Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Global Agritech Platform Market, By Type; By Application - Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The global Agritech Platform market, valued at US$ 13.27 billion in 2022, is poised for unprecedented growth, projected to surge to a staggering US$ 64.69 billion by 2031.
This remarkable growth trajectory is underpinned by a robust Compound Annual Growth Rate (CAGR) of 19.20% from 2022 to 2031, fueled by the profound transformation of traditional agriculture practices through advanced technology adoption.
Growth Influencers:
The rapid expansion of the Agritech Platform market is primarily driven by the paradigm shift from conventional agricultural methods to advanced technological solutions. Employing technology in agriculture offers multifaceted benefits, including heightened productivity, enhanced resource management, and increased crop yields. Favorable government initiatives are acting as catalysts in driving the adoption of Agritech platforms by providing subsidies and encouraging research and development in the field.
Challenges in the market include the lack of tailored financial services for agricultural technology implementation and limited digital infrastructure, particularly in rural areas of developing countries.
Segment Overview:
The market is segmented by Type and Application.
By Type:
- Agritech Platform
- Biotechnology and Biochemicals
- Big Data and Analytics
- Sensors and Connected Devices
- Agro Software Solutions
- Mobility Solutions
- Services
By Application:
- Irrigation
- Production and Maintenance
- Supply Chain
- Livestock Monitoring
- Precision Agriculture
- Smart Greenhouse
- Others
The Agritech Platform category dominated the Type segment with a substantial share of 77.2% in 2022. Meanwhile, the Services category is anticipated to exhibit the highest growth, with a projected CAGR exceeding 20%. In the Application segment, Supply Chain accounted for the largest share of 30% in 2022, while Production and Maintenance are expected to witness the fastest growth.
Regional Overview:
The comprehensive report provides a detailed regional overview. North America, boasting robust digital infrastructure and significant technology investments in agriculture, commands the largest market share of over 50% as of 2022. In Europe, stringent sustainability standards and a push for efficient farming practices contribute significantly to the market.
However, the Asia Pacific region is poised for exceptional growth, primarily driven by countries such as China, India, Japan, and Australia & New Zealand. The region's rapid growth can be attributed to population surges, escalating food demand, and rising awareness of advanced farming technologies.
Although currently smaller market segments, the Middle East & Africa and South America display promising potential due to increasing governmental support and investment in agritech.
Key Market Players:
Leading companies in the Agritech Platform market include CropX Inc., Arable Corp., Gamaya Corp., Agro-star Corp., Waycool Corp., 63Ideas Infolabs Private Limited (Ninjacart), Cropsafe Corp., Tevel Aerobotics Technologies Ltd., Phytech, Semios, Hortau, CropIn, Intello Labs, and others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $13265.5 Million |
| Forecasted Market Value (USD) by 2030 | $64685.7 Million |
| Compound Annual Growth Rate | 19.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/tbm0cb
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