Farming As A Service Market Size Blossoms As Agriculture Embraces Digital Transformation For Sustainable Crop Management

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Farming as a Service market Report

Farming as a Service market is propelled by need for data-driven, sustainable agriculture, precision farming technology adoption & improved resource management.

PORTLAND, OREGON, UNITED STATES, October 26, 2023 /EINPresswire / -- The farming as a service market was valued at $2.9 billion in 2021, and is estimated to reach $12.8 billion by 2031, growing at a CAGR of 16.1% from 2022 to 2031.

Farming as a Service (FaaS) enables farmers to purchase services on a pay-per-use or subscription basis that provide cutting-edge, qualified, and user-friendly solutions for agriculture. FaaS provides farmers with easy accessibility in crop production, on-time availability of labor, equipment rental for the desired time, and utility services like irrigation facilities & power supply.

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The increasing popularity of the Internet of Things (IoT) in the agricultural sector is driving the agriculture as a service market growth. Farmers are benefiting from the growing use of Internet of Things (IoT) technologies in agriculture with real-time assistance through IoT applications. In addition, IoT technology is widely used in the agricultural sector, enabling farmers to respond to extreme changes in air productivity, humidity, and climate.

In addition, applied advanced technology to agricultural products to reduce energy consumption and affordability. Therefore, these factors promote the growth of agriculture as a service market size. However, the need for a constant internet connection hinders the growth of agriculture as a service market. On the contrary, the increasing number of agricultural start-ups offers a large profitable opportunity for the growth of the agriculture as a service market.

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Furthermore, major market players are undertaking various strategies to increase the competition and offer enhanced services to their customers. For instance, in September 2022, Ninjacart, an Indian Agri-Tech startup backed by Walmart and Tiger Global, has expanded into the United Arab Emirates and Gulf Corporation Council (GCC) countries by launching the Ninja Global platform for agricultural import-export businesses. The platform's goal is to strengthen the import-export market for agricultural commodities between the UAE and India, which provided a strategic advantage to the company and farming as a service market size.

On the basis of service type segment, the farm management solutions segment held the largest market share in 2021 due to rise in internet penetration and rise in acceptance of farming solutions by end users such as farmers. However, the access to markets segment is anticipated to grow at highest CAGR due to rise in access to markets platforms provide by government and major corporate players.

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By region, North America attained the highest revenue in 2021 due to increasing acceptance of smart farming methods, which has led to an increase in the use of agriculture farming-as-a-service. However, Asia-Pacific is expected to register highest growth rate during the forecast period due to rise in government friendly policies and rise in food production demand.

The report analyzes the profiles of key players operating in the farming as a service market such as Apollo Agriculture, Deere & Company, Trimble Inc., Mahindra & Mahindra Ltd., SGS Société Générale de Surveillance SA, Accenture, Taranis, Precision Hawk, BigHaat and 63Ideas Infolabs Private Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the farming as a service market share.

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