Agriculture Technology-as-a-Service Market Share, Revenue Growth Demand and Forecast 2020-2025

The upcoming trend of global agriculture technology-as-a-service is not only prevalent in developed countries and developing countries have realized its importance as well. The government of several countries has also realized the need and advantages of this business model, and thus their initiatives to promote this business model is expected to further drive the growth of the agriculture technology-as-a-service market. High growth in the market is expected to be driven by the growing need to adopt agriculture technologies across the industry, conversion of capital expenditure into operational expenditure for customers, and greater 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 the business model. Agriculture is the source of livelihood and sustenance of the economy in several regions of the world.

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In order to generate public awareness about their existing and new products and technologies and compete with the competitors’ service portfolio, key players operating in this market have ramped up their product launch activities over the recent years. This has been the most widely adopted strategy by the players in this market. 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.

The partnerships and collaborations strategy have also been significantly employed for the expansion in the global agriculture technology-as-a-service market. With the increasing growth in the global market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. In October 2018, the Climate Corporation announced its partnership with Ceres Imaging, TerrAvion, and Agribotix to integrate aerial imagery that helped in delivering valuable, high-resolution imagery to farmers through their FieldView digital agricultural platform. Similarly, in February 2018, Raven Industries, Inc. partnered with AgEagle Aerial Systems to expand into the UAS market for agriculture.

Moreover, extensive R&D activities and appropriate regulatory environments are also a prerequisite for the sustained growth of this market. Various government and private research institutes and favorable trade policies are putting in substantial efforts to identify the benefits of these agricultural drone and robot solutions for augmenting global food production. The increase in the adoption of sophisticated smart farming techniques is necessary to bridge the demand and supply gap along with attaining sustainability in production.

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Agriculture technology is revolutionizing the agriculture industry with 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. To ease this economic friction between farmers and agriculture technologies, governments and agriculture companies are coming up with a new innovative business model known as agriculture technology-as-a-service. 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 and subscription models. Acquiring a technology as a service helps the customers in converting their capital expenditure into operational expenditure and gives them higher accessibility despite minimal or no ownership of the product. This model has shown potential for higher adoption of the technology and longer customer retention leading to a recurring revenue model for the manufacturers turned service providers. This model is also expected to be profitable where the agriculture technology price does not meet the break-even price, especially in small-sized farm regions such as Asia and Africa.