Latin America Agriculture Technology As A Service Market: Growth Prospects 2024-2032
Triton’s research report predicts that the Latin America agriculture technology as a service market is expected to garner revenue at a CAGR of 14.88% during the forecast years 2024-2032.
Latin America is a powerhouse in agricultural exports, contributing significantly to the global supply of soybeans, coffee, and fruits. This sector is a critical component of the region’s economy, contributing approximately 5-10% to the GDP of various countries, reflecting its importance in driving economic growth and providing livelihoods for millions. Notably, the scope of smart agriculture in the region is vast, with nations like Brazil, Argentina, and Chile leading the way. Hence, the agricultural technology as a service market in this region is undergoing a significant transformation driven by the integration of digital tools to boost productivity and sustainability.
Brazil captures the highest share in the copper busbar market, obtaining about $23.21 million in 2023.
- As per ITA, Brazilian agribusiness accounts for 25% of the country’s GDP, employs nearly 20% of the nation’s workforce, and contributes to 48% of Brazil’s exports.
- The rapid adoption of digital farming methods, supported by agriculture consulting firms, advisory and maintenance services, and government funding, presents significant market growth opportunities for emerging technologies like sensing technologies, variable rate application technologies, and agricultural robots.
- The strength in Brazil’s agricultural sector highlights a growing demand for high-technology and advanced agricultural services.
Agriculture Technology as a Service Market Forecast for Mexico
ITA stated that Mexico, being the second-largest market for US agricultural exports, gained $28.4 billion worth of agricultural and related products in 2022. It is also the 11th-largest agriculture producer in the world and is constantly expanding due to strong consumer demand and a growing middle class. Around 70% of the country’s agriculture relies on manual labor with basic tools, while only 1.5 million acres of arable land utilize irrigation technologies. As agribusinesses are expanding their capacity to meet the growing domestic demand in the country, there is a growing need for modern agricultural machinery, such as commercial mowers and dairy farm equipment.
The agriculture technology as a service market is segmented based on type, application, and technology. The technology segment is further branched into data analytics & intelligence, variable rate application technology, guidance technology, sensing technology, and other technologies. Growers and traders are adopting advanced equipment and new agriculture tools, such as data analytics and smart farming technologies, for supply tracking, yield enhancement, and predictive modeling. This segment gained prominence primarily due to their availability as SaaS and the rise in cloud service adoption.
Contender Analysis in the Agriculture Technology as a Service Market:
Raven Industries Inc is a diversified technology firm that provides race control modules, flow meters and valves, radar sensors, direct injection, driverless and driver assist ag solutions, driverless tillage solutions, SSC control consoles, lightbar systems, guidance and assisted steering systems, etc. The company has a business presence in Brazil, Canada, Switzerland, the Netherlands, Belgium, Australia, and the US. Raven is headquartered in Sioux Falls, South Dakota, the US.
In April 2024, the company showcased its latest agricultural technology innovations and proven solutions at ‘Agrishow 2024’. Among the highlights were the Raven CRx Guidance Kit and the Augmenta Field Analyzer, which offer user-friendly automation services to enhance farmers’ productivity and profitability.
The key entities in the reviewed market are Raven Industries Inc, Fujitsu, Hexagon AB, IBM Corporation, Microsoft Corporation, Trimble Inc, Agco Corporation, CLAAS KGaA mbH, Topcon Corporation, and Deere and Company.
- 1. Latin America Agriculture Technology As A Service Market - Summary
- 2. Industry Outlook
- 2.1. Impact Analysis On Agriculture Technology As A Service Market
- 2.1.1. Covid-19 Impact On Agriculture Technology As A Service Market
- 2.2. Porter’s Five Forces Analysis
- 2.2.1. Threat Of New Entrants
- 2.2.2. Threat Of Substitutes
- 2.2.3. Bargaining Power Of Buyers
- 2.2.4. Bargaining Power Of Suppliers
- 2.2.5. Threat Of Competitive Rivalry
- 2.3. Key Buying Impact Analysis
- 2.3.1. Data Analysis
- 2.3.2. Connectivity
- 2.3.3. Data Security
- 2.3.4. Data Collection Frequency
- 2.4. Market Attractiveness Index
- 2.5. Key Market Strategies
- 2.5.1. Collaborations
- 2.5.2. Product Launches
- 2.5.3. Investments & Expansions
- 2.6. Market Drivers
- 2.6.1. Necessity Of Precision Agriculture From An Economic Standpoint
- 2.6.2. Minimal Capital Investment For Operating Services
- 2.6.3. Surging Technological Innovations And Advancements In Agriculture
- 2.7. Market Challenges
- 2.7.1. Inadequate Technical Expertise Among Farmers
- 2.7.2. Lack Of Connectivity Affecting Technological Services
- 2.8. Market Opportunities
- 2.8.1. Increasing Demand For Food With The Rising Population
- 2.8.2. Integration Of Internet Of Things (Iot) And Sensor Technologies In Agriculture
- 2.8.3. Growing Concerns About Climate Change And Its Impact On Agriculture
