AgriTech Market by Type – Global Opportunities & Forecast, 2020-2027
Global AgriTech Market
The GMI Research envisages a substantial boom in the AgriTech
Market over the forecast period. This is because of the ongoing innovations
in the market and the intensified investment to develop advanced technologies
in the agriculture industry.
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AgriTech Market Dynamics
The elemental force responsible for the increasing
prominence of the global agritech market is the continuous incorporation of
several technologies. The increasing focus on improving the yield and crop
cultivation will strengthen the market size. Also, the farmers across the world
are largely looking for several services from the Agritech providers to
evaluate the production level and soil quality. Moreover, the government across
several nations are increasingly emphasising on a viable model for farming to
gain huge income, which in turn, will stimulate the global
agritech market share. For example, the Indian government has
introduced various incentives to encourage start-ups in the agricultural
industry, such as ASPIRE and the NSTEDB start-up strategies, and other
programs. All these initiatives will attract entrepreneurs to launch new
start-ups to bring innovative advancements in the agriculture sector.
The remarkable switch in consumers choice for customized and
on-demand products guided by the growing awareness about health and viability
will supplement the market growth. Besides this, as per the global agritech
market forecast, the accelerating rate of population, primarily among the
undernourished individuals has generated the serious need to expand the production
in order to cater for the surging demand across the nation. Besides this, the
growing complications in the yield production have encouraged them to choose
for sophisticated technologies to enhance the yield effectiveness.
Regional Drivers
On the basis of application, the production and maintenance
applications are anticipated to witness a faster growth over the coming years.
This is because of the increasing deployment of latest technologies such as
vertical farming, remote-controlled drones, and IoT based sensors for better yield.
Additionally, the rising espousal of mechanised machinery by the farmers for
different applications, such as the recognition of agricultural products and
increasing water usage will supplement the global agritech market growth.
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