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.
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.
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
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)
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
