Tokyo, Japan, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Farming as a Service Market Information Deployment Mode, By Service Type, By Delivery Model, By End User And By Region – Market Forecast Till 2032”. The global farming as a service market will touch USD 11.5 billion at a 15.30% CAGR by 2032, as per the recent Market Research Future report.
Farming as a Service Market Key Players:
Eminent industry players profiled in the FaaS market report include,
- Apollo Agriculture
- Accenture
- Mahindra & Mahindra Ltd.
- Precision Hawk
- Deere & Company
- Taranis
- 63Ideas Infolabs Private Limited
- Trimble Inc.
- SGS Société Générale de Surveillance SA
- BigHaat.com
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Scope of the Report - Farming as a Service Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 11.5 Billion |
| CAGR during 2023-2032 | 15.30% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | The adoption of farming-as-a service |
| Key Market Dynamics | Adoption of advanced technologies in agricultural products and the Internet of Things (IoT) is gaining popularity in agriculture |
Farming as a Service Market Segmentation:
Global farming as a service market is bifurcated based on service type, delivery model, and end user.
- By service type, farm management solutions will lead the market over the forecast period. Solutions for farm management may involve giving the government, farmers, businesses, and other final advice firms with insights. Precision farming services are included in farm management services, and they have seen great growth in recent years as a result of precision farming's increasing popularity in order to fulfill the expanding worldwide demand for the high-quality food products.
- By delivery model, subscription will domineer the market over the forecast period. Farmers that utilize subscription services may lease or rent farming equipment for a set length of time, such as three to four months. Farmers who only sometimes (once or twice a year) use a certain equipment piece may find subscription services helpful.
- By end user, farmers will spearhead the market over the forecast period. All service kinds, including those for farm management & market access, are used by the farmers.
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Farming as a Service Drivers:
Increasing Use of IoT in Agriculture to Boost Market Growth:
By obtaining real-time assistance through IoT apps, farmers have benefited from the rising use of IoT technology in agriculture. By spending less time and money on agricultural resources like energy, land, and water, traditional agriculture practices that apply loT applications save time and money and free up farmers to concentrate on producing high-quality food for their consumers. Moreover, the broad application of loT technology in the agricultural industry enables farmers to react to significant variations in humidity, air efficiency, and weather.
Farming as a Service Opportunities:
Cost Optimization to Offer Robust Opportunities:
Farming as a Service enables farmers to have access to specialized tools, knowledge, and resources without having to make substantial upfront expenditures. They may easily employ FaaS providers as needed, lowering overall operating expenses and boosting profit margins, as opposed to investing in pricey gear.
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Restraints and Challenges:
High Initial Investments to act as Market Restraint:
The high initial investments, dearth of technical awareness, and need for constant internet may act as market restraints over the forecast period.
COVID-19 Analysis:
The COVID-19 pandemic outbreak had a negative impact on a number of sectors. The operation of the agricultural industry was also impacted by the lockdowns that were implemented and the limitations on movement of persons and commodities. The movement of agricultural inputs and output, however, was allowed because they were a necessary commodity. Agriculture logistics suffered a little delay during the first few months during the lockdown, but by the end of 2020, things were mostly back to normal. During the wake of the epidemic, farm management systems like analytics and precision farming technologies grew greater importance since they enabled remote monitoring of many aspects including irrigation, pest control, and yield monitoring. The market access services, which employ mobile applications to link farmers and end consumers, were heavily used. The COVID-19 pandemic had a very minor impact on the agriculture industry. Due to the steady need for agricultural goods, the need for services, particular under the "farming as a service" paradigm kept rising.
Regional Analysis:
APAC to Head Farming as a Service Market:
In 2022, this market was headed by the Asia Pacific Farming market (45.80%). The growth-promoting agro-based countries like Bangladesh, China, and India rely heavily on agriculture for the GDPs. A growth in food consumption & an increase in local population are the major causes of the surge. In addition, the Indian market had the quickest rate of growth in the Asia-Pacific region, while China's Farming as a Service market had the greatest market share. Agriculture is the largest contribution to the GDPs of agro-based economies like India, China, & Bangladesh, which are responsible for the growth. The region's growing population & rising food consumption are the main causes of the rise. Governments from several countries in the Asia-Pacific area have shown strong support for the adoption of the FaaS models within the agriculture sector, and rapidly increasing infrastructure facilities are two other key drivers that are projected to fuel regional development in the upcoming years. The exponential population expansion is predicted to disrupt food consumption habits, which will be challenging for agricultural output.
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North America to Have Admirable Growth in Farming as a Service Market:
Between 2023 and 2032, the North American market is anticipated to expand significantly. More often than other nations, the majority of the region's countries uses automation and control systems, and the development of smart farming techniques has raised demand for agricultural farming-as-a-service. The region's substantial market share is explained by these elements taken together. Additionally, in the North American area, the U.S. market had the biggest market share, while the Canada Farming as a Service industry had the quickest growth. It is because there are industry participants with top-notch tools and services available. Additionally, the growing agricultural need for cutting-edge technology and equipment and growing consumer awareness of crop quality provide profitable prospects to boost the market in this region.
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