Press Release

The agritech market was valued at US$ 17.4 Bn in 2021 and is projected to reach US$ 41.1 Bn by 2030, at a CAGR of 12.1%.

Many countries throughout the world are launching smart city initiatives and adopting smart city technologies to manage resources due to rising population and urbanisation. Sensors, smart lights, and smart metres, among other connected devices, aid in increasing the functionalities and efficiency of infrastructure and related sensors and connected devices. The growing number of smart homes and buildings, smart infrastructures, smart irrigation, and Industry 4.0 projects is likely to result in significant business transformations, propelling market growth.

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The rise of the worldwide agritech market has been fueled by an increase in technology investments in developing nations, as well as the emergence of big data analytics. Furthermore, the IIoT market is predicted to grow due to increased demand from the healthcare industry and the launch of industry-specific platforms in the developed world.

Due to factors such as rising Wi-Fi penetration, technological advancements in wireless network technologies, and increased acceptance of cloud platform, the agritech market size continues to grow. Furthermore, as the development of smart transportation and smart cities progresses, IoT adoption increases. This, in turn, pulls the Agritech industry forward. The market is expected to grow due to the growing requirement to improve operational competence and excellent collaboration among major market participants to achieve the same. Furthermore, the tactics being developed to create a united digital-human workforce are projected to provide significant prospects for growth.

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The adoption of remote working practices in the aftermath of the COVID-19 pandemic has sparked a desire for operational openness. At this point, smart linked solutions are expected to play a critical role in acquiring organizational operational visibility. Businesses are looking forward to establishing resilience to ensure growth in the post-COVID age, as well as adjusting to remote working and automating their processes accordingly. As a result, they're concentrating on IIoT adoption in order to entice customers, improve customer experience, and raise brand awareness. All of these activities promise well for the industrial IoT market's growth in the next years.

The biotechnology and biochemical segment accounted largest market share in 2020 due to the increasing adoption of solutions among the farmers across the world. The production and maintenances segment accounted largest market share in 2020 due to the rapidly adopting digital irrigation technologies, and the Internet of Things (IoT) plays a critical role in these cutting-edge technologies. Advance monitoring systems are increasingly being used to efficiently monitor crop production in farms; they also give useful strategies for maintaining crop yielding.

North America is expected to dominate the market share of global agritech market owing to the early adopter of IoT and has evolved into an innovation hotspot. continued contribution of IT behemoths to technical developments has caused a stir in the region's competitive market. Due to their great purchasing power, the population in this region is more receptive to technology advancements.

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DRIVING FACTORS

Surging Urbanization and Industrialization Around the World

Increased effective connectivity amongst farmers as a result of digitalization, farmers will be more likely to adopt modern agricultural ecosystems if they use cutting-edge technology like IoT and cloud. Ag Biotechnology, agribusiness marketplaces, bioenergy & biomaterials, farm management software, sensing & IoT, farm robotics, mechanization & equipment, midstream technologies, and novel farming systems are some of the features supplied by agritech. Agricultural biotechnology, new farming and farm management systems, and sensing and IoT devices are just a few of the high-profile technologies that are receiving significant farm tech investment. Other factors driving up these tech investments and hence impacting factor growth include an increase in the number of agritech firms and increased penetration of sensor-based technology.

Growing Agriculture Sector in Different Countries

The rise of the connected enterprise is propelling the global agritech market. For improved production activities, efficient information exchange between different units in industries is critical. With the use of IoT and IP networks, it allows manufacturers to better comprehend the process of converting raw materials into completed commodities. IoT-enabled systems can be used to track field instruments, ensure appropriate raw material flow, keep track of inventory status, and report items as they move through the supply chain.

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