Dublin, March 03, 2022 (GLOBE NEWSWIRE) -- The "Agriculture Technology-as-a-Service Market - A Global and Regional Analysis: Focus on Product, Application, and Country Analysis and Forecast, 2020-2026" report has been added to ResearchAndMarkets.com's offering.
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.
Agriculture Technology-as-a-Service
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.
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.
Market Segmentation
Agriculture Technology-as-a-Service Market by Service Type
The global agriculture technology-as-a-service market in the service type product segment is expected to be dominated by software-as-a-service. The high market share and growth potential associated with software-as-a-service technologies in the agriculture industry is expected to drive the global agriculture technology-as-a-service market.
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.
Recent Developments in Agriculture Technology-as-a-Service Market
- In March 2021, Syngenta announced that it would redevelop its North American Crop Protection headquarters in Greensboro, North Carolina.
- In July 2020, DeHaat launched the franchise model in order to expand its business in Eastern India. In this model, the company ties up with small enterprises in rural areas to procure agricultural inputs from companies such as Bayer Crop Sciences and sell it to farmers, plus procure farmer's produce from within a range of 3-6 kilometers.
- In November 2019, AGCO Corporation expanded its Edgewood, Md assembly and distribution facility for Fendt high horsepower tractors and Massey Ferguson compact and utility tractors and equipment.
- In April 2019, CLAAS KGaA mbH opened its new validation center for the development of new agricultural machinery at the Harsewinkel site.
Key Topics Covered:
1 Markets
1.1 Industry Outlook
1.1.1 Pricing Models
1.1.1.1 Bundled Per Acre
1.1.1.2 Per Pass/Service
1.1.1.3 Percentage of Yield Bump/Gain
1.1.1.4 Per Unit of Product Sold
1.1.2 Break-Even Analysis
1.1.2.1 Introduction
1.1.2.2 Components of Break-Even Analysis
1.1.2.3 Calculation of Break-Even Analysis
1.1.2.4 Case Studies
1.1.3 Advanced Solutions
1.1.3.1 Agriculture Robot-as-a-Service (ARaaS)
1.1.3.2 Agriculture Drone-as-a-Service (ADaaS)
1.1.4 Government Initiatives Landscape
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Increasing Demand for Global Food Production
1.2.1.2 Increase in Yields Drives Food Production Growth
1.2.1.3 Economic Need for Precision Agriculture
1.2.1.4 Surging Use of Modern Technologies in Agriculture
1.2.1.5 Decreasing Workforce in Agriculture Sector
1.2.2 Business Challenges
1.2.2.1 Lack of Proper Infrastructure such as Roads, Internet, and Network Connectivity
1.2.2.2 Cyber and Online Data Security
1.2.2.3 Huge Subscription Costs Act as a Challenge
1.2.2.4 Reluctance to Adopt and Lack of Technical Awareness Among Farmers
1.2.3 Business Strategies
1.2.3.1 Product Development
1.2.3.2 Market Development
1.2.3.3 Others
1.2.4 Corporate Strategies
1.2.4.1 Mergers and Acquisitions
1.2.4.2 Partnerships, Collaborations, and Joint Ventures
1.2.5 Business Opportunities
1.2.5.1 Growth in Agriculture Service Economy
1.2.5.2 Increasing Investments in Agriculture Technology Sector
1.2.5.3 Rising Trend of Farming-as-a-Service in India
1.2.5.4 Increasing Market Opportunities in Developing Countries
1.2.5.5 Increased Cloud Security
2 Application
2.1 Global Agriculture Technology-as-a-Service Market (by Application)
2.1.1 Yield Mapping and Monitoring
2.1.2 Soil Management
2.1.3 Crop Health Monitoring
2.1.4 Navigation and Positioning
2.1.5 Others
2.2 Demand Analysis of Global Agriculture Technology-as-a-Service Market (by Application)
3 Products
3.1 Global Agriculture Technology-as-a-Service Market (by Product)
3.1.1 Global Agriculture Technology-as-a-Service Market (by Service Type)
3.1.1.1 Software-as-a-Service
3.1.1.2 Equipment-as-a-Service
3.1.2 Global Agriculture Technology-as-a-Service Market (by Technology)
3.1.2.1 Data Analytics and Intelligence
3.1.2.2 Guidance Technology
3.1.2.3 Sensing Technology
3.1.2.4 Variable Rate Application Technology
3.1.2.5 Others
3.2 Demand Analysis of Global Agriculture Technology-as-a-Service Market (by Product)
3.2.1 Demand Analysis of Global Agriculture Technology-as-a-Service Market (by Service Type)
3.2.2 Demand Analysis of Global Agriculture Technology-as-a-Service Market (by Technology)
4 Regions
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.2 Company Profiles
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/ap4h3n
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