Agriculture Technology as a Service Market Size to Reach US$ 4.67 Billion by 2028

According to the latest report by IMARC Group, titled, "Agriculture Technology as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The study provides a detailed analysis of the industry, including the global agriculture technology as a service market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the agriculture technology as a service market?

The global agriculture technology as a service market size reached US$ 1.62 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.67 Billion by 2028, exhibiting a growth rate (CAGR) of 18.9% during 2023-2028.

What is agriculture technology as a service?

Agriculture technology as a service (Agri-TaaS) refers to a business model where agricultural technologies and services are provided to farmers and agricultural businesses on a subscription or pay-per-use basis. It encompasses the use of advanced digital tools, data analytics, and specialized equipment to optimize farming operations and enhance productivity while minimizing costs and risks. It also offers several services and solutions customized to meet the specific needs of farmers that include precision agriculture technologies, such as satellite imagery, drones, sensors, and data analytics, which enable farmers to track crop health, soil moisture levels, and weather patterns in real-time by using these technologies, farmers can make data-driven decisions related to irrigation, fertilization, and pest management, leading to improved yields and resource efficiency. Additionally, agri-taaS providers may offer equipment-sharing platforms, allowing farmers to access machinery and equipment on demand. This shared economy approach reduces the financial burden on farmers, especially small-scale ones, and increases their access to modern equipment, which can significantly impact their productivity. It employs agronomists and experts who provide personalized guidance and recommendations to farmers based on data analysis and industry best practices and assists in crop planning, disease management, and farm optimization, empowering farmers to make informed decisions and achieve better outcomes. As a result, agri-TaaS has the potential to revolutionize agriculture by democratizing access to technology, knowledge, and resources and allowing farmers to use advanced tools and expertise which promote sustainability, efficiency, and scalability in agriculture across the globe.

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What are the growth prospects and trends in the agriculture technology as a service industry?

The market is primarily driven by the expanding agricultural industry. In addition, rapid urbanization, the growing population, and the emergence of agriculture technology as a service (AgTaaS) are contributing to market growth. Also, AgTaaS refers to the provision of advanced agricultural technologies and solutions as a service, offering farmers and agricultural businesses access to advanced tools and expertise without the need for large upfront investments that are gaining traction, revolutionizing traditional farming practices and enabling farmers to optimize their operations and enhance productivity. Moreover, the widespread adoption of AgTaaS due to the growing demand for agricultural automation and robotics represents another major growth-inducing factor. Along with this, AgTaaS providers offer farmers access to autonomous machinery, drones, and robotic systems that can perform tasks such as planting, harvesting, and crop monitoring with precision and efficiency that improves operational efficiency, reduces labor requirements, and allow farmers to allocate their workforce to more value-added activities propelling the market growth. Besides this, the growing environmental awareness and the rising need for sustainable and efficient farming practices with AgTaaS offer farmers access to precision agriculture technologies, including remote sensing, data analytics, and smart irrigation systems, allowing them to make informed decisions based on real-time data accelerating the market growth. It also optimizes resource allocation, reduces water and fertilizer usage, and improves crop management that helps farmers achieve higher yields, conserve natural resources, and reduce the ecological footprint of farming, influencing market growth. Furthermore, the integration of artificial intelligence (AI) and machine learning (ML) technologies enables the analysis of vast amounts of agricultural data, including weather patterns, soil conditions, and crop health, to generate actionable insights and predictive models, creating a positive market outlook.

What is included in market segmentation?

The report has segmented the market into the following categories:

Service Type Insights:
Software-as-a-Service (SaaS)
Equipment-as-a-Service (EaaS)

Technology Insights:
Guidance Technology
Data Analytics and Intelligence
Variable Rate Application Technology
Sensing Technology
Others

Pricing Insights:
Pay-Per-Use
Subscription

Application Insights:
Yield Mapping and Monitoring
Soil Management and Testing
Crop Health Monitoring
Irrigation
Others

Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

AGCO Corporation
Agrivi Ltd.
CLAAS KGaA mbH
CropIn Technology Solutions Pvt. Ltd.
Deere & Company
Hexagon AB
Naïo Technologies
Raven Industries Inc. (CNH Industrial N.V.)
SZ DJI Technology Co. Ltd. (iFlight Technology Company Limited)
Topcon Corporation
Trimble Inc., etc.

Browse full report with TOC & List of Figure: https://www.imarcgroup.com/agriculture-technology-as-a-service-market

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