Newark, June 19, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4.2 billion farming as a service market will reach USD 15.9 billion by 2033. Farming as a Service (FaaS) is a concept under which the farmers are provided agricultural services on a subscription or pay-per-use basis. In order to make this a success, several latest technologies and advanced tools are used. Technology and the knowledge of experts can be used in farming activities to increase agricultural output, efficiency, and sustainability. Some of the other features of this service include precision agriculture, soil analysis, crop monitoring, predictive analytics, drone-captured aerial imagery, and farm management software. Furthermore, farmers can use services according to their time, need, farm size, and farming practices. These services can also be customized as per the requirements of the users. Several developing and developed countries such as Europe and North America are widely adopting this service to increase farming activities in the country. However, the initials setup cost of these services is very high which makes it difficult for small scale farmers to adopt them, hindering the market’s growth.
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Key Insights on Farming as a Service Market
North America will account for the largest market size during the forecast period.
North America leads the world in the farming-as-a-service sector due to its sizable average farm size and vast area under cultivation. The region's sizable market share has been attributed to most countries' growing usage of automation and control systems and the growing acceptance of smart farming techniques, which have raised the use of agriculture farming as a service. North America is expected to be the greatest farming economy in the world.
The farm management solutions segment dominated the market with the most significant revenue of USD 1.76 billion.
The farm management solutions segment dominated the market, with the most significant revenue of USD 1.76 billion. Farm management solutions are increasingly being preferred by farmers to help in precision farming. The growing adoption of precision farming to meet the rising global demand for high-quality food products are included in farm management services. Tools to enhance agricultural outcomes include sensors (for collecting information on soil health and meteorological conditions), auto-guidance apparatus, hyperspectral imaging technology, precision irrigation systems, etc.
The subscription segment dominated the market with the most significant revenue of USD 2.43 billion.
The subscription segment dominated the market, with the most significant revenue of USD 2.43 billion. For a limited time, farmers who require specialised equipment only once or twice a year can benefit from subscription services. The can simply pay ones in a year and use the services and tools for gardening purposes.
The farmers segment dominated the market with the most significant revenue of USD 1.17 billion.
The farmers segment dominated the market, with the most significant revenue of USD 1.17 billion. Farmers are the one who can use these services, as it has been created to ease their jobs and help in increasing their production.
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Market Dynamics:
Drivers: Reduced energy consumption and cost-effectiveness
The use of farming as a service technology and software can help in reducing the overall cost spend on farming activities. The accurate decisions taken by the software helps in efficient use of resources, adding impetus to the market’s growth. The smart farming sector is anticipated to increase due to consumers' desire for more convenient solutions over conventional methods. Furthermore, farmers are producing at the same rate with less energy and input costs, which is predicted to propel the sector.
Restraint: Need for continuous internet
One major drawback to farming as a service is that it requires a continuous or limitless internet connection. Thus it is clearly evident that farming activities can be successful in urban areas, as there is high speed connectivity. This system will not work when the internet is sluggish. Countries such as India, where the farming population stays in rural areas with poor internet connectivity, could limit the market's ability to grow.
Some of the major players operating in the farming as a service market are:
● apollo agriculture
● Trimble Inc.
● SGS Société Générale de Surveillance SA
● Precision Hawk
● 63Ideas Infolabs Private Limited
● Accenture
● Deere & Company
● Mahindra & Mahindra Ltd.
● Taranis
● BigHaat.com
Key Segments cover in the market:
By Services:
● Access to Markets
● Production Assistance
● Farm Management Solutions
By Delivery Model:
● Pay-per-Use
● Subscription
By End-User:
● Government
● Financial Institutions
● Farmers
● Corporate
● Advisory Bodies
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About the report:
The global farming as a service market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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