Farming As A Service Market, Share & Trends Analysis Report, By Service (Farm Management Solutions, Production Assistance, Access to Markets), By Delivery Model (Subscription, Pay-per-Use), By End-user, By Region, and Segment Forecasts, 2024-2031

The Farming As A Service Market Size is valued at USD 4.13 Bn in 2023 and is predicted to reach USD 12.75 Bn by the year 2031 at an 15.3% CAGR during the forecast period for 2024-2031.

"Farming as a Service" (FaaS) represents a gradual but significant shift in the agricultural sector's use of technology in recent years. This concept updates conventional farming by incorporating technology-driven solutions to provide crop management and equipment leasing services, thereby increasing productivity and sustainability. FaaS offers a more accurate and balanced picture of farming's future by fusing the advantages of contemporary technology with the comforts of traditional agriculture. By extending the "as a service" paradigms familiar in the IT sector, like Software as a Service (SaaS), to agriculture, FaaS aims to enhance the productivity, sustainability, and profitability of farming through a range of cutting-edge yet practical services.

For Instance, In July 2021, The goal of the new farm laws, which include "The Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020," "The Farmers (Empowerment and Protection) Agreement On Price Assurance and Farm Services Act, 2020," and "The Essential Commodities (Amendment) Act, 2020," is to create an environment in which farmers have the freedom to choose how to sell their produce and can do so at a price that allows them to get paid fairly through alternate, competitive channels. Additionally,

In Aug 2022, The Indian Council of Agricultural Research (ICAR) encourages agricultural innovation, extension, and teaching. For various agricultural crops, a total of 1575 field crop types were released between 2014 and 21. Farmers received 91.43 crore agro-advisories using mobile devices between 2014 and 21. In the years 2014–21, ICAR created 187 mobile applications covering various farm and farmer-related activities. These ICAR applications are now combined onto KISAAN, a single platform. During this time, ICAR developed the Farmer FIRST (Farm, Innovations, Resources, Science and Technology) program, which aims to go beyond productivity and production by improving the interaction between farmers and scientists.

Competitive Landscape

Some of the Major Key Players in the Farming As A Service Market are

• John Deere
• ITC
• Trimble
• EM3
• Apollo Agriculture
• Accenture
• Taranis
• Precision Hawk
• IBM
• BigHaat
• Ninja Kart
• Em3 Agri Services Pvt. Ltd.
• SGS Société Générale de Surveillance SA
• Ninjacart
• AGRIVI
• Hexagon Agriculture

Market Segmentation:

The Farming As A Service Market is segmented based on the by service, by delivery model, and by end-user. Based on the Service, the market is segmented into Farm Management Solutions, Production Assistance, and Access to Markets. Based on the by-delivery model, the market is segmented into subscription and pay-per-use. The end-user segment is segmented into farmers, government, corporations, financial institutions, and advisory bodies.

The Farm Management Solutions Segment is Expected To Have The Highest Growth Rate During The Forecast Period.

Based on the by-service, the market is categorized into farm management solutions, production assistance, and access to markets. Among these, the farm management solutions segment is expected to have the highest growth rate during the forecast period. Farm Management Solutions provides farmers with data analytics, real-time monitoring, and predictive insights. These tools enable farmers to make informed decisions about planting, irrigation, fertilization, pest control, and harvesting, leading to optimized resource use and higher productivity. The continuous development and adoption of technologies like IoT, AI, and blockchain in agriculture are making Farm Management Solutions more sophisticated and accessible. These advancements attract more farmers to adopt FaaS, driving market growth.

The Food Segment Dominate the Market

Based on the by-delivery model, the market is segmented into subscription and pay-per-use. subscription-based farming as a service has lots of opportunities to demonstrate show. It is a fantastic substitute for traditional means of leasing or selling products, where each purchase is handled as a separate transaction. Farmers that use the subscription-based model can pay for the good or service periodically for as long as they need it, without having to pay for it again later. Furthermore, a number of businesses are pushing for the use of subscription-based seices in order to reduce the risks connected with a downturn in company activity and produce more steady income.

North America Have the Largest Market Share During Forecast Period

The market with the biggest revenue share is dominated by North America, and this trend is probably going to continue in the coming years. This is mostly due to the expanding application of FaaS models to increase agricultural output in the area. North America is a pioneer in the use of cutting-edge technologies. The increasing use of drones, smart crops, automated machinery, and livestock monitoring is assisting farmers in improving farm management, which in turn is fostering the growth of the regional market.

Recent Developments:

• In Jan 2024, Apollo Agriculture, a Kenyan Agri-Fintech Company, Gets $10 Million to Boost African Farmers Through ImpactConnect and Swedfund. The financial investment will allow the firm to provide more small-scale farmers with the tools and resources they require to enhance revenues, embrace sustainable practices, and improve food security. Apollo Agriculture uses cutting-edge technology such as machine learning and automation to address the particular issues encountered by smallholder farmers.

• In July 2024, Taranis, the world leader in crop intelligence, reveals ground-breaking AI developments in the agriculture industry with the launch of Ag AssistantTM. Ag Assistant is a first for retailers and producers in the agriculture industry. It is driven by a generative AI model with a deep grasp of agronomy that integrates data sources from multiple modalities, such as text, audio, and images.

Farming As A Service Market Report Scope