Global Agriculture Technology-as-a-Service Market to Reach $3,031.1 Million by 2026

Agriculture Technology-as-a-Service

Agriculture technology-as-a-service is a business model that allows the customers to procure their desired agriculture technology (equipment or software) as a service under different affordable pricing models rather than acquiring them as a one-time purchase.Two of the most popular pricing models under agriculture technology-as-a-service include the pay-per-use (PPU) and subscription models.

Agriculture technology-as-a-service business models provide the growers with certain features such as easy scalability and upgradation, convenient accessibility, quick deployment, and reliable data backups.

Agriculture Technology-as-a-Service Industry Overview

The global agriculture technology-as-a-service market is expected to reach $3,031.1 million by 2026, with a CAGR of 24.42% during the forecast period 2021-2026. The growth rate in the market is because of the increased push by governing bodies toward agricultural automation and digitization.

Impact of COVID-19

The supply chain for the majority of the industries across the globe got impacted due to the COVID-19 pandemic, including the agriculture technology-as-a-service industry.During the COVID-19 outbreak, the supply chain of the agriculture industry was disrupted.

During the COVID-19 pandemic, agricultural production was hindered for farmers, which led to a decrease in their revenue generation. This has left the farmers in no position to invest in modern agricultural equipment.

Market Segmentation

Agriculture Technology-as-a-Service Market by Service Type

The global agriculture technology-as-a-service market in the service type product segment is expected to be dominated by software-as-a-service. The high market share and growth potential associated with software-as-a-service technologies in the agriculture industry is expected to drive the global agriculture technology-as-a-service market.

Agriculture Technology-as-a-Service Market by Technology

The global agriculture technology-as-a-service market in the technology product segment is expected to be dominated by data analytics and intelligence solutions. Data analytic solutions have the ability to increase agricultural production and are expected to drive the agriculture technology-as-a-service market.

Agriculture Technology-as-a-Service Market by Application

The global agriculture technology-as-a-service market in the application segment is expected to be dominated by yield monitoring and mapping. The high market share and growth potential associated with yield mapping and mapping is expected to drive the global agriculture technology-as-a-service market.

Agriculture Technology-as-a-Service Market by Region

North America is expected to generate the highest revenue in 2020.The large market share of the region has been 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 North America market for agriculture technology-as-a-service is expected to witness a moderate growth as of CAGR 21.93% in the forecast period.