- 2.9. Analyst Perspective
- 3. Latin America Agriculture Technology As A Service Market – By Technology
- 3.1. Data Analytics & Intelligence
- 3.2. Guidance Technology
- 3.3. Sensing Technology
- 3.4. Variable Rate Application Technology
- 3.5. Other Technologies
- 4. Latin America Agriculture Technology As A Service Market – By Type
- 4.1. Software As A Service (Saas)
- 4.2. Equipment As A Service (Eaas)
- 5. Latin America Agriculture Technology As A Service Market – By Application
- 5.1. Yield Mapping And Monitoring
- 5.2. Soil Management
- 5.3. Crop Health Management
- 5.4. Navigation And Positioning
- 5.5. Other Applications
- 6. Latin America Agriculture Technology As A Service Market – By Country Outlook
- 6.1. Latin America
- 6.1.1. Country Analysis
- 6.1.1.1. Brazil
- 6.1.1.1.1. Brazil Agriculture Technology As A Service Market Forecast & Prospects
- 6.1.1.2. Mexico
- 6.1.1.2.1. Mexico Agriculture Technology As A Service Market Forecast & Prospects
- 6.1.1.3. Rest Of Latin America
- 6.1.1.3.1. Rest Of Latin America Agriculture Technology As A Service Market Forecast & Prospects
- 7. Competitive Landscape
- 7.1. Agco Corporation
- 7.1.1. Overview
- 7.1.2. Product Portfolio
- 7.1.3. Key Strength
- 7.1.4. Key Challenge
- 7.2. Deere And Company
- 7.2.1. Overview
- 7.2.2. Product Portfolio
- 7.2.3. Key Strength
- 7.2.4. Key Challenge
- 7.3. Trimble Inc
- 7.3.1. Overview
- 7.3.2. Product Portfolio
- 7.3.3. Key Strengths
- 7.3.4. Key Challenges
- 7.4. Raven Industries Incs
- 7.4.1. Overview
- 7.4.2. Product Portfolio
- 7.4.3. Key Strength
- 7.4.4. Key Challenge
- 7.5. Fujitsu
- 7.5.1. Overview
- 7.5.2. Product Portfolio
- 7.5.3. Key Strength
- 7.5.4. Key Challenges
- 7.6. Topcon Corporation
- 7.6.1. Overview
- 7.6.2. Product Portfolio
- 7.6.3. Key Strength
- 7.6.4. Key Challenge
- 7.7. Claas Kgaa Mbh
- 7.7.1. Overview
- 7.7.2. Product Portfolio
- 7.7.3. Key Strength
- 7.7.4. Key Challenges
- 7.8. Hexagon Ab
- 7.8.1. Overview
- 7.8.2. Product Portfolio
- 7.8.3. Key Strength
- 7.8.4. Key Challenge
- 7.9. Ibm Corporation
- 7.9.1. Overview
- 7.9.2. Product Portfolio
- 7.9.3. Key Strengths
- 7.9.4. Key Challenge
- 7.10. Microsoft Corporation
- 7.10.1. Overview
- 7.10.2. Product Portfolio
- 7.10.3. Key Strength
- 7.10.4. Key Challenge
- 8. Research Methodology & Scope
- 8.1. Research Scope & Deliverables
- 8.2. Sources Of Data
- 8.3. Research Methodology
- Tables List
- Table 1: Latin America Agriculture Technology As A Service Market, By Country Outlook, 2024-2032 (In $ Million)
- Table 2: List Of Collaborations
- Table 3: List Of Product Launches
- Table 4: List Of Investments & Expansions
- Table 5: Latin America Agriculture Technology As A Service Market, By Technology, 2024-2032 (In $ Million)
- Table 6: Latin America Agriculture Technology As A Service Market, By Type, 2024-2032 (In $ Million)
- Table 7: Latin America Agriculture Technology As A Service Market, By Application, 2024-2032 (In $ Million)
- Table 8: Latin America Agriculture Technology As A Service Market, By Country Outlook, 2024-2032 (In $ Million)
- Figures List
- Figure 1: Porter’s Five Forces Analysis
- Figure 2: Key Buying Impact Analysis
- Figure 3: Market Attractiveness Index
- Figure 4: Latin America Agriculture Technology As A Service Market, By Technology, 2023 & 2032 (In %)
- Figure 5: Latin America Agriculture Technology As A Service Market, By Data Analytics & Intelligence, 2024-2032 (In $ Million)
- Figure 6: Latin America Agriculture Technology As A Service Market, By Guidance Technology, 2024-2032 (In $ Million)
- Figure 7: Latin America Agriculture Technology As A Service Market, By Sensing Technology, 2024-2032 (In $ Million)
- Figure 8: Latin America Agriculture Technology As A Service Market, By Variable Rate Application Technology, 2024-2032 (In $ Million)
- Figure 9: Latin America Agriculture Technology As A Service Market, By Other Technologies, 2024-2032 (In $ Million)
- Figure 10: Latin America Agriculture Technology As A Service Market, By Type, 2023 & 2032 (In %)
- Figure 11: Latin America Agriculture Technology As A Service Market, By Software As A Service (Saas), 2024-2032 (In $ Million)
- Figure 12: Latin America Agriculture Technology As A Service Market, By Equipment As A Service (Eaas), 2024-2032 (In $ Million)
- Figure 13: Latin America Agriculture Technology As A Service Market, By Application, 2023 & 2032 (In %)
- Figure 14: Latin America Agriculture Technology As A Service Market, By Yield Mapping And Monitoring, 2024-2032 (In $ Million)
- Figure 15: Latin America Agriculture Technology As A Service Market, By Soil Management, 2024-2032 (In $ Million)
- Figure 16: Latin America Agriculture Technology As A Service Market, By Crop Health Management, 2024-2032 (In $ Million)
- Figure 17: Latin America Agriculture Technology As A Service Market, By Navigation And Positioning, 2024-2032 (In $ Million)
- Figure 18: Latin America Agriculture Technology As A Service Market, By Other Applications, 2024-2032 (In $ Million)
- Figure 19: Latin America Agriculture Technology As A Service Market, By Country Outlook, 2023 & 2032 (In %)
- Figure 20: Brazil Agriculture Technology As A Service Market 2024-2032 (In $ Million)
- Figure 21: Mexico Agriculture Technology As A Service Market 2024-2032 (In $ Million)
- Figure 22: Rest Of Latin America Agriculture Technology As A Service Market 2024-2032 (In $ Million)
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