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.
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.
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.
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.
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.
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 4.13 Bn |
|
Revenue Forecast In 2031 |
USD 12.75 Bn |
|
Growth Rate CAGR |
CAGR of 15.3% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Service, Delivery Model, End-user |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
John Deere, ITC, TrimbleEM3, 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 |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Global Farming As A Service Market - By Service
Global Farming As A Service Market – Delivery Model
Global Farming As A Service Market – End-user
Advisory Bodies Global Farming As A Service Market – By Region
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
