Agriculture technology-as-a-service is a business model that allows the customers to procure their desired agriculture technology (equipment or software) as a service under different affordable pricing models rather than acquiring them as a one-time purchase. Two of the most popular pricing models under agriculture technology-as-a-service include the pay-per-use (PPU) and subscription models. Agriculture technology-as-a-service business models provide the growers with certain features such as easy scalability and upgradation, convenient accessibility, quick deployment, and reliable data backups.
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The global agriculture technology-as-a-service market is expected to reach $3,031.1 million by 2026, with a CAGR of 24.42% during the forecast period 2021-2026. The growth rate in the market is because of the increased push by governing bodies toward agricultural automation and digitization.
Impact of COVID-19
The supply chain for the majority of the industries across the globe got impacted due to the COVID-19 pandemic, including the agriculture technology-as-a-service industry. During the COVID-19 outbreak, the supply chain of the agriculture industry was disrupted. During the COVID-19 pandemic, agricultural production was hindered for farmers, which led to a decrease in their revenue generation. This has left the farmers in no position to invest in modern agricultural equipment.
Agriculture Technology-as-a-Service Market by Technology
The global agriculture technology-as-a-service market in the technology product segment is expected to be dominated by data analytics and intelligence solutions. Data analytic solutions have the ability to increase agricultural production and are expected to drive the agriculture technology-as-a-service market.
Agriculture Technology-as-a-Service Market by Application
The global agriculture technology-as-a-service market in the application segment is expected to be dominated by yield monitoring and mapping. The high market share and growth potential associated with yield mapping and mapping is expected to drive the global agriculture technology-as-a-service market.
Agriculture Technology-as-a-Service Market by Region
North America is expected to generate the highest revenue in 2020. The large market share of the region has been attributed to the increased application of automation and control systems in most of the countries and the rising adoption rate of smart farming practices leading to increased adoption of agriculture technology-as-a-service. The North America market for agriculture technology-as-a-service is expected to witness a moderate growth as of CAGR 21.93% in the forecast period.
Key Market Players and Competition Synopsis
365FarmNet GmbH, Accenture plc, AGCO Corporation, Agrellus, Inc., Agrivi, Airbus S.A.S, AT&T Inc., Ceres Imaging Inc., CLAAS Group, CNH Industrial N.V., Cropln Technology Solutions Pvt.Ltd., Deere & Company, DeHaat, Fujitsu Limited, Harvest Automation Inc., Hexagon Agriculture, IBM Corporation, Intertek Group plc, Kubota Corporation, Microsoft Corporation, Naio Technologies, Nutrien AgSolutions, Inc., Parrot SA, Pixhawk, Precision Hawk Inc., Raven Industries Inc., Robert Bosch GmbH, SGS S.A., Small Robot Company, Syngenta AG, SZ DJI Technology Co. Ltd, Taranis, Teejet Technologies, Topcon Corporation, Trimble Inc., Yanmar Co. Ltd.
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The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (holding 50-60% of the market), mid-segment players (comprising 30-40% share), and small and emerging companies (holding the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the agriculture technology-as-a-service industry.
Key Questions Answered in the Report
What is the estimated global agriculture technology-as-a-service market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
What are the key trends, market drivers, and opportunities in the market pertaining to agriculture technology-as-a-service?
What are the major restraints inhibiting the growth of the global agriculture technology-as-a-service market?
What kinds of new strategies are being adopted by the existing market players to strengthen their market position in the industry?
What is the competitive strength of the key players in the agriculture technology-as-a-service market based on an analysis of their recent developments, product offerings, and regional presence?
How is the competitive benchmarking of the key agriculture technology-as-a-service companies in the agriculture market based on the analysis of their market coverage and market potential?
How much revenue is each segment expected to record during the forecast period, along with the growth percentage?
What is the type of players and stakeholders operating in the market ecosystem of agriculture technology-as-a-service, and what is their significance in the global market?
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