Agritech Platform Market Size & Share 2024 – 2032
Market Size by Component (Platform, Services), by Application (Precision Farming, Livestock Monitoring, Smart Greenhouses, Supply Chain Management) & Forecast.
Report ID: GMI8424
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Published Date: March 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Agritech Platform Market Size
Agritech Platform Market was valued at USD 13.1 billion in 2023 and is estimated to register a CAGR of over 13.5% between 2024 & 2032. Increasing investments in agritech startups that provide IoT crop intelligence technology are driving growth in the market. These startups leverage advanced technologies to enhance crop monitoring, improve decision-making, and optimize resource allocation for farmers.
Agritech Platform Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
For instance, in December 2023, Fasal, an agritech startup, secured approximately USD 12 million in funding through a round led by British International Investment (BII) and TDK Ventures. Based in Bengaluru (India), the startup specializes in assisting horticulture farmers by offering its patented Internet-of-Things crop intelligence technology across an expansive area of 75,000 acres of land.
The agricultural industry is experiencing a significant shift toward digitalization with farmers embracing digital tools and technologies to enhance productivity & profitability. Agritech platforms are at the forefront of this transformation, providing digital solutions for various aspects of farming including farm management, crop monitoring, supply chain optimization, and market access. This digitalization trend enables farmers to make data-driven decisions, optimize resource utilization, automate tasks, and improve overall efficiency, contributing to the modernization & sustainability of agriculture.
High initial investments present a significant barrier to the adoption of agritech platforms. Implementing these platforms requires substantial financial resources for purchasing technology hardware, software licenses, and infrastructure setup. Additionally, training personnel on how to effectively use these platforms adds to the overall expense. For small-scale farmers or agricultural businesses with limited capital, these upfront costs may be prohibitive, delaying or preventing their adoption of agritech solutions and hindering their ability to benefit from the efficiencies & improvements these platforms offer.
Agritech Platform Market Trends
The integration of autonomous technology in agritech solutions is driving lucrative growth for the agritech platform industry. By automating tasks such as planting, harvesting & monitoring, these solutions enhance operational efficiency, reduce labor costs, and optimize resource utilization for farmers. For instance, in September 2023, Robotics Plus, an agritech firm headquartered in New Zealand, introduced Prospr, an autonomous, versatile hybrid vehicle engineered to perform a range of tasks in orchards & vineyards. This innovative solution aims to enhance efficiency and sustainability while decreasing dependency on labor. As a result, the adoption of agritech platforms equipped with autonomous capabilities is increasing, fueling market expansion and offering farmers sustainable & cost-effective solutions for modern agricultural challenges.
Government support and subsidies also play a pivotal role in fostering the agritech platform industry expansion. Various governments worldwide are implementing incentives and funding programs to encourage the adoption of autonomous technologies in farming. These initiatives aim to modernize agricultural practices, enhance productivity, and promote sustainability. By providing financial assistance and regulatory frameworks, governments incentivize farmers to invest in autonomous equipment, thereby driving market expansion and facilitating the transition toward more efficient & sustainable agriculture.
Agritech Platform Market Analysis
Based on component, the market is divided into platform and services. In 2023, the platform segment accounted for a market share of over 75%. Introducing agritech platforms to enhance the earnings of smallholder farmers is driving significant growth in the platform segment. These platforms offer farmers access to crucial resources, markets, and financial services, empowering them to improve productivity & profitability. For instance, in November 2023, VorianCorelli, agritech platform, was launched in Kenya to bolster the earnings of smallholder farmers. VorianCorelli addresses the challenges of liquidity and capital accessibility in the agriculture market. Serving as a matching platform, the company connects farmers, buyers & financiers, facilitating transactions and collaborations in the agriculture sector. By facilitating efficient transactions & collaborations, agritech platforms enable smallholders to overcome traditional barriers and participate more effectively in agricultural value chains, thereby propelling the platform segment growth.
Based on application, the market is categorized into precision farming, livestock monitoring, smart greenhouses, and supply chain management. The precision farming segment accounted over 33% of the market share in 2023. Collaborations aimed at boosting precision farming are driving agritech industry growth. By leveraging partnerships between agritech companies, farmers gain access to advanced technologies and expertise for precision agriculture. These collaborations facilitate the development and deployment of innovative solutions such as IoT sensors, drones & data analytics platforms, enabling farmers to optimize resource utilization, increase yields, and reduce environmental impacts. For instance, in August 2023, Zuari FarmHub, an agritech firm based in India, collaborated with CropX Technologies, a renowned global agri-tech company specializing in digital agronomic solutions. This partnership aims to transform farming practices by introducing cutting-edge real-time monitoring technology. Through this collaboration, farmers will also gain access to data-driven insights, enabling them to enhance productivity and sustainability in their agricultural endeavors.
North America is the fastest-growing region in the global agritech platform market with a major revenue share of over 33% in 2023. In North America market demand is propelled by technological advancements and the high adoption of precision agriculture. The region's continuous innovation in IoT, AI, robotics & data analytics drives the development of cutting-edge agritech solutions, enabling farmers to optimize inputs and monitor crop health with precision. This emphasis on precision agriculture techniques, such as GPS-guided equipment & remote sensing technologies, enhances efficiency and productivity in farming practices. As a result, North American farmers increasingly rely on agritech solutions to maximize yields while minimizing resource inputs, fueling market growth in North America.
Agritech Platform Market Share
The Climate Corporation (Climate FieldView) and PrecisionHawk held 2% market share in 2023. To levitate the competitive grounds among the major players, PrecisionHawk provides agricultural business leaders with the opportunity to utilize cutting-edge analytics tools and Artificial Intelligence (AI) for analyzing aerial data. This enables the automation of plant inventory, size, and health analysis, enabling professionals to assess their fieldwork more efficiently, accurately & safely.
The Climate Corporation offers farmers a comprehensive, connected suite of digital tools through its integrated Climate FieldView digital agriculture platform. This platform seamlessly combines field data collection, advanced agronomic modeling, and local weather monitoring into user-friendly mobile & web software solutions.
Agritech Platform Market Companies
Major players operating in the agritech platform industry are:
Agritech Platform Industry News
The agritech platform market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:
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Market, By Component
Market, By Application
The above information is provided for the following regions and countries:
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