Europe Agriculture Technology As A Service Market: Growth Prospects 2024-2032

Europe Agriculture Technology As A Service Market: Growth Prospects 2024-2032

According to Triton’s analysis, the Europe agriculture technology as a service market is projected to rise at a CAGR of 15.89% in revenue over the forecast years 2024-2032.

As per Eurostat, the agricultural industry in the European countries gained around €225.6 billion in 2023, contributing to 1.3 % of the EU’s GDP. These countries are dedicated to helping farmers achieve higher food production efficiency with fewer resources. A notable initiative is the Horizon Europe program, which has driven research and innovation efforts toward creating healthier, more sustainable, and inclusive food systems. Furthermore, the EU embraced agricultural technology to boost profitability, fostering a tech-focused culture. Consequently, with government support and increased knowledge, the demand for agricultural technology as a service is expected to surge in this region.

The countries explored in this region include the United Kingdom, Germany, France, Spain, Italy, Rest of Europe.

Germany secures a major market share with revenue of approximately $106.32 million in 2023.

Germany is a leader in digital technology, especially in precision agriculture and smart farming, utilizing about 51% of its land area for agriculture. The country’s GDP from agriculture increased from $9.17 billion in Q1 2022 to $12.15 billion in Q2 2022, as per the Federal Statistical Office.

The main technological applications used for agriculture include apps and Farm Management Information Systems (FMIS), autonomously operating harvesting robots and machines, tractor GPS, etc.

Thus, the future of agriculture technology as a service in Germany has a promising uptrend due to a supportive ecosystem and the development of smart farming businesses.

Agriculture Technology as a Service Market Forecast for the United Kingdom

As per the UK government, up to £30 million has been awarded to innovative farming projects aimed at boosting food production, achieving net zero emission targets, and enhancing agricultural sustainability. These projects include genetics research to cut methane emissions, drone and AI monitoring of animals, and the development of biopesticides. The funding is part of the Farming Innovation Programme, operated in collaboration with UK Research & Innovation (UKRI) and administered by Innovate UK. Consequently, the agriculture technology as a service market is expanding as more farmers integrate internet-based technologies, such as smartphones, into their daily operations.

The agriculture technology as a service market is segmented based on application, technology, and type. The application segment comprises soil management, crop health management, navigation and positioning, yield mapping and monitoring, and other applications. Yield monitoring and mapping involve collecting geo-referenced data and related information about crop yields to help users mitigate potential threats and enhance economic opportunities. This precision farming service generates a yield map that illustrates spatial variability, aiding producers in making informed management decisions.

Contender Analysis in the Agriculture Technology as a Service Market:

CLAAS KGaA mbH is a manufacturer of agricultural engineering equipment particularly, of combine harvesters and self-propelled forage harvesters. The group is known for its business in agricultural engineering with agricultural balers, tractors, and green harvesting machinery. CLAAS also offers spare parts, tedders and swathes, accessory components, packaging material, camera systems, lubricants, coolants, terminals, disc mowers, steering systems, batteries, and drum mowers. It operates in Europe, Asia, and the Americas with its headquarters located in Harsewinkel, Germany.

As per its press release in June 2024, the company incorporated 4 new VOLTO models to the top end of the tedder products with 3.0 and 15.10 m working widths. It features the TS version with a self-steering chassis, which is soil-friendly and can operate on uneven ground.

Other contenders in the studied market are Raven Industries Inc, Agco Corporation, CLAAS KGaA mbH, Deere and Company, Fujitsu, Microsoft Corporation, Trimble Inc, Hexagon AB, IBM Corporation, and Topcon Corporation.