Rising need to increase global food production owing to rapidly increasing global population is a key factor driving market growth
The global Agriculture Technology as a Service market size is expected to reach USD 4.93 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need to increase global food production owing to rapid growth in global population. Manufacturers turned service providers are offering affordable agriculture technologies as services to small farmers, which is helping them to enhance productivity and farming efficiency.
The latest report is the most recent study that offers 360° coverage of the Agriculture Technology as a Service industry that has been facing the brunt of the adverse economic impact of the COVID-19 outbreak since the beginning of this year. The global health crisis has affected nearly every aspect of the business vertical and led to massive disruptions to the global Agriculture Technology as a Service market demand and supply chains. Researchers draw predictions for the market scenario in the post-COVID era. The report, additionally, assesses the present market situation and estimates its future outcomes, keeping in mind the impact of the pandemic on the global economic landscape.
Market Size – USD 1.10 Billion in 2020, Market Growth – at a CAGR of 20.7%, Market Trends – Growing shift towards precision farming
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Scope of The Report
The Agriculture Technology market is further segmented in terms of applications, end-user, end-use, geographic presence, by-products as well as services. In addition, the subject matter experts evaluating the industry provide an all-inclusive category-specific industry outlook. A comprehensive collection of data on major companies occupying a strong foothold in the industry adds immense value to the overall research. The assessment of the wining strategies followed by these companies can help business owners not only strategize but also execute business operations by referring the statistics about competitor analysis. Careful assessment of the industry analysis across different regions along with vital information on the market size, share and growth rate makes this report a wonderful resource for business evangelists.
Global Agriculture Technology market competition by TOP MANUFACTURERS, with production, price, and revenue (value) and market share for each manufacturer; the top players including:
- Key players in the market include Trimble Inc., Deere Company, AGCO Corporation, IBM Corporation, Accenture plc, Airbus S.A.S., ATT Inc., Raven Industries, Inc., Topcon Corporation, and SGS S.A.
Emergen Research has segmented the global Agriculture Technology as a Service market on the basis of service type, technology, application, and region:
Service Type Outlook (Revenue, USD Billion; 2018–2028)
- Equipment-as-a-Service (EaaS)
- Software-as-a-Service (SaaS)
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Guidance Technology
- Data Analytics and Intelligence
- Variable Rate Application Technology
- Sensing Technology
Application Outlook (Revenue, USD Billion; 2018–2028)
- Soil Management
- Navigation and Positioning
- Yield Mapping and Monitoring
- Crop Health Management
Regional Analysis of the Market:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Some Key Highlights from the Report
- In May 2019, IBM announced Watson Decision Platform’s global expansion for agriculture with Artificial Intelligence technology tailored for specific regions and new crops in order to meet growing demand for food. IBM is offering global agriculture solutions which consist of a combination of predictive technology with data from The Weather Company and IoT to support farmers across the world obtain greater insights about planting, plowing, planning, spraying, and harvesting.
- Software-as-a-Service (SaaS) segment accounted for largest revenue share in 2020. Fertilizer distributors are offering software as services that analyzes field data to help farmers in determining the exact location and quantity of fertilizers to be applied, which is driving growth of this segment.
- Variable rate application technology segment revenue is expected to expand at a rapid CAGR during the forecast period. Rising need to reduce excess use of chemicals and fertilizers to minimize environmental degradation is driving demand for variable rate application technology.
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The Agriculture Technology Market report also includes an investment analysis and growth trend analysis to help readers maximize their return on investment. It highlights the growth opportunities existing in the global Agriculture Technology market segments. It offers an extensive investigation of the import-export status and the rates of production and consumption. The Agriculture Technology Market report also provides some of the essential market aspects to draw a forecast for the coming years based on the information derived as part of the historical analysis and an analysis of the current market scenario.
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