According to the latest report by IMARC Group, titled, “Agriculture Technology as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global agriculture technology as a service market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the agriculture technology as a service market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.62 Billion |
| Market Forecast in 2028 | US$ 4.67 Billion |
| Growth rate (2023 to 2028) | CAGR of 18.9% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is agriculture technology as a service?
Agriculture Technology as a Service (Agri-TaaS) is a business model that offers farmers and agricultural businesses access to advanced technologies and digital solutions on a subscription or pay-per-use basis. It provides a cost-effective and scalable approach for farmers to leverage cutting-edge agricultural technologies without requiring significant upfront investments in hardware, software, or expertise. Its providers offer various services encompassing various aspects of agriculture, including precision farming, crop monitoring, data analytics, farm management systems, remote sensing, and more. It typically utilizes drones, satellite imagery, sensors, IoT devices, and artificial intelligence (AI) algorithms to collect and analyze data, optimize farming practices, and improve decision-making. It offers numerous benefits, including reduced financial risk, access to the latest agricultural technologies, improved efficiency, enhanced crop management, and the ability to stay competitive in a rapidly evolving agricultural landscape. It empowers farmers to harness the potential of digital solutions and data-driven insights to optimize their operations, increase sustainability, and drive profitability in the agriculture sector. They can leverage technology-driven solutions to enhance productivity, increase crop yields, optimize resource utilization, monitor crop health, manage pest and disease outbreaks, and make data-driven decisions for their farming operations. At present, agri-TaaS finds extensive applications in yield mapping and monitoring, soil management and testing, crop health monitoring and irrigation across the globe.
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What are the growth prospects and trends in the agriculture technology as a service industry?
The global agriculture technology as a service market is primarily driven by the rising need for advanced agricultural technologies to address the challenges of feeding a growing population and optimizing agricultural practices. Agri-TaaS offers farmers and agricultural businesses access to cutting-edge technologies and digital solutions on a subscription or pay-per-use basis, enabling them to leverage precision farming, crop monitoring, data analytics, and farm management systems to improve productivity, resource efficiency, and sustainability. Moreover, the increasing focus on cost optimization and risk reduction in agriculture has escalated the demand for Agri-TaaS. It allows farmers to access technology-driven solutions without significant upfront investments in hardware, software, or expertise, reducing financial risk and enhancing operational flexibility. Apart from this, the surging adoption of smart farming practices and the integration of the Internet of Things (IoT), drones, sensors, and data analytics in agriculture is propelling market growth. Agri-TaaS enables farmers to harness the power of these technologies to make data-driven decisions, optimize inputs, monitor crop health, manage pest and disease outbreaks, and improve overall farm management. Other factors, supportive government policies and initiatives promoting digital agriculture, the need for sustainable and efficient food production, and the growing trend of agricultural digitization are also anticipated to drive the market toward growth in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Service Type Insights:
- Software-as-a-Service (SaaS)
- Equipment-as-a-Service (EaaS)
Technology Insights:
- Guidance Technology
- Data Analytics and Intelligence
- Variable Rate Application Technology
- Sensing Technology
- Others
Pricing Insights:
- Pay-Per-Use
- Subscription
Application Insights:
- Yield Mapping and Monitoring
- Soil Management and Testing
- Crop Health Monitoring
- Irrigation
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- AGCO Corporation
- Agrivi Ltd.
- CLAAS KGaA mbH
- CropIn Technology Solutions Pvt. Ltd.
- Deere & Company
- Hexagon AB
- Naïo Technologies
- Raven Industries Inc. (CNH Industrial N.V.)
- SZ DJI Technology Co. Ltd. (iFlight Technology Company Limited)
- Topcon Corporation
- Trimble Inc., etc.
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