Agritech Platform Market Segmented By AgriTech Platforms, Services Solution in Livestock Monitoring, Precision Farming, Precision Aquaculture, Smart Greenhouse
Industry: IT and Telecommunication
Published Date: September-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP32970
The global agritech platform market accounted for revenue worth US$ 11.1 Bn at the end of 2021 and is expected to surge to a market size of US$ 39.9 Bn by 2032, expanding at a CAGR of 12.4% over the 2022-2032 study period.
AgriTech platforms constitute around 10% share of the global agriculture digital transformation market.
|
AgriTech Platform Market Size (2022) |
US$ 12.4 Bn |
|
Projected Market Value (2032) Value |
US$ 39.9 Bn |
|
CAGR (2022-2032) |
12.4% |
|
Market Share of Top 5 Vendors |
Around 25% |
Agritech platforms make agricultural inputs such as planting supplies, seeds, fertilizer, and equipment available to farmers while simultaneously attempting to give them appropriate knowledge on the quality and best practices of the goods that they purchase.
Worldwide, there are numerous obstacles to agricultural development. Farmers in emerging nations must contend with unpredictability, low crop yields, a lack of trustworthy information, and dynamic market dynamics, leaving them vulnerable and in need of help. In contrast, farmers require access to better equipment, timely & accurate information, and sincere services that will help them engage in better farming methods to increase output, achieve market-based economic growth, and move toward sustainable development.
The emergence of agritech has enhanced efficiency, connectivity, and knowledge sharing, and has made many crucial as well as supporting operations clickable. All the necessary information is accessible with just a few screen taps. Smartphone penetration happened quickly across sectors in an age driven by technology, information, and analytics. Farmers are now empowered by a variety of mobile-based aids that are offered to them.
Farmers can utilize Big Data, predictive analytics, Artificial Intelligence (AI), and Machine Learning (ML) technologies with smartphones. Applications have been created specifically to deliver information on a variety of topics, including fertilizers, subsidies, automated irrigation, new crop types, the present weather, forecasts for the next few days, market pricing of goods in adjacent agriculture markets, and more.
The agritech platform market is estimated to surge ahead at 12.4% CAGR between 2022 and 2032 in comparison with the 10.3% CAGR registered during 2017-2021.
Persistence Market Research identifies that the supply chain for fresh food is benefiting from technology. Direct connections between food farmers and service providers, eateries, and merchants are made possible by agritech platforms. They assist in resolving one of the most challenging supply chain issues in existence. As a result, farmers make more money and are paid faster, retailers have easy access to competitive pricing, and customers get superior produce at lower prices.
Today, repetitious jobs and procedures are being replaced by automated machineries such as drones, watering cans, and smart tractors. As a result, the use of labor for harvesting, picking fruit, spraying, planting, seeding, and weeding is being optimized.
Agriculture innovations go beyond simply automating physical labor. They also deal with the automation of procedures and prompt responses to specific data-driven revelations. As an example, consider remotely controlled harvesting vehicles that are GPS-guided. Dozens of these vehicles can be managed and controlled by one operator at once. Over time, total production rises as the likelihood of human error is reduced.
The North American agritech platform market is estimated to expand 2.4X during the forecast period of 2022-2032.
In terms of revenue, North America is anticipated to overtake Europe as the market leader for agritech platforms globally. Market expansion can be attributed to several variables, including early adoption of cutting-edge technology, rising sector investments, and expanding infrastructure development.
The South Asia Pacific agritech platform market will also continue to expand steadily as a result of rising government spending. The market will advance as improvements to infrastructure continue to be made in the region.
How Big is the Opportunity for Agritech Platform Providers in the U.S.?
The North American region is predicted to remain the most attractive market during the forecast period. The United States agritech platform market is set to account for 74.9% share of the North American market.
In the last 5 years, the country saw an increase in the number of start-ups in the agriculture sector. This helped the country increase its share in the agritech platform market. One of the vendors in this market, Indigo, a U.S.-based company, develops technology to raise milling quality, expand output potential, and safeguard plants from environmental pressures.
Additionally, it provides online grains, certified crops, and an agrochemical marketplace. It provides crop growers with microbiome therapy, assistance in maximizing regenerative methods, and grain testing services.
Why is Demand for AgriTech Platforms Increasing in India?
According to this study, the market for agritech platform solutions in India is estimated to increase at a high CAGR of 19.2% during the forecast period.
The need for food and other necessities is anticipated to rise as India's population grows. Because of this, agricultural markets will have to adapt in novel ways. Despite the lack of available land and water resources, the industry will need to concentrate on boosting productivity and efficiency.
The main tool for satisfying the demand for food and maintaining affordability is agritech. The impact of technology is also apparent in the rising popularity of sustainable and intelligent farming methods. These procedures are intended to address the needs of the nation's expanding population while protecting its natural resources.
What is Predicted for the AgriTech Platforms Segment?
The agritech platforms segment is expected to showcase a higher market share of around 61.2% in 2022.
To help farmers sell their produce through a variety of distribution channels, agritech platforms use technology to manage the whole agriculture supply chain, from farming inputs to last-mile distribution. These solutions give traders and wholesalers access to working capital, the ability to find new suppliers, and the ability to keep ledgers and make payments, helping agribusinesses to boost productivity, efficiency, and sustainability.
These technologies also provide real-time weather data, the capacity to control farm operations, and crop yield predictions to reduce risk and generate superior food, making them hugely popular in the market.
Why is Smart Greenhouse Application Surging in the AgriTech Platform Market?
The smart greenhouse application segment is expected to expand rapidly at a CAGR of 15.3% from 2022 to 2032.
Smart greenhouses automatically collect and distribute information on the environment and the crop around the clock, thanks to sophisticated sensor and communications technologies. In an IoT platform, collected data is put into analytical algorithms that transform it into actionable insights to find bottlenecks and anomalies.
As a result, operations involving irrigation, spraying, and lighting can all be controlled as needed. The construction of predictive models to evaluate crop disease and infection risks is made easier by ongoing data monitoring.
Vendors of agritech platforms are focusing on expanding their regional and global networks through the introduction of new services, and partnerships, and upgrading their services with other significant market participants.
|
Attribute |
Details |
|
Forecast Period |
2022-2032 |
|
Historical Data Available for |
2017-2021 |
|
Market Analysis |
USD Billion for Value |
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon Request |
By Solution:
By Application:
By Region:
To know more about delivery timeline for this report Contact Sales
The global agritech platform market was valued at US$ 11.1 Bn at the end of 2021.
Sales of agritech platforms are estimated to increase at a CAGR of 12.4% to reach US$ 39.9 Bn by 2032.
The South Asia & Pacific market is projected to register strong growth at a CAGR of 9.4%.
North America leads the global market with a share of 31.3%.
Agritech companies are combining AI, IoT, remote sensing, and data analytics to provide farmers with immediate solutions.
AgriTech platforms dominate the market and are expected to hold a market share of 57% by 2032.
From 2017 to 2021, global revenue from agritech platforms increased at 10.3% CAGR.
Top 5 countries driving high demand for agritech platforms are Brazil, Germany, India, Japan, and South Africa.
