The international agriculture technology-as-a-service market dimension is predicted to develop from USD 1,101.6 million in 2020 to USD 3796.1 million by 2027, at a CAGR of twenty-two.9% from 2021 to 2027. Agriculture applied sciences are provided as a service for varied agriculture functions protecting the complete farming cycle, together with information administration, soil administration, yield mapping, monitoring, spraying, harvesting, and planting. With an estimated 80 million individuals being added to the world’s inhabitants yearly, the demand for important substances that fulfill their every day wants, reminiscent of meals, is predicted to develop manifold. Subsequently, enchancment in the usual of residing of the rising city inhabitants worldwide has led to an elevated demand for contemporary crop produce and animal protein. Increasing demand for meals manufacturing globally, together with the stress of offering a relentless provide of high-quality farm produce, has shaped an alarming state of affairs for the farmers worldwide, who’re struggling to enhance manufacturing per hectare. Moreover, shrinking agricultural lands and shortage of availability of pure assets raises the urgency to resolve the priority.
The considerations and stress on the agriculture trade, factored by the rising demand for international meals manufacturing, immediate the growers to improve farm profitability regardless of slowing yield tendencies in a number of staple crops. As developments throughout end-user industries lead to an environment friendly world, the agriculture trade steadily incorporates sensible applied sciences on farms for worthwhile farming. With the introduction of knowledge and communication applied sciences and developments therein previously decade, the agriculture trade has witnessed a revolution. Professionals and specialists worldwide are evaluating this revolution with the method within the earlier century when new farm gear and equipment, fertilizers, high-yield crops, and pesticides breeds led to dynamic progress in crop manufacturing across the globe.
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High progress out there is possible to be pushed by the rising want to adapt agriculture applied sciences throughout the trade, conversion of capital spending into operational expenditure for patrons, and better buyer retention for facility suppliers. The further advantages of decrease prices, integration, accessibility, and scalability related to ATaaS are additionally anticipated to be liable for the reported improvement of the enterprise mannequin. Agriculture is the idea of livelihood and sustenance of the financial system in a number of areas of the world.
Global Agriculture Technology-as-a-Service Market Dynamics
Drivers: Increasing Demand for Global Food Production
According to the FAO (Food and Agriculture Organization) projections of the United Nations (UN), by 2050, the worldwide inhabitants of 9.1 billion individuals would require general meals manufacturing to double from 2005. In distinction, the arable land couldn’t be expanded to greater than 5%. The demand for meals is rising exponentially, and farmers face fixed stress from society to sustain with the demand. With 90% of the expansion within the international crop manufacturing being depending on elevated cropping depth and better yields, the function of agriculture know-how practices and gear has risen to turn into a necessity for the agriculture trade. Agriculture know-how providers are being intensively launched to enhance agricultural productiveness. Some of the distinguished know-how providers utilized by farmers worldwide embrace farm administration software program, agriculture drones, agriculture robots, precision irrigation gear, and distant sensing.
Challenges: Price Inflation of Agricultural Produce
The inflation of costs within the agriculture and meals commodity market straight impacts the revenue of farmers, which is versatile, because it is determined by the variety of merchandise offered. An enhance within the value of inputs for the grower leads to general progress in the price of provides offered. Even with authorities subsidies and low import duties, pricey inputs in agriculture ultimately replicate within the closing agricultural commodity. Higher inflation of meals costs causes low farmer incomes, which in the end leads to the farmers reducing down on the prices of manufacturing, which doesn’t fall consistent with excessive capital funding and upkeep prices of utilizing agriculture applied sciences in agriculture. Governments and associations want to discover methods to permit technological inclusion in agriculture actively.
Opportunities: Growth of Agriculture Service Economy
With the exponentially rising inhabitants worldwide, the next rise in international demand for meals, depletion of finite pure assets, and shrinking agricultural lands, the necessity to improve farm yield has turn into essential. Factors reminiscent of the rise within the city inhabitants in growing nations with the enhancement of high quality of residing due to high-income ranges and elevated demand for animal protein and contemporary crop produce are rising the marketplace for crop manufacturing. Limited availability of uncooked supplies reminiscent of contemporary water and arable land and slowing yield development in some staple crops have prompted farmers and the farming sector to introduce progressive and superior sensible agriculture strategies and applied sciences to improve farm profitability. The progress within the agriculture service financial system can help entrepreneurs in adopting the service enterprise mannequin with alternatives to construct scalable companies which may be related globally. The enhance within the variety of corporations and start-ups with agriculture technology-as-a-service enterprise fashions is predicted to generate a excessive inflow of funds to this sector.
