
Precision farming techniques rely heavily on agritech platforms market to gather and analyze data about crops, soil, and weather conditions. These platforms provide farmers with real-time information, enabling them to make informed decisions about irrigation, fertilization, and other critical activities. The rising adoption of precision farming techniques is driving the demand for agritech platforms, and the market is expected to grow significantly in the coming years.
Moreover, precision farming techniques can help farmers reduce the environmental impact of their farming practices. By optimizing their use of resources, farmers can reduce waste and minimize the use of harmful chemicals. This can lead to a more sustainable and environmentally friendly agriculture industry.
Lack of Adequate Data and Challenges
Despite the favorable government initiatives and the shift towards advanced technology, the adoption of financial services, such as credit and insurance, remains a challenge in the global agritech platform market. The lack of adequate data prevents the adoption of these financial services. The unorganized and fragmented nature of developing countries agriculture coupled with challenges such as lack of infrastructure, supply chain inefficiencies, and low digital adoption holds back the sector from performing to its full potential.
Segmental Analysis of Global Agritech Platform Market
Agritech platforms have various types of offerings, such as precision farming, farm management, smart irrigation management, and others. Among these types, the sensor and connected device segment has been a major contributor to the growth of the agritech platform market. Sensors play a crucial role in collecting and analyzing data related to soil quality, weather, and crop growth, which enables farmers to make informed decisions and improve their yields. Furthermore, the services segment, which includes farm analytics and consulting services, is expected to grow at the highest CAGR of 20.2% during the forecast period due to the increasing demand for data-driven decision-making in the agriculture industry.
Supply chain management is one of the most critical aspects of the agriculture industry, and it has been a major contributor to the growth of the agritech platform market. Leading companies in the agritech industry, such as NinjaCart, are focusing on improving the efficiency of supply chain management by leveraging technology solutions. Production and maintenance also held a significant share in the agritech market, as these solutions help farmers to streamline their farming operations and optimize resource utilization. Moreover, the others segment, which includes solutions related to livestock management, is expected to grow at the highest CAGR of 20.6% during the forecast period, owing to the increasing demand for livestock monitoring and management solutions.
To Understand More About this Research: Request A Free Sample
North America is one of the leading regions in the agritech platform market due to the continuous contribution of tech-giants towards technological advancements and the increasing trend of mergers and acquisitions among market players. The high adoption rate of precision farming and farm management solutions among farmers in the region has further boosted the growth of the market.
The Asia Pacific region is expected to grow at the highest CAGR of 22.7% during the forecast period, owing to the potential of countries such as China and India investing in technologies for agriculture. These countries are witnessing an increase in the adoption of precision farming, smart irrigation management, and other agritech solutions, which is driving the growth of the market in the region.
In addition to the growing demand for agricultural products, Asia Pacific agritech platform market is experiencing a surge in technological advancements and a shift towards precision farming. Countries like China and India are investing heavily in agritech platforms, driving the market growth in the region.
Furthermore, the agritech market in Asia Pacific is benefiting from supportive government initiatives and policies aimed at promoting digitalization in agriculture. For example, the Indian government launched the Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2016, a crop insurance scheme that leverages technology to reduce delays and improve efficiency in claims processing.
The agritech platform market is highly competitive, with key players adopting various strategies to maintain their market position. Through extensive research, it has been found that big players have adopted competitive strategies such as mergers & acquisitions in order to have a grip on emerging markets. Leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Moreover, startups are also playing a significant role in driving innovation and growth in the agritech platform market. The market is witnessing a large number of start-ups, with almost 3000+ in North America alone, while India has close to 700 startups with more adding quickly.
List of Key Companies Profiled:
Global Agritech Platform Market is segmented based on type, application and region.
|Market Size Value in 2022||US$ 13,265.5 Mn|
|Expected Revenue in 2031||US$ 64,448.07 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, By Application, By Region|
|Key Companies||CropX Inc., Arable Corp., Gamaya Corp., Agro-star Corp., Waycool Corp., 63Ideas Infolabs Private Limited (Ninjacart), Cropsafe Corp., Tevel Aerobotics Technologies Ltd., Phytech, Semios, Hortau, CropIn, Intello Labs, Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Agricultural technology or agritech, is the application of technology used for farming in order to produce more with less, to make the farming process more efficient from field monitoring to the analysis of weather, soil and air temperature.
Global Agritech Platform Market is projected to grow at a CAGR of 19.2% during the forecast period 2023-2031.
The global agritech platform market is driven by the shift from traditional method to advanced technological method in agriculture industry and favourable government initiatives to promote agritech platform.
The agritech platform segment contributed the major share in the global agritech market in 2022.
North America holds a major share in term of revenue in the global agritech platform market in 2022.
The growing usage of agritech platform helps the farmers in enhancing their land fertility, maximize productivity, facilitate sustainable agriculture and at the same time helps in reducing the farming cost.
Types and application are the different segments of the global agritech platform market.
Based on application, the agritech platform market is segmented into irrigation, production and maintenance, supply chain, livestock monitoring, precision agriculture, smart greenhouse and others.
Lack of financial services and limited digital infrastructure further inhibits the growth in global agritech platform market.
Mexico is expected to project the highest CAGR in the North America agritech platform market during the forecast period.
Favourable government initiatives such as using AI to help farmers in efficiently planning their harvest cycle, promotes and support agritech industry and thus fuels the adoption of agritech platform around the world.
Ninjacart, Semios, Hortau, CropX Inc, Agro-star Corp, Intello Labs, WayCool Foods and Products Pvt. Ltd., 63Ideas Infolabs Private Limited, CropSafe, Arable, Gamaya, Tevel Aerobotics Technologies Ltd. and Phytech among others are some major key players in the global Agritech platform market.
LOOKING FOR COMPREHENSIVE MARKET KNOWLEDGE? ENGAGE OUR EXPERT SPECIALISTS.SPEAK TO AN ANALYST