India FaaS Market Size, Status, Top Players, Trends in Upcoming Years

The government of India has set up the Agricultural Technology Management Agency (ATMA) to strengthen research–extension–farmer linkages, improve the quality and type of technologies being distributed, offer an effective mechanism for management and coordination of activities of multiple agencies involved in technology validation/adaption and dispersion at the district level and below, and march toward shared ownership of the agricultural technology systems among prominent shareholders.

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The increasing focus of the government on the inclusion and dispersion of advanced technologies in the agriculture sector is facilitating the adoption of farming as a service (FaaS) in the country. Additionally, the improving internet connectivity in rural areas is also expected to contribute to the Indian farming as a service market growth during the forecast period (2021–2030). A better internet connection can help farmers reduce production costs by minimizing the waste and maximizing the usage of several inputs in farming activities, such as soil, fertilizers, and seeds.

As good internet connectivity accelerates the adoption rate of FaaS, the agrarian community can use it to increase efficiency and productivity through data-driven decisions. In addition, the rising number of agricultural startups, due to the increasing government support for the agricultural sector, is also encouraging the adoption of FaaS in farming processes in the country. In recent years, numerous investors and organizations have made hefty investments in agricultural technology startups to promote the development and production of technologically advanced products and services.

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In recent years, the players in the Indian farming as a service market have focused on geographical expansion and product launches to consolidate their position. For instance, in June 2020, KhetiBuddy Agritech Private Limited introduced a free mobile app to offer farm management solutions to farmers. The app assists cultivators in managing the fields, harvesting, and sowing and guides them in personalizing the crop schedule based on soil data, weather, and inventory data by procuring localized information. Furthermore, in February 2021, Mahindra & Mahindra Ltd. introduced its FaaS business in Karnataka by establishing Krish-e centers.

Therefore, bettering internet connectivity in rural areas and increasing government support toward technological developments in the agriculture sector will encourage the adoption of FaaS in India.

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This release was published on openPR.