Rising need to increase global food production owing to rapidly increasing global population is a key factor driving market growth
VANCOUVER, BC, CANADA, January 8, 2022 /EINPresswire.com/ — Steady market revenue growth can be attributed to rising need to increase global food production owing to rapid growth in global population.
Agriculture Technology 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.
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.
Limited availability of natural resources such as arable land and freshwater across the world is boosting popularity of precision farming. Moreover, rising cost of labor owing to decline in agricultural workforce is another key factor driving demand for precision farming.
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Growing interest towards precision farming in developing countries is also driving demand for services related to agriculture technology. Precision farming includes yield monitoring, field mapping, crop scouting, weather tracking & forecasting, irrigation management, inventory management, and farm labor management.
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 agriculture technology as a service market.
The latest report is a paradigmatic work of the global market assessment and provides information on the key market growth trends and opportunities. Such aspects of the report further enable the readers to formulate effective business expansion strategies.
Moreover, the report highlights the robust growth trajectory of the global Agriculture Technology as a Service market, shedding light on significant market development. At the same time, the document offers detailed insights into the pertinent industries, business organizations, and various local and international manufacturers and vendors.
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Key takeaways of the Global Agriculture Technology as a Service Market 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.
Variable rate application technology segment revenue is expected to expand at a rapid CAGR during the forecast period. Rising need to reduce excess use of chemicals and fertilizers to minimize environmental degradation is driving demand for variable rate application technology.
Yield mapping and monitoring segment accounted for a significantly high revenue share in the Agriculture Technology as a Service market in 2020. The need for detecting problems such as crop diseases or pests are increasing deployment of sensors, which deliver imagery from remote corners of the field to help farmers in obtaining early warnings of pests or diseases.
North America accounted for largest revenue share contribution to the global Agriculture Technology as a Service market in 2020. Increasing adoption of precision farming technologies is expected to further drive growth of agriculture technology as a service market in the region.
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Competitive Landscape of the Global Agriculture Technology as a Service Market:
The global Agriculture Technology as a Service market conducts a precise examination of the functioning mechanisms of the leading industry participants in the global market. It has been observed that these industry players deploy a wide array of business growth strategies, which enable them to account for significant shares of the global market.
Key players in the market 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.
A detailed study of the company profiles of these market players is an additional aspect of the global Agriculture Technology as a Service market report that helps readers gain meaningful insights into the emerging growth prospects of this particular business sphere.
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Emergen Research has segmented the global Agriculture Technology as a Service market on the basis of service type, technology, application, and region:
Service Type Outlook (Revenue, USD Billion; 2018–2028)
Technology Outlook (Revenue, USD Billion; 2018–2028)
Data Analytics and Intelligence
Variable Rate Application Technology
Application Outlook (Revenue, USD Billion; 2018–2028)
Navigation and Positioning
Yield Mapping and Monitoring
Crop Health Management
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Why Choose Emergen Research?
Strong Industry Focus
Extensive Product Offerings
Customer Research Services
Robust Research Methodology
Latest Technological Developments
Value Chain Analysis
Potential Market Opportunities
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