AI in Agriculture Market: Rising Demand for Autonomous Equipment to Drive the Demand

FREMONT, Calif. - Aug. 2, 2021 - PRLog -- zAgriculture 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 economical 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 model.

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The concerns and pressure on the agriculture industry factored by the increasing demand for global food production prompt the farmers to enhance farm profitability despite slowing yield trends in several staple crops. As advancements in technologies across end-user industries lead to an efficient world, agriculture industry too is gradually incorporating smart technologies on farms for profitable farming. The introduction of information and communication technologies and advancements therein in since the past decade, the agriculture industry has witnessed a revolution. Professionals and experts of the industry across the world are comparing this revolution with the revolution in the previous century when new farm equipment and machinery, pesticides, fertilizers, and high-yield crop breeds led to a dynamic growth in the crop production around the globe.

As agriculture becomes a lucrative high-technology industry, professionals with new-age skill sets, companies, and investing bodies are being drawn in rapidly.  The development in smart agriculture technologies has led to not only advancements in production capabilities of farmers it has also introduced transformative business models in the industry.

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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. Deere and Co., Trimble Inc., AGCO Corporation, 365FarmNet, Agrivi, PrecisionHawk., Accenture plc, SGS SA, Intertek plc, Small Robot Company, Ceres Imaging Inc., Naio Technologies, and Airbus S.A.S among others, are some of the prominent players in the agriculture technology-as-a-service market. The market is highly fragmented with the presence of a large number of small- to medium-sized companies that compete with each other and the large enterprises.