Source: Bizcommunity 1 December 2020, photo credit: vlab/Fieldapp
According to a new study by Juniper Research, the total value of the agtech market will reach $22.5bn by 2025; rising from $9bn in 2020. This represents an average annual growth rate of 150% over the next five years.
The agtech market is comprised of services such as agricultural sensors for crop management, GPS field mapping, and supply chain management, with the ultimate goal of increasing yields and reducing costs through connectivity and data insight.
The Agtech: Market Outlook, Emerging Opportunities & Forecasts 2020-2025< study, identified agricultural sensors and supply chain management as key revenue-generating services over the next five years. These two services are anticipated to account for 67% of market value by 2025; owing to emerging solutions that enable low-cost data collection and analysis on agriculture operations.