The market is expected to increase at CAGR of 16.43% during the forecast period 2022-2027
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Agriculture Technology-as-a-Service Market – A Global and Regional Analysis.
According to this study, the global agriculture technology-as-a-service market was valued at $1.6 billion in 2022 and is projected to reach $3.43 billion by 2027.
The following factors are responsible for the increase in demand for agriculture technology-as-a-service:
- Decreasing agriculture workforce
- Increasing area under permanent crops
- Increased yield
- Low capital investment for customers
The detailed study is a compilation of 157 market data tables and 31 figures spread through 265 pages.
Check out the detailed table of content here:
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Analyst’s Take on the Market Projection
According to Debraj Chakraborty, Principal Analyst, BIS Research, “The agriculture technology-as-a-service (ATaaS) market is rapidly expanding due to a growing emphasis on food security and the need to enhance current agricultural production systems. The market is fueled by the adoption of precision agriculture and a rising demand for affordable farming solutions. ATaaS provides several benefits, such as reduced capital investment, upgradability, and higher yields, making it a preferred option for small-scale farmers.”
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Major Existing Industry Leaders in the Global Agriculture Technology-as-a-Service Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- AGRIVI
- IBM Corporation
- Hexagon Agriculture
- Microsoft Corporation
- Topcon
- 365FarmNet GmbH
- PrecisionHawk
- Trimble Inc.
- Deere & Company
- DJI
- KUBOTA Corporation
- Small Robot Company
- Naïo Technologies
- SGS SA
- TeeJet Technologies
Recent Developments in the Global Agriculture Technology-as-a-Service Market
- In November 2022, a new generation of monitoring robots called Tom v4 was launched by Small Robot Company. The commercialization of this product to both farmers and corporations is a major milestone. With a ground sample distance of 0.28mm per pixel, Tom v4 is one of the highest-resolution crop-scanning technologies.
- In October 2021, Kubota and Topcon signed a collaborative research agreement in smart agriculture. The companies will work together to innovate for future commercialization through collaborative research in smart agriculture, bringing together the technologies and know-how developed by each company.
- In October 2021, Naïo Technologies announced plans to expand internationally in the agricultural robotics market. With the aim of consolidating its worldwide growth and launching a new robot-as-a-service (RaaS) model, the company is moving beyond its technology innovation context.
- In August 2021, Deere & Company acquired Bear Flag Robotics, an agriculture technology startup based in Silicon Valley. Bear Flag’s technology enables a machine to perform autonomously. Bear Flag’s technology complements Deere’s technology initiatives and goals to help farmers achieve the best possible outcomes and solve meaningful challenges through advanced technology, including autonomy.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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