Press Release Description
Agriculture Technology-as-a-Service Market to Drive Due to the Growing Sustainable Food Production
The Global Agriculture Technology-as-a-Service Market is projected to grow at a CAGR of around 23.12% in the forecast period of 2023-28, says MarkNtel Advisors in their recent research report. The rising demand for agricultural feed due to the growing population has primarily driven the market. The global population has significantly increased over the past few years & reached over 8 billion in 2022, therefore the demand for agricultural stock has surged across the globe. Farmers are also seeking technology as an aid to monitor their crop production, crop protection, farm management, etc., thereby, increasing the need for agriculture technology-as-a-service to ease prime agricultural operations & cater to the growing demand for food.
There are growing environmental consequences of agriculture, which encompass issues like soil degradation, water pollution, and greenhouse gas emissions. To address these concerns, the adoption of sustainable farming practices such as aquaponics & vertical farming is gaining momentum across the globe. Consequently, the Global Agriculture Technology-as-a-Service Market is witnessing substantial growth in recent years, driven by the rising demand for sustainable food production. As a result, farmers are actively seeking unique & inventive approaches to cultivating environmentally friendly food, promoting good health, and providing economically viable solutions around the globe.
Moreover, the change in dietary patterns due to the growing health awareness among people has also led to increasing demand for more agricultural feed. Therefore, the farmers rely on advanced technological services to enhance crop production since the incorporation of technology with traditional agricultural practices yields better results. Also, government-led initiatives in the countries such as Germany, France, India, Australia, and various others encourage farmers to use technology services to efficiently produce a crop. Therefore, the demand for technology-as-a-service is expected to arise in the coming years due to more government initiatives to uplift the agriculture industry, further states the research report, "Global Agriculture Technology-as-a-Service Market Analysis, 2023."
Equipment-as-a-Service Acquired a Significant Share in the Market Owing to Less Operational Cost
Based on the service type, the market is divided into Software-as-a-Service & Equipment-as-a-Service. Of them all, Equipment-as-a-Service acquired a significantly larger share in the Global Agriculture Technology-as-a-Service Market due to cost-effectiveness. The companies are now offering equipment used for agricultural practices on a subscription-based model, which benefits farmers since it reduces capital expenditure. Thus, low operational cost helps the farmers to grow both a low-value cash crop & a high-value cash crop, thereby supplementing the cash flow of the farmers of developing countries.
Furthermore, companies like Trimble Inc., Harvest Automation, and AGCO Corporation have emerged as key players, offering equipment-as-a-service solutions for agricultural operations worldwide. Also, technological advancements such as machine learning & artificial intelligence would improve the predictions for crop maintenance & monitoring. Thus, making the farmers rely more on technology-as-a-service for enhanced crop production in the forthcoming years.
North America to Witness Significant Growth in the Market
Geographically, North America would witness a surge in the market for agriculture technology-as-a-service due to the rising penetration of technology in the regional farmlands. There has been an upsurge in agricultural land & food demand in the past few years owing to the increasing population, therefore the region has incorporated advanced technology in the farmland to perform smart farming. North America has low manual labor to perform tasks in the agricultural field, hence the farmers rely on automated control systems to yield higher agricultural produce. Additionally, the growing trend of technology-as-a-service is helping small-scale farmers by reducing capital expenditure, which is further expected to boost the Global Technology-as-a-Service Market growth in the forthcoming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including AGCO Corporation, CLAAS Group, CNH Industrial NV, Deere & Company, Kubota Corporation, Yanmar Co. Ltd, 365FarmNet GmBH, Agrivi, CropIn Technology Solutions Pvt Ltd, Fujitsu Ltd, IBM Corporation, Microsoft Corporation, Robert Bosch GmBH, Trimble Inc, Parrot SA, Pixhawk, Precision Hawk, Harvest Automation Inc, Naio Technologies, Small Robot Company, Topcon Corporation, Teejet Corporation, SGS SA, Raven Industries Inc, Intertek Group Plc, Airbus SAS, AT&T, Ceres Imaging Inc, Hexagon Agriculture, Nutrien AgSolutions Inc., others.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition been shaping across various regions?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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