Agritech Platform Market - By Component (Platform, Services), By Application (Precision Farming, Livestock Monitoring, Smart Greenhouses, Supply Chain Management) & Forecast, 2024 - 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Agriculture | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationAgritech Platform Market - By Component (Platform, Services), By Application (Precision Farming, Livestock Monitoring, Smart Greenhouses, Supply Chain Management) & Forecast, 2024 - 2032
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.
To get key market trends
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.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Agritech Platform Market Size in 2023 | USD 13.1 Billion |
| Forecast Period | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR | 13.5% |
| 2024 – 2032 Value Projection | USD 41.6 Billion |
| Historical Data for | 2018 - 2023 |
| No. of Pages | 240 |
| Tables, Charts & Figures | 330 |
| Segments covered | Component, application |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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
Imagine if you could get a robotic assistant to handle the tough tasks on your farm, like planting, harvesting, and keeping an eye on everything? That's exactly what's happening with agritech platforms that are using self-driving technology. These platforms are like a game-changer for farmers because they make everything more efficient, cut down on labor costs, and help them use their resources wisely. For example, there's a company called Robotics Plus in New Zealand that just came out with a cool hybrid vehicle called Prospr. This thing can do all kinds of jobs in orchards and vineyards, from picking fruit to spraying crops. It's like having a super-smart helper that never gets tired, makes fewer mistakes, and knows exactly what to do. Plus, it helps farmers save money on labor and be more sustainable. So, it's no wonder that more and more farmers are using these agritech platforms with self-driving features. It's like upgrading your farm to the future, making it more profitable and eco-friendly while giving you back some of your precious time.
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
Learn more about the key segments shaping this market
The agritech market is like a big pie that's cut into two slicesplatforms and services. In 2023, the platform slice was the biggest, taking up more than 75% of the pie. There's a special reason for thisnew agritech platforms are helping small farmers earn more money. These platforms are like bridges that connect farmers to things they need, like information, buyers for their crops, and even loans. One example of this is VorianCorelli, a platform that was started in Kenya last year. It helps farmers solve problems like not having enough money or not being able to find people to buy their crops. It's like a matchmaking service for farmers, buyers, and those who can give loans. By making it easier for farmers to do business, agritech platforms are helping them overcome obstacles and become more successful. That's why the platform slice of the agritech pie is growing so fast.
Learn more about the key segments shaping this market
Imagine a farmer tending to acres of land, wanting to make the most of every resource. That's where agritech comes in. It's like giving farmers super tools to help them grow crops smarter and raise livestock healthier. Among these tools are "precision farming," which is like a GPS for your farm. It uses sensors to monitor everything from soil moisture to plant health, so farmers can adjust their watering, fertilization, and pest control accordingly. This precision farming thing is a big deal. In fact, it made up over a third of the agritech market in 2023. And it's getting even bigger because companies are teaming up to bring farmers the latest and greatest tech. When agritech companies work together, it's like a supercharged team of experts working for farmers. They create cool gadgets like IoT sensors that talk to farmers' phones, drones that take aerial photos of crops, and data analytics that make sense of all the info collected. With all these tools, farmers can fine-tune their operations to grow more food with less water, fertilizer, and energy. And that's good for everyone, because it means more sustainable and affordable food on our plates. For example, in August 2023, one Indian company teamed up with another company that makes fancy AI-powered gizmos for farmers. Together, they're bringing state-of-the-art tech to farmers' fields. With this tech, farmers can monitor their crops in real-time, get data-driven advice, and boost their harvests while being more eco-friendly.
Looking for region specific data?
Hey there! I've got some exciting news about the world of farming technology. North America is leading the way in this field, and they're not slowing down anytime soon. In North America, farmers are embracing new tech like never before. They're using GPS-guided tractors, drones, and all sorts of fancy gadgets to help them grow their crops more efficiently. And it's working! They're able to save money, use fewer resources, and get the most out of their land. But what's driving this tech revolution? Well, it all comes down to innovation. North America is a hub for cutting-edge research and development in the agritech industry. They're developing new technologies that make farming easier, faster, and more precise. And as farmers see the benefits of these technologies, they're investing in them more and more. So there you have it! North America is setting the pace in the agritech world. With all the advancements being made, it's clear that the future of farming is going to be pretty high-tech.
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
- Agworld Pty Ltd
- Ceres Imaging
- Conservis Corporation
- Cropin Technology Solutions Private Limited
- CropX inc.
- Descartes Labs Inc.
- Farmer's Business Network (FBN)
- Farmers Edge Inc.
- PrecisionHawk
- Taranis
- The Climate Corporation (Climate FieldView)
Agritech Platform Industry News
- In August 2023, Fyllo, a precision agri-tech startup, unveiled a strategic alliance with Terraview, a climate SaaS (Software as a Service) provider. This partnership aims to enhance the productivity of more than 100 wine producers across the U.S., Spain, and Australia. Through the collaboration, Fyllo and Terraview aim to offer intelligent agriculture to European vineyards, commencing in Spain, France, and Italy with plans for expansion into the U.S. & Mexico in the near future.
In June 2023, SC Ventures introduced Tawi, a B2B agritech marketplace situated in Kenya. Tawi specializes in providing safe e-commerce transactions for small-scale farmers. The primary objective of Tawi is to establish a dependable & consistent market for farmers, guaranteeing price transparency and enhancing supply chain management to boost efficiency.
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
- Platform
- Big Data & Analytics
- Biotechnology & Biochemical
- Mobility
- Sensors & Connected Devices
- Others
- Services
Market, By Application
- Precision Farming
- Livestock Monitoring
- Smart Greenhouses
- Supply Chain Management
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Nordics
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- South Africa
- UAE
- Saudi Arabia
- Rest of MEA
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