Agriculture technology is revolutionizing the agriculture industry with the advancements of smart farming equipment and software. While farmers are eager to adopt these new agriculture technologies to improve their farm yield, high upfront capital investments have become a restraining factor for them. In order to reduce the economical friction between farmers and the agriculture technologies, governments and agriculture companies are coming up with a new innovative business model known as agriculture technology-as-a-service (ATaaS).

Under this transformative business model, customers acquire their desired technology (equipment or software) as a service under affordable pricing models such as pay-per-use (PPU) and subscription model. This business model has showed potential for higher adoption of the technology and longer customer retention leading to a recurring revenue model for the manufacturers turned service providers.

BIS Research, titled, “Global Agriculture Technology-as-a-Service Market – Analysis and Forecast, 2019-2024” meticulously tracks the particular market segmented on the basis of service type, technology, application and region. Compiled in an insightful bunch of 298 pages including 170 figures and 57 market tables, the global agriculture technology-as-a-service market report by BIS Research projects the market to grow at a significant CAGR 21.75% during the forecast period from 2019 to 2024.

The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.

Agriculture Software Maximizes the Growth of Agriculture Technology-as-a-Service

With the introduction of agriculture technology-as-a-service, the agriculture technology companies have adopted the service business model leading to two service types i.e., equipment-as-a-service (EaaS) and software-as-a-service (SaaS). In terms of value, software-as-a-service (SaaS) is expected to dominate the agriculture technology-as-a-service market (by service type) in 2019, owing to the benefits of affordable pricing models, integration, scalability, and accessibility associated with SaaS.

Introduction of machine intelligence and Internet-of-Things (IoT) is expected to improve predictive maintenance and boost growth for EaaS service type.

Sensing Technology is Witnessing Huge Investments in Product Innovation

The agriculture technology-as-a-service market encompasses a wide array of technologies such as data analytics and intelligence, guidance technology, sensing technologies, variable rate application technology, and processing technology. In terms of value, data analytics and intelligence are expected to dominate the agriculture technology-as-a-service market (by technology) in 2019.

Guidance technology is one of the most mature agriculture technologies that has a wide adoption rate specifically across the growers of North America, Europe, and Oceania. However, the maximum investments in product innovation are being made for sensing technologies. Core components of sensing technologies include remote sensing, aerial imagery, and soil sensing.

Agriculture Technology to Play Pivotal Role in Soil Management in the Next Five Years

Agriculture technologies are offered as a service for a host of agriculture applications which cover the entire farming cycle including data management, soil management, yield mapping, and monitoring, spraying, harvesting, and planting, among others.

Management of data using software solutions provides increased accuracy, productivity, and reduced manual data feeding. Deployment of agriculture technologies for soil management improves the yield, enables autonomous and data driven process, improves the soil health, and increases reliability of soil-based operations. To complement data management, yield monitoring and mapping are carried out. These processes include collection of geo-reference data to help reduce potential threats of crop loss and provide a boost to viable economic opportunities.

North America Leads the Global Agriculture Technology-as-a-Service Market, Regionally Currently

The global agriculture technology-as-a-service market holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC) and Rest-of-the-World (RoW). The report also provides a country-based analysis for all the leading countries in every region.

North America is expected to generate the highest revenue of $406.9 million in 2019 attributed 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.

The competitive landscape for the 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. 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 agriculture technology-as-a-service market.

BIS Research, having an expertise in providing market intelligence in the agriculture and food technology domain, has also worked upon other titles that are related to this report, such as follows:

• Global Smart Farming Market
• Global Precision Agriculture Market
• Global IoT In Agriculture Market
• Global Blockchain In Agriculture And Food Market
• Global Powered Agriculture Equipment Market
• Global LED Grow Lights Market
• Global Indoor Farming Technology Market
• Global Agriculture Drones And Robots Market
• Global NGS In Agrigenomics Market