According to statistics made by Insure Insight, the global agritech platform market is projected to grow significantly, registering a CAGR of 11% during the forecast period (2022 – 2028).

GLOBAL AGRITECH PLATFORM MARKET – MARKET OVERVIEW

Agritech is the utilization of technology for farming purposes and is developed for enhancing farming through information monitoring and analysis of weather, soil, and air temperature. Agritech platform offers access to agricultural inputs such as planting material, seeds, fertilizers, and equipment, and also provides farmers with substantial information on the quality and best practices of the products they purchase.

GLOBAL AGRITECH PLATFORM MARKET – MARKET DYNAMICS

The agritech platform market is set to grow significantly during the forecast period due to the growing implementation of technologies such as the internet of things and artificial intelligence in agricultural processes to assist farmers to ameliorate their productivity.

Top Driver: the high demand for agritech platforms will boost the market growth

Agritech platform can assist farmers to gain high returns agribusinesses if it is utilized to its complete potential. Demand for the agritech platform is growing since it aids farmers in solving problems of nature on crops by collecting intra and inter-field information. Agritech platform mitigates wastage of resources by providing information about the needed quantity of irrigation water, liquid fertilizers, pesticides, and nutrients. Furthermore, the utilization of an agritech platform aids farmers in ameliorating fertility, maximizing productivity, promoting sustainable agriculture, and mitigating costs. Factors driving the adoption of the agritech platform include the increase of business efficacy via process automation and enhanced output with low farming cost, and also to increase crop yield and profit margin.

COVID-19 IMPACT ON THE GLOBAL AGRITECH PLATFORM MARKET

The semiconductor industry has faced a severe impact of COVID-19. According to key market players, the industry has faced a 12% decline since the onset of COVID-19. The pandemic has caused key semiconductor players to mobilize quickly and make both short-term and long-term strategies to maintain the growth of the sector. The semiconductor sector faced major lay off during the pandemic period, owing to a decrease in demand at the global level. Many end-use industries are facing a temporary halt to the manufacturing process. Besides, many governments are still imposing lockdowns which are expected to affect the overall electric sector for some time. Major semiconductor players are looking for a pre-pandemic condition to start normal operation and for that moment, they are planning and reshaping strategies for their business models.

The biotechnology and biochemical segment is projected to dominate the market growth during the forecast period

Based on type, the biotechnology and biochemical segment is set to grow significantly and dominate the market growth during the forecast period due to several agritech biotechnology and biochemical tools utilized across the globe to improve crop yields, such as next-gen DNA sequencing, RNA interference, synthetic biology tools, biochips, and genome editing tools.

The Asia Pacific region is anticipated to grow significantly during the forecast period

The Asia Pacific region is set to witness high growth during the forecast period due to the growing adoption of agritech platforms in countries like India. The major factors spurring the growth of the market in this region include the adoption of variable rate technology and smart irrigation controllers, juxtaposed with AI-based farm analytics services. Furthermore, agritech startups in this region are focused on helping farmers by providing an efficient supply chain and better access to agricultural inputs for farmers. Also, agritech industries are offering improved soil and weather information to farmers due to the growing need for farmer resilience technology.

COMPETITIVE ANALYSIS

The global agritech platform market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market;

• AgBiome
• Arable
• Gamaya
• Agro-star
• Cropsafe
• Machine Eye
• FarmEye
• Intello Labs
• Xocean
• Ninja Cart

AgBiome

AgBiome declare a new patent directed towards the connate product line granted in the US in 2020. The new patent strengthened AgBiome’s IP Protection around novel product offerings.

Scope of the Report

• By Type
• Biotechnology and Biochemicals
• Big Data and Analytics
• Sensor and Connected Devices
• Mobility
• Others

• By End-Use
• Precision Farming
• Smart Greenhouse
• Livestock Monitoring
• Precision Aquaculture
• Others

• By Region
• North America (the United States & Canada)
• Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
• Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, Latin America, and Rest of The World)

Keys reasons to purchasing this report

• It provides a technological development map over time to understand the industry’s growth rate and indicates how the Agritech Platform market is evolving.
• The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Agritech Platform submarket will be the main driver of the overall market from 2019 to 2028.
• It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.
• It builds a seven-year estimate based on how the market is predicted to grow and shows what will market shares of the national markets change by 2028 and which nation will lead the market in 2028.