Farming as a Service Market Share, Growth & Forecast [2031]
Farming as a Service Market Share, Growth & Forecast [2031]
Segments - Farming as a Service Market by Delivery Model (Pay-per-use and Subscription), Service Type (Production Assistance, Farm Management Solutions, and Access to Market), End-user (Farmers, Corporate, Governments, Financial Institutions, and Advisory Bodies), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :ICT-SE-5314
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| 191 Pages
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Report Description
The global farming as a service market size was USD 3.65 Bn in 2022 and is likely to reach USD 12.10 Bn by 2031, expanding at a CAGR of 16% during 2023–2031. The market is driven by the rising adoption of advanced technologies in farming practices to boost productivity and cost-efficiency in the agricultural ecosystem.
Farming as a Service (FaaS) is a framework of professional agricultural services and solutions offered on a subscription or pay-per-use basis. These solutions provide a diverse range of agricultural management solutions to boost productivity and cost-efficiency. These farm management solutions help farmers to gain insights into factors related to crop management, scheduling agricultural cycles, supply chain tools, and marketing.
Technology is gaining significance in modern smart agriculture practices. FaaS adopts various types of advanced technologies such as GPS, data management software, yield mapping software (YMS), Internet of Things (IoT), machine learning algorithms, and artificial intelligence (AI) to enhance agricultural output by reducing energy consumption and operating costs.
FaaS helps farmers easily access information related to equipment and labor available on a rental basis and services such as power supply and irrigation automation facilities. Technological solutions such as analytics tools, sensors, and drones are used to accumulate data related to soil, temperature, water, and humidity to enhance crop yield and utilize resources in an organized manner and make data-driven decisions to maximize the crop yield.
The market report finds that the COVID-19 pandemic partially affected farming as a service market. The lockdown measures in the various economies restricted the movement of people and goods and as a result, agricultural activities were stalled for a short period of time.
However, after an initial phase of strict lockdown measures, the policymakers relaxed the restrictions on farmers to some extent to keep the agricultural supply chain functioning. The farmers conducted remote monitoring of parameters related to irrigation, pest prevention, and yield cultivation with the help of analytics and farming tools.
Farming as a Service Market Dynamics
Major Drivers
Increasing adoption of technology in crop management practices to enhance agricultural output is expected to drive the market. Agricultural practitioners are incorporating technological innovations such as the Internet of Things (IoT), machine learning algorithms, yield mapping software (YMS), and data management software to improve the yield in a sustainable and cost-effective manner.
Rising awareness among the agricultural community about utilizing natural resources consciously is anticipated to drive the market. Agribusinesses are driven by productivity and cost-effectivity.
The sensors, data analytics tools, and unmanned aerial vehicles such as drones help farmers to utilize natural resources such as water and soil proportionately. The data analytics tools process the data about soil quality, weather, and germination to formulate effective farming strategies.
Existing Restraints
A lack of interest in adopting advanced technologies in agricultural communities is likely to hinder the market. The majority of farmers are unaware of the functionalities of technological devices and equipment. Digital illiteracy and unwillingness to adopt new technologies in the agricultural community are likely to limit market growth.
Opportunities
The rising number of startups in the FaaS sector across the world is likely to create significant opportunities for the market. The startups in the FaaS sector are encouraging farmers and agricultural practitioners to deploy technological innovations to boost productivity and cost-effectivity.
Scope of the Farming as a Service Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Farming as a Service Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Delivery Model (Pay-per-use and Subscription), Service Type (Production Assistance, Farm Management Solutions, and Access to Market), and End-user (Farmers, Corporate, Governments, Financial Institutions, and Advisory Bodies) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
SGS Société Générale de Surveillance SA; Mahindra & Mahindra Ltd.; Deere & Company; PrecisionHawk; Accenture; Trimble Inc.; Apollo Agriculture; and BigHaat.com |
Market Segment Insights
Based on the delivery model, the farming as a service market is bifurcated into pay-per-use and subscription. The subscription segment is expected to expand at a significant growth rate during the projection period owing to the feasibility and affordability provided by the subscription-based service providers. The subscription model provides financial viability to the farmers by letting the agricultural equipment for a specific period. This practice helps farmers to enhance cost-efficiency in farming practices.
On the basis of service type, the global market is segregated into production assistance, farm management solutions, and access to the market. The farm management solutions segment is projected to register a considerable CAGR during the forecast period due to the rising acceptance of precision farming in the agricultural services sector. Precision farming helps farmers in conserving natural resources with the help of sensors, hyperspectral imaging technology, and precision irrigation systems to maximize the yield in an organized manner.
Based on end-user, the farming as a service market is segmented into farmers, corporate, governments, financial institutions, and advisory bodies. The farmers segment is expected to register a robust growth rate during the forecast period owing to the feasibility and cost-effectivity provided to farmers through FaaS. The farmers benefit through assistance in weather monitoring, equipment rentals, and agricultural marketing.
Regional Outlook
In terms of region, the global farming as a service market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period due to the rising adoption of digital agriculture and precision farming in the agricultural ecosystem in the region. Agricultural practitioners in North America are increasingly adopting smart agricultural practices to maximize crop yield and optimize resource use in an organized and cost-efficient manner.
