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India's agricultural technology market is poised for growth
9/5/2023 3:19:00 PM

India's agricultural technology market is poised for growth

India's agritech industry is expected to experience significant growth in the coming years and reach a revenue of $204 billion by 2025. Another analysis estimates that the industry will see an increase of about $35 billion over the same period. Between January 2020 and June 2022, nearly 100 IT startups in India raised nearly $1.33 billion through 139 deals, indicating growing interest in the sector.

According to Inventiva, the supply chain technology and manufacturing market segments are currently the largest growing segments in India's agritech industry, with an estimated market potential of around $12.1 billion. Startups in this sector like Ninjacart, Waycool and Samunnati dominate the market. The precision agriculture, analytics and consulting sector is also growing, with companies such as Clover, Cropin, KhetiNext and Zentron providing farm-specific data and solutions to farmers. Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) are being used by over 1,300 agriculture startups in India to increase efficiency and productivity. These startups are concentrated in Karnataka, Maharashtra and the National Capital Region (NCR) of Delhi. Various technology companies in various sectors including agriculture and IoT-enabled drones, e-markets and distributors, farm inputs, precision agriculture and farm management, farmer consultancies, equipment rental, meat delivery services, product quality measurement, smart farm, equipment , hybrid seeds and hydroponic agriculture are active.

Agri-tech companies in India offer services such as order-taking, on-demand machinery rental, and credit evaluation using technologies such as geo-tagging and remote crop monitoring. Investments in India's agricultural technology have increased significantly in recent years, with total investments of $242 million in 2020. The meat delivery sector accounted for the most funding in 2020, followed by marketplace businesses and e-distribution.

Agricultural technology activists in this country will continue to advance with the speed of innovation and diverse budget. The government has also introduced initiatives such as the Digital Agriculture Mission (DAM) initiative, AgriStack, Unified Farmer Service Platform (UFSP) and the Sub-Agricultural Mechanization Mission (SMAM) initiative to support the agriculture sector and promote technology adoption. However, there are challenges ahead and the government and IT companies should work together to create awareness among entrepreneurs and highlight the benefits of using these technologies. The future of agricultural technology in India looks promising.

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