Agritech Market Expected to Reach $34,831.17 Million by 2034

According to a new report published by Allied Market Research, titled, “Agritech Market," The agritech market size was valued at $8,150.15 million in 2024, and is estimated to reach $34,831.17 million by 2034, growing at a CAGR of 15.3% from 2025 to 2034.

Agritech refers to the application of technology and innovation in the agricultural sector to improve efficiency, productivity, and sustainability. It includes a wide range of tools and techniques, including robotics, sensors, drones, artificial intelligence, and biotechnology. Rise in adoption of precision agriculture is one of the prominent trends, driving the agritech market size for smart farming, which includes the use of data in enhancing farming methods, which helps to make real-time assessments of factors like soil, water, and crop health. The use of satellite imaging, GPS, and sensory technology enables farmers to apply water, fertilizers, and pesticides appropriately, increasing production and minimizing wastage. In addition, there is growing emphasis on automated crop management leveraging big data analytics and machine learning (ML) algorithms to forecast climate changes, assess disease risks, and determine the best times for harvesting. This technology enables farmers to proactively address potential threats to crop growth and enhance overall crop yield. 

Furthermore, surge in integration of Internet of Things (IoT) in the agritech industry is another notable trend, highlighted in the agritech market analysis enhancing connectivity through the use of smart devices, automated irrigation systems, and drones. These IoT devices enable farmers to remotely monitor and manage their farms by delivering real-time data on soil conditions, weather, and equipment performance. Moreover, there is a growing shift in trend towards climate-friendly and sustainable farming practices, driven by adoption of technologies that reduce environmental impact and promote efficient use of natural resources. These evolving trends in global agritech market, coupled with rise in demand for food security and government support for modern agricultural practices, are expected to propel the market growth. 

Key drivers of the global agritech market include rise in demand for food globally due to rise in population, need for sustainable and efficient farming practices, and advancements in technologies like IoT, AI, drones, and remote sensing. Farmers are increasingly adopting digital tools to boost crop yields, manage resources like water and fertilizers more effectively, and reduce environmental impact. Government support and investments in smart agriculture also continue to fuel the market growth. 

On the basis of component, the hardware segment dominated the market in 2024 and is expected to maintain its dominance in the upcoming years, owing to rise in demand for precision farming equipment, IoT-enabled devices, and automation solutions in agriculture. In addition, there is growing emphasis on sustainable farming practices and government subsidies for smart agriculture tools, accelerating the adoption of hardware solutions. However, the service segment is expected to experience the highest growth during the forecast period. This segment is experiencing increasing demand for data analytics, AI-driven farm management solutions, and maintenance/consulting services, as farmers seek to optimize productivity through digital transformation. 

By region, North America dominated the market share in 2024, owing to increase in adoption of advanced technologies such as AI, robotics, and precision farming tools, along with strong government support and high investment in R&D. However, LAMEA is expected to experience the fastest growth during the agritech market forecast period, owing to increase in need for food security, climate-resilient farming solutions, and government initiatives promoting digital agriculture, which is expected to provide lucrative growth opportunities for the market in this region. 

Key findings of the study  

• By Component, the hardware segment held the largest share in the agritech market for 2024.   

• By Application, the precision farming and farm management segment held the largest share in the agritech market for 2024.   

• By Technology, the automation and robotics segment held the largest share in the agritech market for 2024.   

• Region-wise, North America held largest agritech market share in 2024. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period. 

The key players profiled in the agritech market analysis are Syngenta AG, Indigo Ag, Pivot Bio, ninjacart, Agreena ApS, CropX, Zuari FarmHub Limited, ARSR Tech, Crofarm Agriproducts Pvt Ltd., LettUs Grow, Ceres Imaging, Hortau Technologies Inc., Farmers Business Network, John Deere, AGCO Corporation., Microsoft Corporation, AgEagle Aerial Systems Inc., CNH Industrial N.V., topcon positioning systems, and BrioAgro Tech, S.L. These players have adopted various strategies to increase their market penetration and strengthen their position in the agritech industry.