Farming as a Service Market Progress 2031: In-Depth Research and Future Growth Prospects | AMR

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.

Farming as a service market is projected to grow rapidly with the integration of technology. The adoption of innovative technology is gaining significant traction will be helpful for farming as a service market growth. Furthermore, the market is expected to grow due to the several advantages, such as enhanced productivity and efficiency through data-driven decisions, the use of FaaS will rise in the coming years as the internet connectivity in rural areas continues to improve inefficiencies.

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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, an increase in number of agritech start-ups will provide lucrative opportunities for the growth of the market in the upcoming years.

Covid-19 scenario

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.

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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Based on 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 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
Taranis
Precision Hawk
BigHaat.com
63Ideas Infolabs Private Limited

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 helps determine the business performance, operating segments, developments, and product portfolios of every market player.

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