Agriculture Technology-as-a-Service Market to Grow at 9.76% CAGR through 2029F
Increasing
demand for precision farming and rising global food demand is expected to drive
the Global Agriculture Technology-as-a-Service Market growth in the forecast
period, 2025-2029.
According
to TechSci Research report, “Agriculture Technology-as-a-Service Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2019-2029F”, the Global Agriculture Technology-as-a-Service Market stood at
USD 4.31 Billion in
2023 and is expected to reach USD 7.47 Billion by 2029 with a CAGR of 9.76% during
the forecast period.
Agriculture
Technology-as-a-Service Market is playing a crucial role in modernizing
agriculture and ensuring food security on a global scale. Resource scarcity and
sustainability concerns are increasingly influencing the agricultural sector,
driving the adoption of advanced technologies to address these critical issues.
The Global Agriculture Technology-as-a-Service Market is significantly benefiting
from this trend as farmers seek innovative solutions to optimize resource use
and mitigate environmental impacts. The depletion of natural resources, such as
water and arable land, has become a pressing challenge for agriculture.
Traditional farming practices often lead to resource wastage and environmental
degradation, prompting the need for more efficient and sustainable methods.
Technologies like precision irrigation systems are addressing these challenges
by ensuring that water is used more effectively, delivering just the right
amount to crops based on real-time data. This approach helps conserve water and
reduces the risk of over-irrigation, which can lead to soil erosion and nutrient
leaching.
Soil
health monitoring is another crucial technology enabling sustainable farming.
Advanced sensors and data analytics provide farmers with detailed information
about soil conditions, helping them make informed decisions about fertilizer
application and crop rotation. This not only improves crop yields but also
maintains soil health over the long term, reducing the need for synthetic
inputs that can harm the environment. Data-driven decision-making tools are
also transforming farming practices by offering insights into optimal planting
times, pest management, and resource allocation. By leveraging these tools,
farmers can reduce waste and enhance productivity while minimizing their
ecological footprint.
The
technology-as-a-service model plays a vital role in this shift towards
sustainability by providing farmers with access to these advanced solutions
without requiring substantial capital investments. This model enables farmers
to adopt cutting-edge technologies on a subscription basis, making it more
feasible for them to implement sustainable practices and improve resource
efficiency. As environmental sustainability continues to gain importance, the
demand for Agriculture Technology-as-a-Service solutions that promote resource
optimization and reduce environmental impact is expected to rise. This growing
focus on sustainability will drive the expansion of the Global Agriculture
Technology-as-a-Service Market, as more farmers seek to align their practices
with sustainable and resource-efficient methods.
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"Global Agriculture Technology-as-a-Service Market”
The
Global Agriculture Technology-as-a-Service Market is segmented into application,
service type, pricing, regional distribution, and company
Based
on the Pricing, In 2023, Subscription-based pricing emerged as the dominant
segment in the Global Agriculture Technology-as-a-Service Market. This trend
reflects the growing preference for subscription models among farmers and
agribusinesses due to several compelling reasons. Subscription pricing provides
a predictable cost structure, allowing users to budget more effectively. With a
fixed monthly or annual fee, businesses can manage their expenses with greater
certainty, avoiding the variable costs associated with pay-per-use models. This
financial stability is particularly advantageous for farms with tight budgets.
Subscription
models often include access to a full suite of services and features, offering
greater value compared to pay-per-use options. This comprehensive access
enables users to leverage a wide range of tools and technologies without
incurring additional costs for each individual service or transaction. Subscription-based
services typically come with robust customer support and regular updates. This
ongoing support ensures that users receive continuous assistance and benefit
from the latest advancements in technology, which can be critical for
optimizing agricultural operations. The subscription model promotes long-term
commitment to technology, fostering deeper integration into daily farming
practices. This sustained usage can lead to better data collection and more
effective use of technology over time, driving improved outcomes.
Based
on region, Europe emerged as the second dominated region in
the Global Agriculture Technology-as-a-Service Market in 2023. Europe is known
for its progressive approach towards technology adoption in agriculture.
European farmers and agribusinesses are increasingly incorporating advanced
technologies such as precision farming, IoT, and data analytics to enhance
productivity and sustainability. This willingness to embrace new technologies
drives demand for agriculture technology-as-a-service solutions. European
countries have implemented various government initiatives and regulations aimed
at promoting sustainable agricultural practices. The European Union's Common
Agricultural Policy (CAP) provides financial support and incentives for
adopting innovative technologies that improve efficiency and environmental
sustainability. These policies encourage the use of technology-as-a-service
models.
Europe
has a strong emphasis on environmental sustainability and reducing the
ecological footprint of agriculture. The demand for technologies that support
sustainable farming practices, such as precision irrigation and integrated pest
management, fuels the growth of technology-as-a-service solutions. European
farmers are increasingly seeking services that help them meet stringent
environmental regulations and achieve sustainability goals. Europe is a key
player in agricultural research and development, with numerous institutions and
organizations dedicated to advancing agricultural technology. This focus on
R&D leads to the development of innovative solutions that are delivered
through technology-as-a-service models, further boosting the market's growth.
Major
companies operating in Global Agriculture Technology-as-a-Service Market
are:
- AGRIVI
Ltd
- IBM
Corporation
- BASF
SE
- Airbus
SE
- Hexagon
AB
- Deere
& Company
- 365FarmNet
GmbH
- Topcon
Positioning Systems, Inc.
- Kubota
Corporation
- Trimble
Inc.
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“Governments
around the world are recognizing the importance of technology in agriculture to
ensure food security and promote sustainable farming practices. Various
government initiatives, subsidies, and policies aimed at encouraging the
adoption of agricultural technologies are driving the growth of the Global
Agriculture Technology-as-a-Service Market. For instance, many governments
provide financial support to farmers for adopting precision farming tools and
technologies, making these services more accessible. Governments
are investing in the development of agricultural infrastructure, such as data
centers and IoT networks, which facilitate the implementation of Agriculture
Technology-as-a-Service models. These initiatives also focus on addressing
challenges such as water scarcity, soil degradation, and the impact of climate
change on agriculture. By promoting the use of technology through a
service-based model, governments are helping to reduce the financial burden on
farmers while encouraging sustainable and efficient farming practices. As a
result, government support is expected to continue being a significant driver
of the Global Agriculture Technology-as-a-Service Market.,” said Mr. Karan
Chechi, Research Director of TechSci Research, a research-based management
consulting firm.
“Agriculture Technology-as-a-Service Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Application (Harvest Dynamics Monitoring, Soil Management and Testing, Crop Health Monitoring, Irrigation, Others), By Service Type (Software-as-a-Service (SaaS), Equipment-as-a-Service (EaaS)), By Pricing (Subscription, Pay-per-Use), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global
Agriculture Technology-as-a-Service Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Agriculture Technology-as-a-Service Market.
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