Agriculture Technology-as-a-Service Market Size Global Growth Analysis From 2020

Posted by BIS RSRCH on January 14th, 2022

Agriculture technology companies comprise a combination of equipment manufacturers and software providers in the industry. With the introduction of agriculture technology-as-a-service, these companies have respectively adopted the service business model completely or partially, leading to two service types, i.e., equipment-as-a-service (EaaS) and software-as-a-service (SaaS).

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The benefits of affordable pricing models, integration, scalability, and accessibility associated with SaaS are the major reasons behind the reported growth of this service type. Equipment-as-a-service (EaaS) has not been adopted as widely as SaaS since the existing systems and equipment have not been able to precisely predict the equipment failures leading to frequent customer dissatisfaction. The introduction of machine intelligence and Internet-of-Things (IoTs) is expected to improve predictive maintenance and boost growth for EaaS service types.

The global 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. These technologies are considered component-level technologies, which are put together in different combinations by existing players to offer advanced solutions such as robots and drones.

The high market share and growth potential associated with data analytics and intelligence as an agriculture technology-as-a-service technology is attributed to the growing requirement of data management in agriculture, especially since the introduction of sensing technology in the industry. Amongst other technologies, guidance technology is one of the most mature agriculture technologies that have a wide adoption rate, specifically across the growers of North America, Europe, and Oceania. Sensing technology plays a pivotal role in enabling the entire agriculture technology ecosystem. The presence of sensing technologies helps other agriculture technologies function as it feeds those technologies with data. Portable equipment also helps the service providers in offering it as a service. While guidance technology has experienced market maturity, the highest investments in product innovation are happening for sensing technologies. Technologies including remote sensing, aerial imagery, and soil sensing are some of the core components of sensing technologies upon which the reported growth for this segment is attributed.

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Agriculture technologies are offered as a service for a host of agriculture applications that covers the entire farming cycle, including data management, soil management, yield mapping, and monitoring, spraying, harvesting, and planting, among others. The adoption of agriculture technologies across the globe has resulted in the rapid accumulation of a large amount of agricultural data on-farm operations and fields. Management of data using software solutions provides increased accuracy, productivity, and reduced manual data feeding. Moreover, several software solutions are integrated with the hardware or equipment, which enable the visualization of data such as yield, moisture, and nutrient, as gathered by a sensor, drone, or satellite. The majority of data management software solutions are offered through a software-as-a-service (SaaS) model.

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