New York, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to Persistence Market Research, global demand for agritech platforms will increased rapidly at a CAGR of 12.4% from 2022 to 2032. The report predicts that the market will close in on a valuation of US$ 39.9 Bn by the end of 2032.
Farmers are under enormous pressure to feed a population that is growing by the minute, and because of the intricate agricultural value chain, their challenges are considerably more onerous. To ensure a steady flow of income for farmers in the current challenging environment, it is vital to use modern, sustainable farming practices supported by technology, in addition to good judgement and foresight.
Farmers can have better control over the output of their crops and livestock by using contemporary tools. This method not only boosts crop productivity and efficiency but also lessens the likelihood of produce loss and waste of essential resources such as water, fertilizers, and pesticides. Agritech platforms give farmers access to agricultural inputs including planting supplies, seeds, fertilizers, and machinery, as well as relevant information about the quality and best practices of the products that they buy.
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Key Takeaways from Market Study
- By solution, agritech platforms are anticipated to account for a leading share in market.
- Demand for agritech services is estimated to surge at a CAGR of 13.8% through 2032.
- By application, precision farming is currently leading the market. However, the smart greenhouse segment is likely to expand at a higher CAGR of 15.3% through 2032.
- By region, North America is expected to lead the global market with a share of 30.7% in 2022, followed by Europe. South Asia and Pacific is anticipated to emerge as the fastest-growing market over the decade.
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“An increase in demand for agritech solutions due to high need for automating agricultural processes to meet the needs of a growing population and improve farming is expected to propel the demand for agritech platforms”, says a Persistence Market Research analyst.
Rising Adoption of Digital Technologies in Agriculture
Technological advances in agriculture are ongoing to meet the growing demand for agricultural automation, digitization, and sustainability. A shift toward intelligent farming and the efficient use of time & resources while avoiding crop loss is indicated by emerging trends in agriculture. The Internet of Things (IoT), computer vision, and artificial intelligence (AI) are all used in agriculture as part of smart agriculture.
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Manual farm tasks such as fruit harvesting and watering plants are being taken over; for example, robots and drones are accelerating agricultural automation. GPS and drone and satellite imagery work together to produce a high-resolution, site-specific perspective of an area. Additionally, real-time field data is collected by sensor-powered IoT devices, enabling farmers to make informed decisions. Additionally, the widespread adoption of precision agriculture and indoor farming is driving IoT development in agriculture.
More Valuable Insights on Offer
Persistence Market Research’s report on the agritech platform market is segmented into three major sections – solution (agritech platforms, services (implementation & integration, consulting, support & maintenance)), application (livestock monitoring, precision farming, precision aquaculture, smart greenhouse, others), and region (North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East and Africa).
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