According to the Market Statsville Group (MSG), the global agritech platform market size is expected to grow from USD 13,265.50 million in 2022 to USD 85,827.31 million by 2033, growing at a CAGR of 18.5% from 2023 to 2033. The rising need for technology-driven solutions in the agricultural sector, the industry has grown quickly in recent years. Agritech platforms are digital platforms that provide farmers and other agricultural value chain stakeholders with data and tools to assist them optimize their operations, enhance efficiency and production, and decrease waste. Factors driving the market include the increasing use of precision farming techniques, increased food consumption due to population expansion, and the desire to enhance agricultural sustainability and efficiency. On the other hand, lack of adequate data prevents the adoption of financial services, such as credit and insurance, has hindered the market growth over the forecasting period all over the world. Moreover, technological advancements, empowered by the self-learning capabilities of algorithms, and the increasing power of machines computation, Artificial Intelligence (AI)-driven technologies has created a lots of opportunities in market.

Definition of the Global Agritech Platform Market

Agritech Platform provides the technology that enabled agricultural solutions to bundle together multiple services for farmers or other smallholder value chain intermediaries and, typically, integrates digital market linkage services, advisory services, and financial services, among others. They typically connect farmers with service or agricultural solutions providers for the exchange of economic value for a stipulated fee.

Agri-tech is the application of agricultural technology to increase efficiency and profitability. While agri-tech is most frequently associated with horticulture and agriculture, it is also found in forestry, aquaculture, and vineyards. Agri-tech tries to enhance agricultural by monitoring and analyzing weather, pests, soil, and air temperature data. Agri-tech also involves the use of automation, such as managing heating and irrigation and using aerosol pheromone distribution for insect management.

COVID-19 Impact on the Global Agritech Platform Market

However, the lockdowns shut the operations of retail sellers and restricted their movement, constrained the movement of goods severely, closed processing units that consume agricultural commodities, and—despite their essential service tag—shut down some markets. However, as the economies begin to open up again, the adoption of technologies like AI, ML, IoT has increased. The agriculture sector has witnessed the rise in the adoption of technologies like AI and IoT. Technologies like IoT, and AI helped in creating channels that allowed farmers to choose their market and sell the products at the right price.

Additionally, agritech startup players are offering AI-based applications that help predict the weather condition and determine the right time to sow seed with precision for getting better results and less wastage. This will significantly impact on the growth of the market over the forecasting period. Furthermore, government initiatives coupled with various companies investing in agri-tech solutions have fueled the market's growth during the period.

Global Agritech Platform Market Dynamics

Drivers: Favorable government initiatives to promote Agritech platform

It is heartening to see both the central and state governments proactively launch initiatives to promote agritech ecosystem worldwide. For instance, the Indian National Agricultural Market (eNAM) initiative aims to remove information asymmetry in pricing through an electronic trading portal. State governments are forming technology partnerships to forecast prices of agricultural produce using AI to help farmers in efficiently planning their harvest cycle. Encouraging localized data collection on soil health and providing access to government research facilities to agritech start-ups could further help accelerate the adoption of agritech platform.

Therefore, the government initiatives to propel the agritech industry require significant use of platforms, methodology, techniques in agriculture industry. Since many technology giants are using their core competencies to develop agritech solutions and focusing on data, food supply chain and connecting and selling inputs and seeds to farmers. As a result, the increased government support to boost the agritech industry has fuelled the adoption of agritech platform supports the market growth around the world.

Restraints: Lack of financial services and limited digital infrastructure

Lack of adequate data prevents the adoption of financial services, such as credit and insurance. In a study conducted by ThinkAg, a platform for Agri and food innovation, it was revealed that only 30% of the farmers get access to finance from formal sources, while about 50% of the small and marginal farmers are unable to borrow from any source. Currently, agricultural IoT devices and tools are expensive, thereby making it unaffordable for smaller farmers in developed regions and most farmers in emerging economies. Apart from high initial monetary investment to deploy GPS, drones, and GIS, VRT, and satellite devices, precision farming also requires a skilled workforce to handle these technology-enabled devices.

While achieving food sufficiency in production, developing countries still face concerns of resource-intensive agriculture and low farmer productivity resulting in poverty and undernourishment. For instance, in India, agriculture employs around half of the nation’s workforce and uses three-fourths of the country’s freshwater resources, however, it contributes only one-sixth of the GDP. This indicates low worker productivity and an inefficient use of resources in the agricultural sector in developing. This is due to the fact that a majority of agricultural production comes from small family farmers and stock breeders who do not have the capacity or necessary technological support to improve farm efficiency.

Thus, the unorganized and fragmented nature of developing countries’ agriculture coupled with challenges such as lack of infrastructure, supply chain  inefficiencies and low digital adoption holds back the sector from performing to its full potential.

