High growth in the market is expected to be driven by the growing need to adopt agriculture technologies across the industry, conversion of capital expenditure into operational expenditure for customers, and greater customer retention for service providers.
New York, April 15, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Agriculture Technology-as-a-Service Market – A Global and Regional Analysis: Focus on Service Type,Technology, Application, Pricing Models, Break-Even Analysis – Analysis and Forecast, 2020-2025" - https://www.reportlinker.com/p06061845/?utm_source=GNW
The added benefits of lower costs, scalability, integration, and accessibility associated with ATaaS are also expected to be responsible for the reported growth of the business model.
Agriculture is the source of livelihood and sustenance of the economy in several regions of the world. Hence, the need to adopt advanced technologies in the agriculture industry has driven favorable initiatives, policies, and support shown by governments in countries such as the U.S., Canada, the U.K., Germany, France, Australia, India, and China. In emerging countries, the growth of the market is expected to be driven by rising awareness among governments and manufacturers-turned-service providers about the need to elevate farm produce while evaluating the farm expenditure of their growers. Furthermore, rising concerns over global food security and sustainability have led to extensive investments by governments across the world.
The competitive landscape for the global agriculture technology-as-a-service market demonstrates an inclination toward companies adopting strategies such as product launch and development and partnerships, collaborations, and joint ventures.The major established players in the market are focusing on product launches and developments to introduce new technologies or developing further on the existing service portfolio.
Deere and Co., Trimble Inc., AGCO Corporation, 365FarmNet, Agrivi, PrecisionHawk., Accenture plc, SGS SA, Intertek plc, Small Robot Company, Ceres Imaging Inc., Naio Technologies, and Airbus S.A.S among others, are some of the prominent players in the global agriculture technology-as-a-service market. The market is highly fragmented with the presence of a large number of small- to medium-sized companies that compete with each other and the large enterprises.
Regional Market Dynamics
North America is expected to generate the largest market share of the region during the forecast period due to the increased application of automation and control systems in most of the countries and the rising adoption rate of smart farming practices leading to increased adoption of agriculture technology-as-a-service. Constantly increasing farm sizes and the rise in global food demand from limited arable land shall ensure future market growth.
Asia-Pacific and Japan, in 2020, are expected to hold a smaller market share as compared to that of North America and Europe due to a late introduction of agriculture technologies and practices. However, Asia-Pacific and Japan are expected to have the fastest market growth with a CAGR of 28.20% during 2020 to 2025, owing to the amount of arable land available, dependence of agriculture on the countries for their economic and social growth along with the support by the government in terms of subsidy, regulations, or research. Smaller farm size in the larger part of the region is also expected to be a major driving force for exceeding the wide adoption of agriculture technology-as-a-service.
• North America
• South America
• Rest-of-South America
• Middle East and Africa
• Saudi Arabia
• South Africa
• Asia-Pacific and Japan
• Rest-of-Asia-Pacific and Japan
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