Agritech Platform Market Analysis

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.