Agritech Platform Market Size to Reach USD 61.1 Billion by 2032 growing at 16.9% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

Agritech Platform Market, valued at USD 13.3 Billion in 2022, is projected to surpass USD 61.1 Billion by 2032, indicating a robust CAGR of 16.9%.

Agritech platform is a digital platform designed to provide technological solutions and services to the agriculture sector. It integrates various technologies such as data analytics, artificial intelligence, Internet of Things (IoT), and remote sensing to optimize farming practices, increase productivity, and improves sustainability. These platforms offer features like crop monitoring, soil analysis, weather forecasting, pest detection, supply chain management, and market access. Farmers can utilize these platforms to make data-driven decisions, enhance efficiency, reduce costs, and mitigate risks. Overall, agritech platforms play a crucial role in revolutionizing agriculture by bringing innovation and efficiency to the field. However, lack of data challenges became a restraint for the agritech platform market. Furthermore, technological advancements and government initiative on farming prompted the agritech platform market. As a consequence, market participants are looking into new advancements in the agritech platform market.

Agritech Platform Market Value

Agritech Platform Market Statistics

  • The global agritech platform market size was valued at USD 13.3 billion in 2022, projects a robust CAGR of 16.9% from 2024 to 2032
  • North America leads with a substantial 34% market share in 2022
  • Asia-Pacific anticipates impressive growth with a projected CAGR of 7%
  • Based on sector, precision farming dominated, holds USD 4.4 billion revenue in 2022
  • Among applications, supply chain sub-segment accomplished notable revenue accounting USD 4 billion in 2022
  • A discernible trend in the agritech platform market is rising adoption of precision agriculture

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Agritech Platform Market Dynamics

Rising Food Demand and Agricultural Population Fuels the Agritech Platform market value

The agritech platform market is experiencing significant growth in the forecast year, primarily driven by the escalating demand for food and the burgeoning agricultural population. These platforms leverage technology to optimize various aspects of farming, including crop monitoring, precision agriculture, supply chain management, and market access. With increasing pressure to enhance agricultural productivity, agritech platforms offer innovative solutions that improve efficiency, sustainability, and profitability for farmers worldwide. As a result, the rising demand for food and agricultural population showcase strong drivers for the agritech platform market in the forecast year.

Rising Adoption of Smart Farming Technology Offers Significant Agritech Platform Market Opportunity

The increasing adoption of smart farming technologies is paving the way for significant growth in the agritech platform market during the forecast period. These technologies, such as IoT sensors, drones, and AI analytics, enable farmers to make data-driven decisions, optimize resource usage, and improve overall productivity. Agritech platforms integrate these technologies into comprehensive solutions, offering farmers access to real-time data, predictive insights, and management tools. As the demand for efficient and sustainable farming practices rises, agritech platforms are poised to play a pivotal role in revolutionizing the agriculture industry, driving innovation, and enhancing agricultural productivity. Furthermore, multinational companies are focusing on China for smart agricultural technologies. For instance, multinational conglomerates in the agricultural industry are increasing investments in digital agriculture and smart farming, which is a key area highlighted in China's "No. 1 central document" for 2023. They aim to integrate their development strategy with China's rural revitalization efforts.

Agritech Platform Market Segmentation

The global market for agritech platform has been segmented into type, sector, application and region.

  • Type is classified into biotechnology and biochemical, big data and analytics, sensor and connected devices, mobility, and others
  • Sector is divided into agriculture, smart agriculture, precision farming, agrochemicals, biotechnology, indoor farming, and others
  • Applications are categorized irrigation, production and maintenance, supply chain, marketplace, and others
  • The agritech platform market is regionally split into North America, Europe, APAC, and Latin America and the Middle East and Africa

Agritech Platform Market Regional Outlook

In terms of agritech platform market analysis, North America dominates the agritech platform market. North America holds the largest share in the agritech platform market, boasting significant advancements and investments in agricultural technology. With its robust infrastructure and strong emphasis on innovation, North America remains a powerhouse in this sector, driving substantial growth and adoption of agritech solutions. Furthermore, growing investments in the agricultural industry further boost its demand in the market. For instance, foreign investment in agriculture has grown significantly since 2002, reaching 43.4 million acres in 2022. As a result, North America maintains its dominance in the agritech platform market in the coming years.

The Asia-Pacific region emerges as the fastest-growing region for agritech platforms. Fueled by burgeoning populations, increasing food demands, and rapidly evolving technological landscapes, Asia-Pacific is witnessing a surge in agritech innovation and adoption. This region's dynamic market dynamics, coupled with a growing focus on sustainable agriculture, position it as a key player in the agritech platform market. Moreover, rising investments in the agriculture industry further boost the demand for agritech platform market in this region. For instance, $21.44 billion of investment was made in agriculture in China by the end of 2021, involving a total of 13,115 projects. These investments and new technological innovations by key players maintain this region’s position as the fastest-growing in the agritech platform market in the forecast year.

Agritech Platform Market Players

Agritech platform companies profiled in the report include Agworld Pty Ltd., Agro-star, CropX, Intello Labs., CropIn, Farmlink, Gamaya, FarmEye, Waycool, Machine Eye, Xocean, Arable, Ninja Cart, and Cropsafe.

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Mr. Frank Wilson

Acumen Research and Consulting

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