According to the latest report from IMARC Group, titled, “Agriculture Technology as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecasts 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 competitive and regional analysis and highlights the latest developments in the market.
Key points of the report:
How big is the agriculture technology as a service market?
|Market size in 2022
|1.62 billion dollars
|Market forecast to 2028
|4.67 billion dollars
|Growth rate (2023-2028)
|CAGR of 18.9%
|Base year of analysis
What is agricultural technology as a service?
Agriculture Technology as a Service (Agri-TaaS) is a business model that provides farmers and agribusinesses with 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 use the latest agricultural technologies without requiring significant upfront investment in hardware, software or expertise. Its providers offer various services covering various aspects of agriculture, including precision agriculture, crop monitoring, data analytics, farm management systems, remote sensing and more. It typically uses drones, satellite imagery, sensors, IoT devices, and artificial intelligence (AI) algorithms to collect and analyze data, optimize agricultural practices, and improve decision-making. It offers numerous benefits, including reduced financial risk, access to the latest agricultural technologies, improved efficiency, improved 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 use technology-driven solutions to increase productivity, increase crop yields, optimize resource use, monitor crop health, manage pest and disease outbreaks, and make decisions based on data about their farming operations. Currently, agri-TaaS finds wide 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 agriculture technology as a service industry?
The global agriculture technology as a service market is primarily driven by the growing need for advanced agricultural technologies to address the challenges of feeding a growing population and optimizing agricultural practices. Agri-TaaS offers farmers and agribusinesses access to cutting-edge technologies and digital solutions on a subscription or pay-per-use basis, enabling them to use precision agriculture, crop monitoring, data analytics and crop management systems. farms to improve productivity, resource efficiency and sustainability. Additionally, the growing 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 investment in hardware, software or expertise, reducing financial risk and increasing operational flexibility. In addition, increasing adoption of smart farming practices and integration of Internet of Things (IoT), drones, sensors and data analytics in agriculture is driving the 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 management of the farm. 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 towards growth in the coming years.
What is involved 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)
- Instructional technology
- Data analysis and intelligence
- Variable rate application technology
- Sensing technology
- Yield Mapping and Monitoring
- Soil Management and Testing
- Monitoring the health of agricultural crops
Division by region:
- North America
- Latin America
- Middle East and Africa
Who are the major players operating in the industry?
The report covers key 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 NV)
- SZ DJI Technology Co. Ltd. (iFlight Technology Company Limited)
- Topcon Corporation
- Trimble Inc., et al.
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