Farming as a Service Market: A Look at Industry Dynamics, Research Methodology, Trends, and Competitive Analysis

According to a new report published by Allied Market Research, titled, "Farming as a Service Market, by Service Type, by Delivery Model, by End User : Global Opportunity Analysis and Industry Forecast, 2021-2031".

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.

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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.

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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Competitive Analysis:
The competitive environment of Farming as a Service Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Farming as a Service Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Apollo Agriculture
Deere & Company
Trimble Inc.
Mahindra & Mahindra Ltd.
SGS Société Générale de Surveillance SA
Taranis
Precision Hawk
BigHaat.com
63Ideas Infolabs Private Limited and Many More

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.

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COVID-19 had a positive impact on the 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 addition 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 approaching years, it is anticipated that this aspect will present the farming as a service industry with numerous, very lucrative prospects.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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