Agriculture Technology as a Service Market Growth, Demand, Revenue, Gross Profit, Status & Forecast by 2024


Posted October 13, 2020 by bisrsrch

Focus on Service Type (Software-as-a-Service, Equipment-as-a-Service), Technology (Data Analytics, Guidance, Sensing, Variable Rate)
 
The upcoming trend of agriculture technology-as-a-service is not only prevalent in developed countries, developing countries have realized its importance as well. Government of several countries have also realized the need and advantages of this business model, and thus their initiatives to promote this business model is expected to further drive the growth of the agriculture technology-as-a-service market.

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The agriculture technology-as-a-service market is projected to grow from $931.8 million in 2019 to $2,492.6 million by 2024, at a CAGR 21.75% from 2019 to 2024. High growth in the market is expected to be driven by the growing need to adopt agriculture technologies across the industry, conversion of capital expenditure into operational expenditure for customers, and greater customer retention for service providers. The added benefits of lower costs, scalability, integration, and accessibility associated with ATaaS are also expected to be responsible for the reported growth of the business model. Agriculture is the source of livelihood and sustenance of economy in several regions of the world.

Hence, the need to adopt advanced technologies in the agriculture industry has driven favorable initiatives, policies, and support shown by governments in countries such as the U.S., Canada, U.K., Germany, France, Australia, India, and China. In emerging countries, the growth of the market is expected to be driven by rising awareness among governments and manufacturers-turned-service providers about the need to elevate farm produce, while evaluating the farm expenditure of their growers. Furthermore, rising concerns over global food security and sustainability have led to extensive investments by the governments across the world.

The competitive landscape for the agriculture technology-as-a-service market demonstrates an inclination toward companies adopting strategies such as product launch and development and partnerships, collaborations, and joint ventures. The major established players in the market are focusing on product launches and developments to introduce new technologies or developing further on the existing product portfolio. Deere and Co., Trimble Inc., AGCO Corporation, 365FarmNet, Agrivi, PrecisionHawk., Accenture plc, SGS SA, Intertek plc, Small Robot Company, Ceres Imaging Inc., Naio Technologies, and Airbus S.A.S among others, are some of the prominent players in the agriculture technology-as-a-service market. The market is highly fragmented with the presence of a large number of small- to medium-sized companies that compete with each other and the large enterprises.

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In order to generate public awareness about their existing and new products and technologies and compete with the competitors’ product portfolio, key players operating in this market have ramped up their product launch activities over the recent years. This has been the most widely adopted strategy by the players in this market. For instance, in April 2019, Trimble announced the launch of Farmer Core which is a Trimble Ag software subscription that connects all farm operations. Similarly, in November 2018, Ag Leader introduced new guidance and steering solutions that included a dual-antenna automated steering system.

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Issued By BIS RSRCH
Country United States
Categories Agriculture , News , Technology
Tags agriculture , agriculture technology as a service , agriculture technology as a service market , technology
Last Updated October 13, 2020