Opportunities: Surging proliferation of AI in Agritech

With the recent technological advancements, empowered by the self-learning capabilities of algorithms, and the increasing power of machines computation, Artificial Intelligence (AI)-driven technologies have become more pervasive and performant, less costly, and more effective at addressing and solving prevailing business problems. Artificial intelligence (AI) is predicted to play an important role in agricultural growth by alleviating the sector of stressful conditions and catalysing a transition towards data-driven farming. with increased government support, growing agritech providers, burgeoning startup ecosystem, and rising AI adoption among the rural farming population, a strong transformation impetus is underway, creating a lucrative growth opportunity for the market.

Use of technology in agriculture will improve farmers’ access to markets, inputs, data, advisory, credit and insurance. Timely and accurate data coupled with analytics can help build a robust demand-driven efficient supply chain. With the use of sensors, photographs through phones, IoT devices, drones and satellite images, agricultural data can be collected and matched with weather data, soil health card data, mandi prices and help build predictive models that can greatly enhance decisions about seeds, fertilizers, pesticides that are of critical importance in both pre-harvest and post-harvest stages. Most of these AI models are low-cost and affordable and can add a lot of value to the agriculture ecosystem.

Scope of the Global Agritech Platform Market

The study categorizes the agritech platform market based on type, and application area at the regional and global levels.

By Type Outlook (Sales, USD Million, 2019-2033)

• Agritech Platform
  • Biotechnology and Biochemicals
  • Big Data and Analytics
  • Sensors and Connected Devices
  • Agro Software Solutions
  • Mobility Solutions
• Services

By Application Outlook (Sales, USD Million, 2019-2033)

• Irrigation
• Production and Maintenance
• Supply Chain
• Livestock Monitoring
• Precision Agriculture
• Smart Greenhouse
• Others

By Region Outlook (Sales, USD Million, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Sensors and Connected Devices segment accounts for the largest market share by type

Based on the type, the market is divided into agritech platform and services. Under the agritech platform market is further divided into o       Biotechnology and biochemicals, big data and analytics, sensors and connected devices, agro software solutions and mobility solutions. The sensors and connected devices segment are expected to dominate the market share in 2022 in the global agritech platform market. The sensors and connected devices segment currently dominate the market share in the agritech platform market. Sensors are critical in gathering and interpreting data on soil quality, weather, and crop growth, allowing farmers to make educated decisions and increase yields. Additionally, due to the increased need for data-driven decision-making in the agricultural business, the services category, which comprises farm analytics and consulting services, is predicted to grow at the greatest CAGR during the projection period.

North America is expected to witness the largest market share by Region

Based on the regions, the global agritech platform market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America is projected to account for the highest market share in 2022. North America, which includes the United States and Canada, is a key user of agritech platforms, and the region's agricultural sector is mature and sophisticated. According to an Accenture analysis, North America is the world's largest agritech market, accounting for more than 40% of overall market share. The agriculture industry in the United States provides around $1.27 trillion to the national GDP and employs approximately 2% of the workforce. The country contains around 900 million acres of agricultural land, and the sector produces a varied range of crops and livestock, including maize, soybeans, wheat, cattle, and chicken. Due to these reasons this segment has the highest market share over the forecast period.

Competitive Landscape: Global Agritech Platform Market

The agritech platform market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global agritech platform market are:

• CropIn Technology Solutions Private Limited
• Intello Labs
• AgroStar
• WayCool Foods and Products Pvt. Ltd.
• 63Ideas Infolabs Private Limited (ninjacart)
• CropSafe
• CropX inc.
• Arable
• Gamaya
• Tevel Aerobotics Technologies Ltd.
• Semios
• Hortau
• Phytech
• Company 14
• Company 15

Recent Development

• In February 2021, Hortau brings to market an innovative solution: the 1k Extended Range Sensor. This new generation of tensiometer operates at up to 1,000 kPa allowing growers to closely manage deficit irrigation programs, carefully track tension levels in arid conditions, and continuously monitor the health of their plants.
• In January 2022, CropSafe announced that they started doing research with farmers to better understand their biggest challenges and needs. The interview was decided to be for one hour. The selected farmers were decided to be given USD 50 cash or voucher as a compensation.
• In August 2021, Semios, the precision-farming platform for permanent crops, announced that they acquiring Agworld, a leading data-driven farm management platform, to deliver even more benefits to growers around the globe. Together, Semios and Agworld will form one of the largest independent AgTech solutions providers in the world, servicing growers, agronomists and ag retailers in the US, Canada, Australia, New Zealand, Europe and South Africa.
• In August 2021, Arable launches a new generation of IoT tools for the farmers. With this tool, farmers can take advantage of advanced sensors, wireless networks, and machine learning recommendations to improve crop growth.
• In August 2021, CropX inc. CropX acquires Dacom to boost digital twins for agriculture. This acquisition represents a major consolidation of agriculture digital twin capabilities, acres serviced, and geographic datasets. It also doubles CropX’s team and significantly increases its number of farms and total service area.

Key Issues Addressed

• What is the market size by various segmentation of the agritech platform by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the agritech platform market?
• What are the key opportunities and trends for manufacturers involved in the agritech platform supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of agritech platform in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.