In terms of revenue, the global agritech market was valued at US$ 17,442. 7 million in 2019 and is projected to reach US$ 41,172. 5 million by 2027; it is expected to grow at a CAGR of 12. 1% during the forecast period from 2020 to 2027.
New York, March 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Agritech Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type and Application, and Geography" - https://www.reportlinker.com/p06038309/?utm_source=GNW
The COVID-19 outbreak has affected the overall growth rate of global agritech market in the year 2020 in a negative manner due to decline in revenue growth of companies operating in the market and decline in demand from customers, thus there is a decline in y-o-y growth rate during that year.However, the growth is expected to normalize from 2021 onwards and the market is projected to grow at a steady pace during the forecast period of 2020 to 2027.
Agriculture plays a crucial role in the economic growth of some of the largest nations across the globe which include the US, China, India, France, Spain, Brazil, and Russia among many others. With continuously growing population and rising demand of agricultural output to meet the increasing demand, the investments in agriculture technology solutions have been growing at an impressive pace worldwide.
Some of the key technologies that are penetrating the global agriculture sector include data analytics, artificial intelligence, internet-of-things, machine learning, automation systems, and software as service solutions, among many others.Additionally, the evolving business and revenue models in agriculture sector, market consolidation with bigger players acquiring smaller players to achieve economies of scale and vertical integration, trend of precision farming, and rising investments in agritech start-ups are some of the key factors that are fueling the growth of global agritech market.
Agri inputs, precision agriculture, farm management software, supply chain tech, quality management and traceability are some of the key growth areas that are driving the technology adoption in global agriculture sector.
~37% of the global land area is categorized as farming land, and by 2050, this area is likely to increase by a certain percentage, mainly due to the projected rise in population to 10 billion. Therefore, to escalate production, use of advanced technologies such as IoT, robotics, ground sensors, data intelligence, vertical farming, and precision farming in agriculture is growing. The precision farming has a potential to improve in farming yields by ~30%. The US, France, China, and India are among the top countries adopting precision farming at a massive rate. Owing to the proliferation of smartphones, the precision farming concept is becoming ubiquitous in agriculture. Precision farming enables farmers with speedy communications, quick data collection and analysis, and real-time decision-making. Thus, benefits provided by precision farming are attracting attention of huge number of farmers in countries like the US.
Overall size of the agritech market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the agritech market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the agritech market. ARSR Tech; AeroFarms; Apollo Agriculture; Crofarm Agriproducts Pvt Ltd; Conservis; Indigo Ag, Inc.; LettUs Grow Ltd.; Pivot Bio, AgBiome, Inc.; and Ceres Imaging are among the key market players profiled during this market study.
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