AgriTech Market Size: Growth Segments, Funding Cycles, and the 2030 Outlook

AgriTech Market Size: Setting the Baseline

AgriTech remains a mosaic of overlapping submarkets—from precision farming and IoT to robotics and controlled-environment agriculture—making a single top-line figure elusive. One widely used proxy is the smart agriculture category, which reached an estimated $18.1 billion in 2022 and is on track to hit roughly $43.4 billion by 2030, according to Grand View Research. That growth implies a robust double-digit CAGR as farms digitize operations and equipment OEMs standardize connected features.

At the same time, the sector’s potential value creation extends well beyond the device and software revenue counted in traditional market models. McKinsey estimates that connectivity and data-driven tools across the agricultural value chain could unlock up to $500 billion in additional global economic value by 2030, a signal that adoption curves are now tied to enterprise-wide outcomes such as input efficiency, labor productivity, and yield resilience, according to the consultancy’s analysis. This builds on broader AgriTech trends.

Crucially, the market is moving from bespoke deployments toward repeatable platforms—navigation and guidance stacks, data layers, and modular automation—that can scale across crops and regions. That evolution is starting to compress payback periods and clarify pricing models, firming up spend visibility for CFOs across the ag value chain.

Where the Growth Is: Segments and CAGRs

Within the stack, two categories are setting the pace. The IoT in agriculture market—encompassing sensors, connectivity, and analytics—is projected to grow from $11.4 billion in 2023 to $18.1 billion by 2028, at a 9.8% CAGR, MarketsandMarkets reports. Precision farming software and services, meanwhile, continue to benefit from upgrades in GNSS guidance, variable-rate application, and in-field telemetry, creating upsell paths from hardware to recurring analytics.

Adoption data underscores the shift from pilots to standard practice. The U.S. Department of Agriculture’s Economic Research Service notes that precision tools like GPS guidance, auto-steer, and yield monitors are now used on a majority of U.S. row-crop acres, with variable-rate technology gaining ground as input costs and sustainability metrics sharpen ROI, according to USDA ERS...