FREMONT, California, Aug. 27, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled 'Global Agriculture Technology-as-a-Service Market − Analysis and Forecast, 2018-2024', the agriculture technology-as-a-service (ATaaS) market is expected to generate $931.8 million revenue in 2019 and reach $2.49 billion by 2024. The market is projected to witness a CAGR of 21.75%, during the forecast period from 2019 to 2024.
The market growth is largely attributed to the growing need to adopt agriculture technologies across the industry, conversion of capital expenditure into operational expenditure for customers, and great customer retention for service providers. The added benefits of lower costs, scalability, integration, and accessibility associated with ATaaS are also expected to be responsible for the reported growth of this business model.
The report contains 57 market data tables and 170 figures spread across 298 pages and in-depth ToC on "Global Agriculture Technology-as-a-Service Market".
The agriculture industry is experiencing growth of smart technologies into the farming cycle led by the rising need for increase in global food production. As advancement in the practice of precision agriculture drives the growth of agriculture technology equipment, several challenges associated also restrict the adoption.
One of the major restraining factors associated with the adoption is the requirement of large capital investments for its acquisition and operation. Most of the farming communities across countries do not have a strong financial background that can allow them to invest heavily in capital formation.
Since prices for technologically advanced farm machinery are comparatively higher than those of conventional farm equipment, there is a huge gap between the markets behind forces of demand and supply. Moreover, due to seasonality of the farming occupation, the farmer becomes more apprehensive of purchasing the agriculture technology equipment with upfront costs.
BIS Research Report: https://bisresearch.com/industry-report/agriculture-technology-service-market.html
Thus, this factor adds market pressure to all stakeholders of the agriculture technology industry, pushing them to consider and incorporate other payment and business models for the incorporation of these technologies in today's subscription economy. Accumulation of all these market conditions has led to the introduction of a new business model, popularly termed in the industry as Agriculture Technology-as-a-Service (ATaaS).
As suggestive of the name, this business model allows the customers to procure their desired agriculture technologies as services under different affordable pricing models rather than acquiring them as a one-time purchase. Two of the most popular pricing models under ATaaS includes pay-per-use (PPU) and subscription model. Apart from affordable pricing, ATaaS business models provide the growers with a few other set of advantages such as easy scalability and upgradation, convenient accessibility, quick deployment, and reliable data backups.
According to Rakhi Tanwar, Principal Analyst at BIS Research, "By relieving the customers of ownership of agriculture technologies through the service model, the entire responsibility of ownership of assets relies on the service providers, leading to a higher cost of operations for them. Despite these additional costs, by adopting the agriculture technology-as-a-service model, service providers are expected to experience better customer retention and recurring revenue, owing to the direct contact with their customers for constant feedback."
Some of the most prominent players in the agriculture technology-as-a-service market are Trimble Inc., Deere & Company, AGCO Corporation, CNH Industrial N.V., Accenture plc, Airbus S.A.S., AT&T Inc., Raven Industries, Topcon Corporation, SGS S.A., Intertek plc, Taranis, PrecisionHawk, Naio Technologies, IBM Corporation, and Microsoft Corporation.
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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. The major established players in the market are focusing on product launches and developments to introduce new technologies or developing further on the existing product portfolio.
For instance, in April 2019, Trimble announced the launch of Farmer Core, which is a Trimble Ag software subscription that connects all farm operations. Similarly, in November 2018, Ag Leader introduced new guidance and steering solutions that included a dual-antenna automated steering system.
This report is a meticulous compilation of research on more than 100 players in the agriculture technology-as-a-service ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 30+ leading companies across the supply chain.
Key questions answered in the report:
- What is the expected global agriculture technology-as-a-service market size in terms of value through the forecast period from 2019 to 2024?
- What are the different pricing models available in the global agriculture technology-as-a-service market?
- How is the adoption scenario, related opportunities, and challenges associated with agriculture technology-as-a-service?
- What is the expected future scenario and revenue to be generated by
- different types of service – software-as-a-service (SaaS) and equipment-as-a-service (EaaS)?
- different types of agriculture technologies offered as service including data analytics and intelligence, guidance technology, sensing technology, and variable rate application technology, among others?
- different applications for which agriculture technologies are offered as service including yield mapping and monitoring, soil management, crop health management, and navigation and positioning, among others?
- different regions and countries in the agriculture technology-as-a-service market − North America, Europe, Asia-Pacific, and Rest-of-the-World?
- What is the competitive strength of the key players in the agriculture technology-as-a-service market on the basis of the analysis of their recent developments, product offerings, and regional presence?
- What is the SWOT analysis for leading companies in the agriculture technology-as-a-service market?
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends, which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the 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.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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