Agriculture Technology-as-a-Service Market worth USD 3796.1 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Agriculture Technology-as-a-Service Market by Product (Software-as-a-Service (SaaS) and Equipment-as-a-Service (EaaS)), by Application (Yield Mapping and Monitoring, Soil Management, Crop Health Management, Navigation and Positioning, and Others), by Technology (Data Analytics and Intelligence, Guidance Technology, Sensing Technology, Variable Rate Technology, and Others), by Region – Global Share and Forecast to 2027". By 2027, the global agriculture technology-as-a-service market size is expected to grow USD 3796.1 million from USD 1,101.6 million in 2020, at a CAGR of 15.1% during the forecast period. Farmers in low-income countries face adverse situations such as poor availability of funds and unsupportive price structures for farm produce, making farming a non-remunerative profession. This forces farmers to put extra pressure on farmland to yield higher and raise productivity on farms. The utilization of technologies, especially precision agriculture technologies, is touted to lead the path in bringing economic relief to the farmers. Precision agriculture technology-based solutions and services comprising agricultural robots and autonomous systems enable the farmers to optimize seed, water, fertilizer, and pesticides. An increase of 3-4% in crop yield due to operational efficiency created by precision agriculture can aid the farmers in improving gross crop margins by approximately 10%.

Global Agriculture Technology-as-a-Service Market Segmentation

The overall agriculture technology-as-a-service market has been segmented into the product, application, technology, and region.

• By Product (Software-as-a-Service (SaaS) and Equipment-as-a-Service (EaaS)
• By Application (Yield Mapping and Monitoring, Soil Management, Crop Health Management, Navigation and Positioning, and Others)
• By Technology (Data Analytics and Intelligence, Guidance Technology, Sensing Technology, Variable Rate Technology, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Data analytics and intelligence is estimated to hold the largest market share during the forecast period by technology

Based on technology, the global agriculture technology-as-a-service market is segmented into data analytics and intelligence, guidance technology, sensing technology, variable rate application technology, and others. In terms of value, data analytics and intelligence dominated the global agriculture technology-as-a-service market (by technology) in 2020. The agriculture industry is transforming into a data-driven enterprise. Growers and traders are adopting technological advancements in their equipment and a new generation of agriculture tools and services such as data analytics and smart farming technologies. As the global agriculture technology-as-a-service market matures, more and more growers will embrace data-driven services such as data intelligence services comprising artificial intelligence and machine learning for their capability to aggregate trends, assess risk and reward, track supplies, increase yields, and generate predictive models.

Data analytics and intelligence services have stood out in the global agriculture technology-as-a-service market majorly due to its offering under the software-as-a-service (SaaS) model. With the increase in the adoption of cloud services, offering data analytics and intelligence software became convenient for the service providers.

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North America accounts for the largest market share in agriculture technology-as-a-service market 2020

Based on the regions, the global agriculture technology-as-a-service market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 37.2% in the global agriculture technology-as-a-service market and was anticipated to maintain its dominance throughout the forecast period. North America serves as one of the most prominent regions for the global agriculture technology-as-a-service market. Leading OEMs and technology providers in agriculture generate a substantial share of the revenue from this area. The growing popularity of agricultural technology among farmers in the region has left many options for them. Thus, the service model enables them to test and realize the most viable goods and services for their farms at lower capital expenditure than a one-time purchasing model.

Since the awareness of technology among farmers is strong, the market penetration of precision farming in North America is vast. With a pre-existing consumer base, demand is booming in the area for the global agricultural technology-as-a-service market. Thus, the region has enormous potential for manufacturers and service providers.

This research report includes a study on the development and marketing strategies, along with the product portfolios and winning strategies of the leading companies operating in the agriculture technology-as-a-service market. It also consists of the profiles of leading companies such as 365FarmNet GmbH, Accenture plc, AGCO Corporation, Ceres Imaging, CLAAS KGaA mbH, CNH Industrial N.V., Agrivi, Airbus SE, AT&T Inc., CropIn Technology Solutions Pvt. Ltd., Deere & Company, Fujitsu Ltd., Hexagon Agriculture, Kubota Corporation, Microsoft Corporation, IBM Corporation, Intertek Group plc, Nutrien AgSolutions Inc, Raven Industries, Robert Bosch GmbH, SGS S.A., Taranis, Teejet Technologies, Topcon Corporation, and Trimble Inc.

Browse complete report: https://www.marketstatsville.com/agriculture-technology-as-a-service-market

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