New York, United States, July 28, 2024 (GLOBE NEWSWIRE) — The global agricultural technology platforms market size is expected to grow from USD 13.2 billion in 2023 to USD 46.36 billion in 2033, with a compound annual growth rate (CAGR) of 13.3% over the forecast period.

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Agricultural technology, or “agri-tech,” is the application of science, technology, and innovation to agriculture. Robotics, sensors, drones, artificial intelligence (AI), machine learning, big data analytics, and biotechnology are just a few of the many technologies being used to improve agricultural practices, increase productivity, sustainability, and efficiency, and address issues facing the global agriculture industry. Furthermore, the market is being driven by the ongoing digital transformation of the agriculture industry, which has created a need for agritech solutions that facilitate data-driven insights, automate processes, and streamline operations. Farmers and agribusinesses are using digital technologies for supply chain optimization, precision farming, crop monitoring, farm management, and crop surveillance to increase yields, reduce input costs, and optimize resource allocation. Furthermore, agritech platforms enable stakeholders to make informed decisions and maximize farming operations by providing real-time insights into field conditions, weather patterns, crop health, and market dynamics. However, high initial investment costs are a major barrier to the adoption of agritech platforms. Implementing these platforms is expensive due to the need for infrastructure, software licenses and the purchase of technical equipment.

Browse key industry insights across 225 pages with 110 tables, figures and graphs of market data from the report on the “Global Agritech Platform Market Analysis of market size, share and COVID-19 impact, 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 expected to hold the largest share in the global agritech platform market during the expected period.

Based on the component, the global agritech platforms market is segmented into platforms and services. Of these, the platform segment is expected to account for the largest share in the global agritech platforms market during the projected time frame. The notable expansion of the platform category is driven by the introduction of agritech platforms to increase the income of smallholder farmers. These platforms enable farmers to access markets, financial services, and necessary resources, which increases their productivity and profitability.

The precision farming segment is expected to grow the fastest in the global agritech platform market during the expected period.

Based on application, the global agritech platforms market is segmented into livestock monitoring, smart greenhouses, precision farming, and supply chain management. Among these segments, precision farming segment is expected to grow the fastest in the global agritech platforms market during the expected time frame. The development of precision farming through partnerships is fueling the growth of the agritech industry. Through agreements with agritech companies, farmers can gain access to modern technologies and knowledge for precision farming. Innovative technologies that help farmers improve resource utilization, increase yields, and reduce their impact on the environment, such as data analytics platforms, drones, and party sensors, are becoming easier to create and implement through these partnerships.

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North America is expected to hold the largest share in the global agritech platforms market during the forecast period..

North America is expected to hold the largest share in the global agritech platforms market during the forecast period. The demand for precision farming is increasing in North America due to technological advancements and rising adoption of the practice. The region is developing modern agritech solutions due to continuous innovation in robotics, data analytics, IoT, and AI. These technologies enable farmers to optimize the use of inputs and accurately monitor crop health. The emphasis on precision farming techniques, such as GPS-guided equipment and remote sensing, is increasing production and efficiency of agricultural processes. As a result, North American farmers are increasingly relying on agritech solutions to maximize yields while minimizing resource inputs, fueling the growth of the sector.

Asia Pacific is predicted to grow the fastest in the global agritech platforms market during the forecast period. Some of the factors driving this expansion include the demand for more advanced farming techniques, government efforts, and the increasing use of digital technologies in agriculture. Government initiatives over the past decade have increased the use of innovation and technology in the agriculture sector despite barriers such as low penetration, geographical concentration, and environmental concerns. These projects have attracted large investments and have the potential to create jobs. Due to their thriving agricultural industries and growing populations, countries in Asia Pacific are investing heavily in agritech solutions to boost production.

Competitive Analysis:

The report provides the right analysis of the major organizations/companies involved in the global market along with a comparative evaluation primarily based on their product offerings, company overviews, geographical presence, business strategies, segment market share, and SWOT analysis. The report also provides a comprehensive analysis that focuses on the current news and developments of the companies including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This enables the evaluation of the overall competition within the market. Key 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 company called Growero Technologies has launched a pest forecasting platform that uses artificial intelligence (AI), historical meteorological data, remote sensing data and satellite data to make accurate predictions of pests and diseases.

Market segment

This study forecasts global, regional, and country level revenue from 2020 to 2033. Spherical Insights has segmented the global Agritech Platform market on the basis of the segments below:

Global Agritech Platform Market, By Component

• Platform
• Services
• Anti-infectious dressing

Global Agritech Platform Market, By Application

• Livestock monitoring
• Smart greenhouses
• Precision farming
• Supply chain management

Global Agritech Platform Market, Regional Analysis

• North America
• Europe
  • Germany
  • United Kingdom
  • 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 and Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East and Africa

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