Agritech Platform Market worth USD 85,827.31 million by 2033

The Market Statsville Group (MSG) publishes the new report on the "Agritech Platform Market by Type (Agritech Platform, Services), by Application (Irrigation, Production and Maintenance, Supply Chain, Livestock Monitoring, Precision Agriculture, Smart Greenhouse, Others), By Region – Global Share and Forecast to 2033

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, at a CAGR of 18.5% from 2023 to 2033.

The agritech platform market consists of sales of agritech platform services by entities (organizations, sole traders, and partnerships). 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 have created a lots of opportunities in market.

Global Agritech Platform Market Segmentation

The overall agritech platform market has been segmented into type, application, and region.

• By Type (Agritech Platform, Services)
• By Application (Irrigation, Production and Maintenance, Supply Chain, Livestock Monitoring, Precision Agriculture, Smart Greenhouse, Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Supply Chain segment is at the highest CAGR during the forecast period

Supply Chain segment is expected to grow at the highest CAGR during the forthcoming period. The agricultural industry's adoption of technology to promote efficiency, sustainability, and transparency has resulted in a surge in demand for agritech platforms in supply chain management in recent years. The requirement for enhanced supply chain efficiency is one of the primary drivers of this expansion. Farmers may employ agritech platforms to enhance their operations, resulting in increased yields and cheaper expenses. For instance, precision agricultural approaches such as employing data analytics to maximize crop yields can result in a 25% boost in crop output. This benefits farmers as well as consumers by ensuring a consistent and inexpensive food supply. Due to these reasons this segment fuel the market growth.

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The Asia Pacific to account for the highest CAGR during the forecast period

Over the forecast period, the Asia Pacific market is expected to grow rapidly. The Asia Pacific region is predicted to develop at the fastest CAGR during the forecast period, owing to the possibility of nations such as China and India investing in agricultural technology. These nations are seeing a surge in the use of precision farming, smart irrigation management, and other agritech solutions, which is driving the region's market growth.

In addition to rising agricultural product demand, the Asia Pacific agritech platform market is seeing a boom in technology breakthroughs and a trend towards precision farming. Countries such as China and India are substantially investing in agritech platforms, propelling regional market growth.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the agritech platform market. It also consists of the profiles of leading companies such as 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 and Company 15. The key players' growing research and development activities for launching innovative healthcare devices with advanced features and strategic unions are expected to drive market growth.

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