Rapidly escalating proliferation of next-generation technologies such as artificial intelligence and IOT are offering lucrative opportunities for the global agritech market growth
With an exponentially burgeoning demand for high yield cultivation as a result of the constantly rising population is expected to drive the demand for technological aid in agriculture thus accelerating the growth of the global Agritech market anticipated to gather CAGR of 14% throughout the forecast years from 2018 to 2028.
Agritech encompasses a large variety of technologies targeting the specific range of agricultural needs. Agriculture technology has successfully transformed the agriculture dynamics which earlier relied majorly on manual workforce. With the introduction of drones, satellite images to help assess farm conditions, sensors enabling effective monitoring, artificial intelligence-based systems and big data, technological utilization and adoption has partially to completely transformed agricultural activities into digitized or mechanized solutions.
Global agritech market offers different products capable of eliminating human-caused errors ultimately helping accomplish maximized productivity levels and higher efficiency in scaling up the crop yield.
Existing growth scales and patterns are perfectly aligned with the future projections and predicted success trajectory reflecting upon the market attractiveness and core strengths. Key growth altering factors mainly focus on the opportunistic landscape of the global agritech market.
Factors such as increasing connectivity among farmers, growing efforts to inculcate thorough knowledge of the advancing technologies is enhancing the preferences of farmers to adopt more advanced and highly efficient technological systems. growing demand for high performance, top quality, latest technology, state-of-the-art and most importantly cost-effective technologies is expected to propel the growth of the global agritech market over the forecast years.
A surge in the number of small scale start-ups showcasing technological portfolio with novel and advanced technologies based on artificial intelligence, robotics and blockchain are further fuelling the growth of the global agritech market over the forecast.
Adroit Market Research report on the global agritech market provides an all-inclusive research methodology-based survey of the market from 2018 to 2028, which agglomerates crucial factors including the key market drivers, restrains, major opportunities and challenges and emerging trends. The market has been evaluated throughout the study period starting with the historic analysis from 2018 to 2020. The study standardises 2020 as the base year of market share analysis followed by the future forecast estimations assessed from 2021 to 2028. The report prominently highlights current market status along with future trends and foreseeable prospects. The study conducts Porter’s five forces analysis to conclude in-depth analysis and positions the prominent players operating the global agritech market based on geographic footprint, product portfolio and overall revenue.
The global agritech market portrays a fiercely competitive environments amongst the well-established entities and the young market players. Also, the agritech industry players are approaching new marketspaces with a potential scope for new promising opportunities in order to seize competitive lead against other market players by forming influential networks via mergers, collaborations, acquisitions, partnerships with other industry players and acquiring new start-ups thereby enhancing the business presence.
Based on the Type Segment, the market is categorised into biotechnology and biochemicals, sensors and connected devices, big data and analytics and mobility. The biotechnology and biochemicals segment is anticipated to account for largest market share of the global revenue over the forecast years due to the accelerating demand and growing uptake of highly advanced biotechnology products and equipments in the agriculture sector. Rising demand for DNA sequencing technologies, genome editing tools and biochips is expected to drive the growth of the biotechnology and biochemicals segment growth.
North America has a robust agritech market with massive predominance of market consumers and agritech providers. Countries like the U.S and Canada display a large geographic footprint with well-established agritech players supported by a high-strength infrastructure and economic development.
The U.S. in particular encourages a substantial influx of investments and surge in the number of new start-ups building upon the foundation of next generation technologies and software introducing an array of advanced farm maintenance and management software, highly advanced robotics based machines and tools.
The global agritech market in North America is expected to grow significantly over the years considering the extensive R&D projects and plans of agritech providers to scale up product portfolio. Asia Pacific is estimated to gather highest growth in CAGR with increasing domestic and international investments and capital funding.
The major players of the global Agritech market are PivotBio, Aerofarms, MeiCai, LettUs Grow, ProducePay, Apollo Agriculture, Ceres Imaging, Pure Harvest Smart Farms, AG Biome, ARSR Tech, Crofarm Agriproducts, Conservis, Indigo Ag, and Ninjacart. The global agritech market comprises of well-flourished and strongly placed local players along with international participants. In addition, the recognized market entities are coming up with a series of novel strategies and innovative concepts to advance the technological portfolio in order to sustain in the global competition.
Key Segments of the Global Agritech Market
Type Overview, 2018-2028 (USD Billion)
- Biotechnology and Biochemicals
- Big Data and Analytics
- Sensors and Connected Devices
Application Overview, 2018-2028 (USD Billion)
- Production and Maintenance
- Supply Chain
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa