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Agritech Platform Market Size

Report ID: GMI8424
Published Date: Mar 2024
Report Format: PDF

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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.

Agritech Platform Market

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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.

Agritech Platform Market Report Attributes
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:	Rising demand for autonomous agriculture solutions The proliferation of big data and analytics Rising government support and policies The proliferation of precision agriculture practices
Pitfalls & Challenges:	High initial investment costs Limited access to technology and infrastructure

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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.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

market size for agritech platform was USD 13.1 billion in 2023 and is expected to register over 13.5% CAGR from 2024-2032 owing to the increasing investments in agritech startups that provide IoT crop intelligence technology worldwide.

Agritech platform industry from the precision farming segment held over 33% share in 2023 and is expected to register an appreciable CAGR from 2024-2032 due to rising collaborations aimed at boosting precision farming.

North America industry acquired over 33% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to the technological advancements and the high adoption of precision agriculture in the region.

Conservis Corporation, Cropin Technology Solutions Private Limited, CropX inc., Descartes Labs Inc., Farmer's Business Network (FBN), Farmers Edge Inc., PrecisionHawk, Taranis, and The Climate Corporation, are some of the major agritech platform companies worldwide.