New York, United States , Nov. 01, 2022 (GLOBE NEWSWIRE) -- Global Agritech Market Size is slated to cross US$ 46,372.5 million by 2030, at a CAGR of 17.3%. as per the latest research report by Spherical Insights & Consulting.
Several nations throughout the globe are adopting smart city technologies and implementing smart city projects to manage resources due to urbanization and population growth. The functionality and efficiency of infrastructure, connected devices and linked sensors are improved with the help of sensors, smart lights, and smart meters, among other connected devices. The increasing number of smart infrastructures, smart irrigation, Industry 4.0, and smart home and building projects is projected to cause substantial business changes that will fuel market expansion.
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An increase in technology investments in developing countries as well as the introduction of big data analytics have propelled the growth of the global agritech market. The IIoT market is also anticipated to expand as a result of rising healthcare industry demand and the introduction of sector-specific platforms in the developed world.
The development of mechanized and digitalized equipment and systems, including tools, machines, hardware, software, and other product components, is encouraged by the environment's rapid evolution and removes the risks and difficulties that farmers face when using the manual agricultural tools that have been used traditionally. The demand for increased productivity and a decrease in both tangible and intangible losses has recently contributed to the expansion of the worldwide agritech industry, and this trend is expected to continue in the years to come.
The worldwide agritech market is expected to experience strong revenue growth due to active government support for technological advancements in such like the production of digital content and AI specialty. The most obvious technological development in agriculture has been the transition from manually operated tools like shovels and hulls made of wood to partially automated and now fully digitalized technologies that use satellite photography, blockchain, artificial intelligence, and big data as well as drones and other internet of things sensors. Farmers and agricultural professionals can handle some of the major issues, such as land management, worries about decreasing resource reserves, climate change, and biodiversity loss, by combining the use of such a wide range of innovative technologies.
The agritech industry is still expanding as a result of factors such growing Wi-Fi adoption, improvements in wireless network technology, and rising cloud platform popularity. Additionally, IoT use rises as smart city and smart transportation development develops. In turn, this propels the Agritech sector ahead. The market is anticipated to expand as a result of the great cooperation among the key industry participants and the growing need to increase operational competence. Additionally, it is anticipated that the strategies being developed to build a combined digital and human workforce would offer major growth opportunities.
Operational openness is needed as a result of the COVID-19 pandemic's aftermath adoption of remote working techniques. At this point, smart linked solutions are anticipated to be essential in achieving operational visibility within organizations. Businesses are eager to build resilience to ensure growth in the post-COVID era, as well as to adapt to remote working and automate their procedures appropriately. They are focusing on IIoT adoption as a result in order to draw in customers, enhance the customer experience, and increase brand awareness. The future growth of the industrial IoT market looks bright thanks to all of these initiatives.
Browse key industry insights spread across 200 pages with 118 market data tables and figures & charts from the report “Global Agritech Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Type (Biotechnology and Biochemical, Big Data and Analytics, Sensors and Connected Devices, Mobility and Others), and By Application (Irrigation, Production and Maintenance, Supply Chain, Marketplace and Others); (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents
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The biotechnology and biochemical segment are expected to dominate the market share in 2020 of global agritech market owing to the rising adoption of agritech solutions among the farmers across the world. The production and maintenance segment are expected to dominate the market share in 2020 of global agritech market owing to surging adoption of digital irrigation technologies, and the Internet of Things (IoT) is essential to these cutting-edge innovations. Additionally, most farms are using advanced monitoring systems to effectively monitor agricultural productivity, and they also provide helpful recommendations for maintaining crop yield.
Agritech: Recent Developments
Arpil 2020- AeroFarms will focus on cutting-edge research and development (R&D) and commercialization of essential local crops using its knowledge and unique indoor vertical farming technology, which uses up to 95% less water and no pesticides than conventional field farming.
Agritech: Regional Analysis
- North America is expected to dominate the market share of global agritech market owing to the continuing technical advancements made by IT behemoths have stirred up the competitive industry in the area.
- Open to technological improvements due to high purchasing power in the region. To fulfil the increased demand for superior goods and services from their clients, businesses in this region are consistently enhancing their whole business operations.
Agritech: Competitive Analysis
- The agritech market share is moderately consolidated and includes various companies such as ARSR Tech, AeroFarms, Apollo Agriculture, Crofarm Agriproducts Pvt Ltd, Conservis, Indigo Ag, Inc., LettUs Grow Ltd., Pivot Bio, AgBiome, Inc., Ceres Imaging, AgWorld, Hortau, Harvest Automation, Farmers Business Network, amongst others.
- Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in awareness & demand for agritech across the globe, major players are collaborating their product portfolio to provide differentiated and innovative products.
Agritech Market Report Overview:
- This report provides a detailed quantitative analysis of the current panels market trends and forecast estimations from 2022 to 2030, which assists to identify the prevailing market opportunities.
- An in-depth market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global is provided. The projections in this report are made by analyzing the current trends and future market potential from 2022 to 2030, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the agritech market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of the global agritech market.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The agritech market share is moderately consolidated and includes various companies such as ARSR Tech, AeroFarms, Apollo Agriculture, Crofarm Agriproducts Pvt Ltd, Conservis, Indigo Ag, Inc., LettUs Grow Ltd., Pivot Bio, AgBiome, Inc., Ceres Imaging, AgWorld, Hortau, Harvest Automation, Farmers Business Network, amongst others.
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