The global agriculture technology-as-a-service market size was US$ 1,321.6 million in 2021. The global agriculture technology-as-a-service market is forecast to grow to US$ 7421.1 million by 2030 by growing at a compound annual growth rate (CAGR) of 22.9% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
Agriculture technologies-as-a-service is a term that encompasses various agriculture applications, including data management, soil management, yield mapping, monitoring, spraying, harvesting, and planting. The world population is increasing at a rapid rate, with approx 80 million people joining the world’s population each year. Thus, the demand for vital commodities that meet their daily needs, such as food, is also booming. As a result, it will benefit the global agriculture technology-as-a-service market.
Growing urban population and rising demand for fresh crops will contribute to the growth of the agriculture technology-as-a-service market.
Increasing agricultural practices and favorable plans by government organizations will escalate the growth of the agriculture technology-as-a-service market.
The growing number of advancements in the end-user industries and rising adoption of smart technologies on farms for profitable farming will benefit the market. For instance, AGCO Corporation unveiled a new agronomically focused farm solutions package in 2019.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic highly disturbed manufacturing activities. Manufacturing units witnessed various obstacles, which also slowed down the R&D activities. However, the demand for food products increased abruptly due to the COVID-19 pandemic. As a result, it has been beneficial for the global agriculture technology-as-a-service market.
Regional Analysis
The Asia-Pacific region is home to more than 60% of the world’s population, which is anticipated to continue to increase at an exponential rate, raising concerns about food insecurity. High population growth, rising disposable incomes, and growing urbanization will contribute to the growth of the Asia-Pacific agriculture technology-as-a-service market. Farmers in the region are now working on raising crop yields and ensuring a year-round supply of agricultural products in order to meet increased food demand. Several countries like India and China are promoting technology usage in the agricultural sector to cater to the regional demand for agricultural products. As a result, it will benefit the global agriculture technology-as-a-service market.
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Competitors in the Market
365FarmNet GmbH (365FarmNet)
Accenture plc (Accenture)
AGCO Corporation (AGCO)
Agrivi, Airbus SE (Airbus)
AT&T Inc. (AT&T)
Ceres Imaging
CLAAS KGaA mbH (CLAAS)
CNH Industrial N.V. (CNH Industrial)
CropIn Technology Solutions Pvt. Ltd. (CropIn)
Deere & Company (John Deere)
Fujitsu Ltd. (Fujitsu)
Hexagon Agriculture (Hexagon)
Kubota Corporation (Kubota)
IBM Corporation (IBM)
Intertek Group plc (Intertek)
Microsoft Corporation (Microsoft)
Nutrien AgSolutions Inc.(Nutrien)
Raven Industries (Raven)
Robert Bosch GmbH (Bosch)
SGS S.A. (SGS)
Taranis
Teejet Technologies (Teejet)
Topcon Corporation (Topcon),
Trimble Inc. (Trimble)
Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Agriculture Technology-as-a Service industry experienced notable growth in its workforce. Starting in January, employment within the Agriculture Technology-as-a Service sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Agriculture Technology-as-a Service output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Agriculture Technology-as-a Service output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Agriculture Technology-as-a Service market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Agriculture Technology-as-a Service market.
Market Segmentation
the global agriculture technology-as-a-service market segmentation focuses on Product, Application, Technology, and Region.
By Product Outlook
Software-as-a-Service (SaaS)
Equipment-as-a-Service (EaaS)
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By Application Outlook
Yield Mapping and Monitoring
Soil Management
Crop Health Management
Navigation and Positioning
Others
By Technology Outlook
Data Analytics and Intelligence
Guidance Technology
Sensing Technology
Variable Rate Technology
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Agriculture Technology-as-a Service market revenues, extending projections until 2030. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Agriculture Technology-as-a Service market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Agriculture Technology-as-a Service business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
* Assisting businesses in gauging the viability of new or existing products or services.
* Facilitating business enterprises in the identification and cultivation of novel market segments.
* Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
* Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
* Analyzing market trends to aid businesses in devising adaptive strategies.
* Guiding businesses in the optimal placement of their products.
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