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 MarkNtel Advisors' 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.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy|
|Asia-Pacific: China, India, Japan, Australia|
|South America: Brazil, and Argentina|
|Middle East & Africa: Israel, South Africa|
|Key Companies Profiled||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.|
|Unit Denominations||USD Million/Billion|
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.
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 MarkNtel Advisors 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.
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.
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.
According to MarkNtel Advisors, 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:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
A. The measuring units of market size/industry size or the market value are USD Million and thousand units.
A. Global Agriculture Technology as a Service Market is forecast to grow at a CAGR of 22.9% during 2021-26.
A. Deere & Company, Trimble Inc., AGCO Corporation, Accenture plc, CNH Industrial N.V., Airbus S.A.SRaven Industries, AT&T IncTopcon Corporation, Intertek plc, SGS SA Taranis, Naio Technologies, PrecisionHawk, Microsoft Corporation, and IBM Corporation, etc. are a few of the leading players in the Global Agriculture Technology as a Service Market.
A. Soil Management is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. Asia-Pacific continues to grow during 2021-26, thereby presenting immense opportunities to market players of the Global Agriculture Technology as a Service Market.