Global Agriculture Technology as a Service Market Analysis, 2021

Market Overview

The Agriculture Technology as a Service (ATaaS) business model enables customers to obtain their desired agriculture technologies as services within affordable pricing models at different intervals rather than making a one-time purchase. By reducing the customer ownership on the ATaaS model, the entire responsibility of assets relies on service providers. Moreover, various manufacturers shall experience a recurring flow of revenue and better customer retention by adopting the ATaaS model due to the direct contact between manufacturers and consumers.

According to the publisher's research report, Global Agriculture Technology as a Service Market Analysis, 2021, the market is likely to grow at a CAGR of around 22.9% during 2021-26 due to the high market growth owing to the driving need to adapt agriculture technologies across various end-user industries. ATaaS (Agriculture Technology as a Service) involves lower costs and features integration, scalability, and accessibility, thereby contributing to the market growth. Moreover, other crucial factors like consumer recognition and capital expenditure in operations shall further propel the need for ATaaS in the coming years.

Impact of COVID-19

The COVID-19 outbreak severely impacted the overall market growth rate globally. It caused a sudden decline in revenue growth of various high-tech producers operating in the market. Further, the overall reduced demand from customers also affected the market growth of Agriculture Technology as a Service. However, the gradual upliftment of the restrictions is likely to normalize the market in the forecast period.

Market Segmentation

Soil Management Attains the Largest Market Share

Based on application, soil management is likely to attain a massive market share due to the rising environmental concerns and the growing need for research and development in the field. Furthermore, many market players and governments are substantially investing in ATaaS Market to sustain the soil. Hence, with the support of such initiatives, the soil management segment is likely to attain the largest market share in the forecast years, reveals the author in their research report, Global Agriculture Technology as a Service Market Analysis, 2021.

Equipment-as-a-Service Segment likely to witness the Fastest Market Growth

Based on the service type, the market segments into Software-as-a-Service and Equipment-as-a-Service, where Equipment-as-a-Service is likely to witness the fastest market growth in the forecast years. It owes to the rapidly growing technological advancements that are introducing new equipment to suffice the needs & requirements of agricultural practices. Hence, the demand for new equipment is flooding and is likely to fuel the market growth significantly.

Regional Landscape

Asia-Pacific likely to witness the Largest Market Share

Asia-Pacific shall attain the largest market share in the forecast years due to the extensive availability of agricultural land, farming being the prominent factor of the country's economy, and surging government initiatives to provide subsidies, R&D, etc. Other factors like the smaller farms in larger areas shall also contribute to the market expansion in the forecast years.

Market Driver

In emerging countries, the market growth shall drive through the growing awareness among governments and producers about the flooding need to raise field produce and evaluate the expenditure. Moreover, the expanding concerns on food sustainability across the globe shall lead the government to make massive investments. Hence, based on these factors, the market is likely to achieve an astronomical pace in the forecast years.

Competitive Landscape

According to the publishers, the major leading players in the Global Agriculture Technology as a Service Market are Deere & Company, Trimble Inc., AGCO Corporation, Accenture plc, CNH Industrial N.V., Airbus S.A.S., Raven Industries, AT&T Inc., Topcon Corporation, Intertek plc, SGS S.A., Taranis, Naio Technologies, PrecisionHawk, Microsoft Corporation, and IBM Corporation, etc.

Key Questions Answered in the Market Research Report:

1. What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Global Agriculture Technology as a Service Market?
2. What is the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Agriculture Technology as a Service Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Agriculture Technology as a Service Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Agriculture Technology as a Service Market study?