New York, United States , July 28, 2024 (GLOBE NEWSWIRE) -- The Global Agritech Platform Market Size is to Grow from USD 13.2 Billion in 2023 to USD 46.36 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.3% during the projected period.
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Agricultural technology, or "agri-tech," is the application of science, technology, and innovation in agriculture. Robotics, sensors, drones, artificial intelligence (AI), machine learning, big data analytics, and biotechnology are just a few of the many technologies that are used to improve farming practices, increase productivity, sustainability, and efficiency, and address issues facing the global agricultural sector. Furthermore, the market is driven by the continuous digital transformation of the agriculture sector to require agriTech solutions that facilitate data-based insights, automate processes, and streamline operations. Farmers and agribusinesses use digital technologies for supply chain optimization, precision agriculture, crop monitoring, farm management, and crop monitoring to increase yields, decrease input costs, and optimize resource allocation. Furthermore, agriTech platforms enable stakeholders to make educated decisions and maximize agricultural operations by providing real-time visibility into field conditions, weather patterns, crop health, and market dynamics. However, high initial investment costs greatly impede the adoption of agritech platforms. The implementation of these platforms is expensive due to the necessity for infrastructure, software licenses, and technical equipment purchases.
Browse key industry insights spread across 225 pages with 110 Market data tables and figures & charts from the report on the "Global Agritech Platform Market Size, Share, and COVID-19 Impact Analysis, By Component (Platform and Services), By Application (Livestock Monitoring, Smart Greenhouses, Precision Farming, and Supply Chain Management), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The platform segment is anticipated to hold the greatest share of the global agritech platform market during the projected timeframe.
Based on the component, the global agritech platform market is divided into platforms & services. Among these, the platform segment is anticipated to hold the greatest share of the global agritech platform market during the projected timeframe. The remarkable expansion of the platform category is being driven by the introduction of agritech platforms to boost the income of smallholder farmers. These platforms allow farmers to access markets, financial services, and necessary resources, which boosts their productivity and profitability.
The precision farming segment is expected to grow at the fastest pace in the global agritech platform market during the projected timeframe.
Based on the application, the global agritech platform market is divided into livestock monitoring, smart greenhouses, precision farming, and supply chain management. Among these, the precision farming segment is expected to grow at the fastest pace in the global agritech platform market during the projected timeframe. The development of precision farming through partnerships is driving the agritech industry's growth. Through agritech company agreements, farmers can access modern technologies and knowledge for precision agriculture. Innovative technologies that help farmers improve resource usage, increase yields, and decrease their environmental impact like data analytics platforms, drones, and lot sensors are made easier to create and implement owing to these partnerships.
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North America is expected to hold the largest share of the global agritech platform market over the forecast period.
North America is expected to hold the largest share of the global agritech platform market over the forecast period. The demand for precision agriculture is increasing in North America due to advancements in technology and expanding adoption of the practice. The region is developing modern agritech solutions due to continuous innovation in robotics, data analytics, IoT, and Al. Thanks to these technologies, Farmers might optimize input utilization and monitor crop health with precision. The emphasis on precision agriculture techniques, such as GPS-guided equipment and remote sensing, increases the production and efficiency of farming processes. As a result, North American farmers are relying more and more on agritech solutions to maximize yields while minimizing resource inputs, which is fueling the growth of the sector.
Asia Pacific is predicted to grow at the fastest pace in the global agritech platform market during the projected timeframe. Some of the factors causing this expansion are the demand for more advanced farming techniques, government efforts, and the growing use of digital technologies in agriculture. Government initiatives during the past ten years have increased the use of innovation and technology in the agriculture business, despite barriers such as low penetration, geographic concentration, and environmental concerns. These projects have attracted large investments and have the potential to create jobs. Due to their booming agricultural industries and growing populations, Asia-Pacific countries are heavily investing in agritech solutions to boost production.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Agritech Platform Market include CropX, Arable, Gamaya, CropIn, Agro-star, Semios, Hortau, Waycool, CropSafe, Xocean, Ninja Cart, Machine Eye, FarmEye, Intello Labs, and Others.
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Recent Developments
- In July 2024, an agritech firm called Growero Technologies has released a pest forecast platform that uses artificial intelligence (AI), historical meteorological data, remote sensing data, and satellite data to provide accurate pest or disease forecasts.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Agritech Platform Market based on the below-mentioned segments:
Global Agritech Platform Market, By Component
- Platform
- Services
- Anti-infective Dressing
Global Agritech Platform Market, By Application
- Livestock Monitoring
- Smart Greenhouses
- Precision Farming
- Supply Chain Management
Global Agritech Platform Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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