The rapid adoption of advanced technologies in agricultural products and gaining popularity of internet of things (IoT) in agriculture is expected to fuel the demand for farming as a service market globally during the analyzed time frame.
PORTLAND, Ore., Feb. 23, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Farming as a Service Market by Service Type (Farm Management Solutions, Production Assistance and Access to Markets), Delivery Model (Subscription and Pay-per-use) and End User (Farmers, Governments, Corporate, Financial Institutions and Advisory Bodies): Global Opportunity Analysis and Industry Forecast, 2022–2031″ According to the report, the global farming as a service industry generated $2.9 billion in 2021, and is estimated to reach $12.8 billion by 2031, witnessing a CAGR of 16.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
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.
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- The COVID-19 pandemic had a positive impact on the farming as a service market, 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 addition parameters such as yield monitoring, pest prevention, and irrigation.
The farm management solutions segment to rule the roost
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.
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North America garnered the major share in 2021
Based on 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 farming as a service model across the region.
Leading Market Players
- Apollo Agriculture
- Deere & Company
- Trimble Inc.
- Mahindra & Mahindra Ltd.
- SGS Société Générale de Surveillance SA
- Precision Hawk
- 63Ideas Infolabs Private Limited
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The report analyzes these key players in the global farming as a service market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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SOURCE Allied Market Research