Field of Opportunities: Farming as a Service Market Players Excel Through Strategic Expansion and Product Evolution

Farming as a Service Market

Farming as a Service Market

The gaining popularity of the Internet of Things in agriculture is expected to fuel the demand for farming as a service market globally during the time frame.

PORTLAND, PORTLAND, OR, UNITED STATES, December 9, 2023 / -- The Farming as a Service (FaaS) market is poised for rapid growth through the integration of technology, as the adoption of innovative solutions gains significant traction. The utilization of cutting-edge technology is expected to drive the market's expansion, benefiting from advantages such as increased productivity and efficiency through data-driven decision-making. As internet connectivity in rural areas continues to improve, the use of FaaS is projected to surge in the coming years.

According to a recent report from Allied Market Research titled "Farming as a Service Market," the market was valued at $2.9 billion in 2021 and is forecasted to reach $12.8 billion by 2031, growing at a notable CAGR of 16.1% from 2022 to 2031.

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Adopting advanced technologies in agricultural products, the popularity of Internet of Things (IoT) in agriculture and reducing energy consumption and cost-effectiveness are the major growth factors for the market. However, lack of technical awareness and high initial investments and need for continuous internet are the major factors hampering the growth of the market. On the contrary, increase in number of agritech start-ups will provide lucrative opportunities for the growth of the market in the upcoming years.

Farming as a Service (FaaS) empowers farmers to access services on a pay-per-use or subscription basis, offering advanced, qualified, and user-friendly solutions for agriculture. FaaS facilitates convenient access to crop production, timely availability of labor, equipment rental for specific durations, and utility services like irrigation and power supply.

The increasing popularity of the Internet of Things (IoT) in agriculture is a key driver for the growth of Agriculture as a Service market. Farmers are reaping the benefits of IoT technologies in agriculture, receiving real-time assistance through IoT applications. Additionally, IoT is extensively employed in the agricultural sector to enable farmers to respond promptly to changes in air productivity, humidity, and climate. The application of advanced technology to agricultural practices aims to reduce energy consumption and enhance affordability, thereby contributing to the growth of the Agriculture as a Service market. However, the reliance on a consistent internet connection poses a challenge to market growth.

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Despite this challenge, the Agriculture as a Service market presents lucrative opportunities with the rising number of agricultural startups. Major market players are adopting various strategies to enhance competition and provide superior services to their customers. For instance, in September 2022, Ninjacart, an Indian Agri-Tech startup supported by Walmart and Tiger Global, expanded into the United Arab Emirates and Gulf Corporation Council (GCC) countries by launching the Ninja Global platform for agricultural import-export businesses. This strategic move aims to strengthen the import-export market for agricultural commodities between the UAE and India, thereby providing a significant advantage to the company and contributing to the growth of the Farming as a Service market.

Based on 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 provided by the government and major corporate players.

By region, North America attained the highest revenue in 2021 due to the 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.

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COVID-19 had a positive impact on farming as a service market. This is caused by owing to the farm management solutions such as precision farming tools and analytics gained more relevance in the wake of the pandemic as they allowed remote monitoring of several additional parameters such as yield monitoring, pest prevention, and irrigation. Moreover, stable demand for agricultural products and various initiatives taken by governments to provide benefits & security to farmers were the crucial factors fueling the overall market growth. Furthermore, in the coming years, it is anticipated that this aspect will present farming as a service industry with numerous, very lucrative prospects.

Leading Market Players:

• Apollo Agriculture
• Deere & Company
• Trimble Inc.
• Mahindra & Mahindra Ltd.
• SGS Société Générale de Surveillance SA
• Accenture
• Taranis
• Precision Hawk
• 63Ideas Infolabs Private Limited

The study examines major contributors in the worldwide farming as a service market. These participants have employed diverse tactics, including expansion initiatives, introduction of new products, collaborative partnerships, and other approaches, to enhance their market reach and fortify their standing in the sector. The report proves valuable in assessing the operational efficiency, business segments, advancements, and product portfolios of each market participant.

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Related Reports:

1. Precision Agriculture Market

2. Canada Farming as a Service Market

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