Scope of the Report
The research categorizes the agriculture technology-as-a-service market primarily based on product, utility, know-how, and areas.
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By Product Outlook (Revenue, USD Million, 2017-2027)
- Software-as-a-Service (SaaS)
- Equipment-as-a-Service (EaaS)
By Application Outlook (Revenue, USD Million, 2017-2027)
- Yield Mapping and Monitoring
- Soil Management
- Crop Health Management
- Navigation and Positioning
By Technology Outlook (Revenue, USD Million, 2017-2027)
- Data Analytics and Intelligence
- Guidance Technology
- Sensing Technology
- Variable Rate Technology
By Region Outlook (Revenue, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The yield mapping and monitoring utility is projected to account for the biggest market share by utility
The functions may be categorised as yield mapping and monitoring, soil administration, crop well being administration, navigation & positioning, and so forth. In phrases of worth, the yield mapping and monitoring utility dominated the worldwide agriculture technology-as-a-service market (by utility) in 2020. High market share and progress potential related to yield mapping and monitoring as an agriculture technology-as-a-service utility is attributed to the rising want to perceive the yield sample earlier than making use of any agriculture know-how and large adoption of software-as-a-service enterprise mannequin.
Yield mapping merchandise are comparatively new to the agriculture trade, thus providing these merchandise as a service permits the agriculture corporations and growers to check the product’s viability via primarily reasonably priced preliminary funding. These are just a few main causes behind the upper adoption of yield mapping and monitoring merchandise beneath the worldwide agriculture technology-as-a-service market. Amongst different functions, soil administration is valued on the second place when it comes to the best market share. Companies reminiscent of SGS and Intertek provide agriculture know-how as a service for soil administration.
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Asia Pacific accounts for the best CAGR through the forecast interval
The geographical evaluation of the worldwide agriculture technology-as-a-service market regarding totally different areas, specifically North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is possible to maintain the best CAGR within the international agriculture technology-as-a-service market through the forecast interval. As per the United Nations, over 60% of the world’s inhabitants lives within the Asia-Pacific area, which is predicted to develop exponentially, main to considerations about meals insufficiency. In the Asia-Pacific area, excessive inhabitants progress, rising disposable incomes, and elevated urbanization have elevated consumption within the Asia Pacific area. Henceforth, farmers within the area at the moment are concentrating on rising crop yields and offering an all-year provide of agricultural merchandise to fulfill the rising demand for meals. Several nations within the area have skilled the rising adoption of know-how. Although the present price is sluggish, it’s anticipated that acceptance will enhance at an incredible tempo with rising consciousness and rising meals demand.
The rising market penetration of web farming practices and elevated authorities investments encourage regional demand for agricultural know-how. At the identical time, rising consciousness amongst farmers and agricultural corporations of the worth propositions related to agricultural technology-as-a-service is driving regional progress at a substantial tempo.
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Key Market Players
The corporations evaluated embrace 365FarmNet GmbH (365FarmNet), Accenture plc (Accenture), AGCO Corporation (AGCO), Agrivi, Airbus SE (Airbus), AT&T Inc. (AT&T), Ceres Imaging, CLAAS KGaA mbH (CLAAS), CNH Industrial N.V. (CNH Industrial), CropIn Technology Solutions Pvt. Ltd. (CropIn), Deere & Company (John Deere), Fujitsu Ltd. (Fujitsu), Hexagon Agriculture (Hexagon), Kubota Corporation (Kubota), IBM Corporation (IBM), Intertek Group plc (Intertek), Microsoft Corporation (Microsoft), Nutrien AgSolutions Inc.(Nutrien), Raven Industries (Raven), Robert Bosch GmbH (Bosch), SGS S.A. (SGS), Taranis, Teejet Technologies (Teejet), Topcon Corporation (Topcon), and Trimble Inc. (Trimble).