Agritech as a Service Market Worldwide Share, Recent Trends, Business Overview, Application, Types, Future Growth and Forecasts 2021 – 2028
The global Agritech as a Service market size is expected to reach USD 4.93 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need to increase global food production owing to rapid growth in global population. Manufacturers turned service providers are offering affordable agriculture technologies as services to small farmers, which is helping them to enhance productivity and farming efficiency.
Growing preference towards drone farming, smart livestock monitoring,
autonomous-farming machinery, and smart-building and -equipment management are
other key factors boosting demand for services related to agriculture
technologies. Increasing utilization of smart crop monitoring solutions, which
aims at optimizing resource usage and crop growth through real-time, precises
and location-dependent adjustments are driving growth of the Agritech as a
Service market.
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Competitive
Outlook:
The report is
highly consolidated due to the presence of a large number of companies across
this industry. These companies are known to make hefty investments in research
and development projects. Also, they control a considerable portion of the
overall market share, thus limiting the entry of new players into the
sector.
Agritech as a
Service market report studies the prudent tactics undertaken by the leading
market players, such as partnerships and collaborations, mergers &
acquisitions, new product launches, and joint ventures.
Some of the key participants in this industry
include:
Trimble Inc.,
Deere & Company,
AGCO Corporation,
IBM Corporation,
Accenture plc,
Airbus S.A.S.,
AT&T Inc.,
Raven Industries, Inc.,
Topcon Corporation, and
SGS S.A.
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Key Highlights from the Report
In May 2019, IBM announced Watson Decision Platform’s global expansion
for agriculture with Artificial Intelligence technology tailored for specific
regions and new crops in order to meet growing demand for food.
IBM is offering global agriculture solutions which consist of a
combination of predictive technology with data from The Weather Company and IoT
to support farmers across the world obtain greater insights about planting,
plowing, planning, spraying, and harvesting.
Software-as-a-Service (SaaS) segment accounted for largest revenue share
in 2020. Fertilizer distributors are offering software as services that
analyzes field data to help farmers in determining the exact location and
quantity of fertilizers to be applied, which is driving growth of this segment.
Emergen Research has segmented the global Agritech as a Service market
on the basis of service type, technology, application, and region:
Service Type Outlook (Revenue, USD Billion; 2018–2028)
Equipment-as-a-Service (EaaS)
Software-as-a-Service (SaaS)
Technology Outlook (Revenue, USD Billion; 2018–2028)
Guidance Technology
Data Analytics and Intelligence
Variable Rate Application Technology
Sensing Technology
Others
Application Outlook (Revenue, USD Billion; 2018–2028)
Soil Management
Navigation and Positioning
Yield Mapping and Monitoring
Crop Health Management
Others
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Regional Analysis:
The report
further examines the market in the key regions of the world with regard to
production and consumption patterns, import/export, supply and demand ratio,
revenue generation, market share and size, and presence of prominent players in
the regions. The report also covers the expansion plans undertaken by companies
in the regions under the regional analysis section.
Key regions in the market include:
North America
U.S.
Canada
Europe
U.K.
Italy
Germany
France
Rest of EU
Asia Pacific
India
Japan
China
South Korea
Australia
Rest of APAC
Latin America
Chile
Brazil
Argentina
Rest of Latin
America
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
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Valuable
Market Insights:
The report highlights the latest trends observed in the consumption
pattern of each regional segment.
Extensive market segmentation included in the report helps better
understand the revenue and estimated growth of the individual regions.
The report throws light on the historical and current market scenarios
and provides a concise year-on-year growth rate of the global Agritech as a Service market.
The report further entails the current market trends, technological
advancements, revenue growth, and other aspects affecting market growth.
Questions
addressed in the report:
What is the estimated market growth rate throughout the forecast period?
Which end-use industry is expected to witness the highest demand for Agritech
as a Service in the near future?
What is the regulatory framework governing the application of Agritech as
a Service in the food industry?
Which manufacturing processes are utilized for the production of Agritech
as a Service?
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