The market in Asia Pacific is anticipated to expand rapidly throughout the forecast period due to the rising need for enhancing agricultural output and profitability. The rising population and industrialization in the major economies of the region, India and China, are encouraging farmers to adopt smart agriculture systems to cater to the surging demands for various consumer agricultural products and raw materials.
Asia Pacific is primarily an agricultural region, as the majority of the area is covered by agricultural land. The modern farmers in the region are adopting to smart agricultural practices to enhance productivity and efficiency in an agricultural ecosystem.
Segments
The farming as a service market has been segmented on the basis of
Delivery Model
- Pay-per-use
- Subscription
Service Type
- Production Assistance
- Farm Management Solutions
- Access to Market
End-user
- Farmers
- Corporate
- Governments
- Financial Institutions
- Advisory Bodies
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- SGS Société Générale de Surveillance SA
- Mahindra & Mahindra Ltd.
- Deere & Company
- PrecisionHawk
- Accenture
- Trimble Inc.
- Apollo Agriculture
- BigHaat.com
Competitive Landscape
Key players competing in the global farming as a service market are SGS Société Générale de Surveillance SA; Mahindra & Mahindra Ltd.; Deere & Company; PrecisionHawk; Accenture; Trimble Inc.; Apollo Agriculture; and BigHaat.com
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
- In May 2023, SGS Société Générale de Surveillance SA announced that it has acquired a majority stake in Nutrasource Pharmaceutical and Nutraceutical Services Inc. and its subsidiaries to offer enhanced farming services to consumers. The alliance is aimed at providing full regulatory support, clinical trial management, and testing services for the development of farming as a service offering.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Farming as a Service Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Farming as a Service Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Farming as a Service Market - Supply Chain
4.5. Global Farming as a Service Market Forecast
4.5.1. Farming as a Service Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Farming as a Service Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Farming as a Service Market Absolute $ Opportunity
5. Global Farming as a Service Market Analysis and Forecast by End Users
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by End Users
5.2.2. Y-o-Y Growth Projections by End Users
5.3. Farming as a Service Market Size and Volume Forecast by End Users
5.3.1. Farmers
5.3.2. Corporate
5.3.3. Governments
5.3.4. Financial Institutions
5.3.5. Advisory Bodies
5.4. Absolute $ Opportunity Assessment by End Users
5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Farming as a Service Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Farming as a Service Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Farming as a Service Demand Share Forecast, 2019-2026
7. North America Farming as a Service Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Farming as a Service Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Farming as a Service Market Size and Volume Forecast by End Users
7.4.1. Farmers
7.4.2. Corporate
7.4.3. Governments
7.4.4. Financial Institutions
7.4.5. Advisory Bodies
7.5. Basis Point Share (BPS) Analysis by End Users
7.6. Y-o-Y Growth Projections by End Users
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Farming as a Service Demand Share Forecast, 2019-2026
8. Latin America Farming as a Service Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Farming as a Service Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Farming as a Service Market Size and Volume Forecast by End Users
8.4.1. Farmers
8.4.2. Corporate
8.4.3. Governments
8.4.4. Financial Institutions
8.4.5. Advisory Bodies
8.5. Basis Point Share (BPS) Analysis by End Users
8.6. Y-o-Y Growth Projections by End Users
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Farming as a Service Demand Share Forecast, 2019-2026
9. Europe Farming as a Service Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Farming as a Service Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Farming as a Service Market Size and Volume Forecast by End Users
9.4.1. Farmers
9.4.2. Corporate
9.4.3. Governments
9.4.4. Financial Institutions
9.4.5. Advisory Bodies
9.5. Basis Point Share (BPS) Analysis by End Users
9.6. Y-o-Y Growth Projections by End Users
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Farming as a Service Demand Share Forecast, 2019-2026
10. Asia Pacific Farming as a Service Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Farming as a Service Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Farming as a Service Market Size and Volume Forecast by End Users
10.4.1. Farmers
10.4.2. Corporate
10.4.3. Governments
10.4.4. Financial Institutions
10.4.5. Advisory Bodies
10.5. Basis Point Share (BPS) Analysis by End Users
10.6. Y-o-Y Growth Projections by End Users
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Farming as a Service Demand Share Forecast, 2019-2026
11. Middle East & Africa Farming as a Service Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Farming as a Service Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Farming as a Service Market Size and Volume Forecast by End Users
11.4.1. Farmers
11.4.2. Corporate
11.4.3. Governments
11.4.4. Financial Institutions
11.4.5. Advisory Bodies
11.5. Basis Point Share (BPS) Analysis by End Users
11.6. Y-o-Y Growth Projections by End Users
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Farming as a Service Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Farming as a Service Market: Market Share Analysis
12.2. Farming as a Service Distributors and Customers
12.3. Farming as a Service Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. SGS Société Générale de Surveillance SA
12.4.2. Mahindra & Mahindra Ltd.
12.4.3. Deere & Company
12.4.4. PrecisionHawk
12.4.5. Accenture
12.4.6. Trimble Inc.
12.4.7. Apollo Agriculture
12.4.8. BigHaat.com
Methodology
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