The Worldwide Farming as a Service Industry is Projected to Reach $9 Billion by 2030

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Dec 12, 2022, 12:30 ET

DUBLIN, Dec. 12, 2022 /PRNewswire/ -- The "Farming As A Service Market Size, Share & Trends Analysis Report by Service Type (Farm Management Solutions, Production Assistance), by Delivery Model (Pay-per-use, Subscription), by End User, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global farming as a service market is projected to reach USD 9.02 billion by 2030, according to the new report. The market is expected to witness a CAGR of 14.5% from 2022 to 2030.

Farming as a service refers to using technologies such as machine learning and the internet of things in yield monitoring and collecting weather data. After the collection of data on these metrics, various algorithms are applied on these metrics to gather meaningful insights and analytics. These insights are used to boost the farm's production and address any shortcomings that can be adjusted to get a higher level of productivity.

The market for farming as a service is segmented into three groups: service type, delivery model, and end-user. The service comprises three subcategories: access to markets, farm management solutions, and production support. For effective farm management, analytics is provided for yield monitoring, weather data, germination data, soil quality data, etc. Access to markets deals with cutting out intermediaries and linking farmers directly to suppliers and marketplaces using technologies like mobile apps.

Production support includes renting or leasing equipment such as tractors, combine harvesters, and labor provision services. Subscription and pay-per-use delivery models are used by the farmers servicing the farming. Renting out equipment through subscriptions for a fixed period is called a subscription, whereas pay per use is referred to as paying each time the equipment is used. Farmers, government, businesses, financial institutions, and advisory bodies are the end users of FaaS.

The significant drivers of farming as a service include growing internet access in rural areas, which supports market growth. Fast internet access assists farmers in numerous ways. It enables them to utilize data-driven analytics for appropriate seeds and precise amounts of fertilizer and conduct soil analysis to test the nutrition profile. The use of data-driven decision-making tools helps reduce wastage, lowering production costs.

Owing to the several advantages, such as enhanced productivity and efficiency through data-driven decisions, the use of FaaS will rise in the coming years as the internet connectivity in rural areas continues to improve Inefficiencies in the agricultural supply chain, such as low productivity, a lack of farm mechanization, market access, and data asymmetry, can be addressed with the aid of FaaS. It promotes the development of new products, including technologies for instantaneous data collection and analysis and agricultural machinery with many uses.

Multiple established companies and new businesses/ startups are entering the market because of the market's enormous potential. TAFE, ITC Ltd., Cropin Technology Solutions Pvt. Ltd., and Deere & Company are some new entrants in the FaaS market. Companies focus on product development and geographical expansion to gain a foothold in the market.

Farming As A Service Market Report Highlights

Farming as a Service is gaining traction owing to the efficient and data-driven agriculture possible with the services, thereby improving the farm outputs
The farm management solutions segment dominated the market in 2021 and is expected to expand its revenue share to more than 76% by 2030. Precision farming tools are the largest sub-segment of farm management solutions in terms of revenue
The subscription delivery model segment contributed to more than half of the market share in 2021 and is expected to continue its domination during the forecast period
Farmers are the largest end-users of the services offered under farming as a service. The farmer end-user segment is also expected to be the fastest growing segment with a CAGR of 14.9% during the forecast period
The Asia Pacific regional market is expected to be the fastest growing region during the forecast period of 2022 to 2030. China is the market leader in the region
The prominent players in the industry include Mahindra & Mahindra, John Deere, ITC, Trimble, EM3, Apollo, Accenture, Taranis, BigHaat, Precision Hawk, IBM and NinjaKart

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Industry Outlook
3.1 Market Segmentation & Scope
3.2 Farming as a Service Market Size and Growth Prospects
3.3 Farming as a Service-Value Chain Analysis
3.4 Market Dynamics
3.4.1 Market driver analysis
3.4.2 Market restraint analysis
3.4.3 Market opportunity analysis
3.5 Key Opportunities - Prioritized
3.6 Farming as a Service-Key Company Analysis, 2021
3.6.1 Key Company Analysis
3.6.2 New Entrants-Key Company Analysis
3.7 Industry Analysis - Porter's
3.7.1 Supplier Power
3.7.2 Buyer Power
3.7.3 Substitution Threat
3.7.4 Threat from New Entrant
3.7.5 Competitive Rivalry
3.8 Farming as a Service Market-PESTEL Analysis
3.8.1 Political Landscape
3.8.2 Environmental Landscape
3.8.3 Social Landscape
3.8.4 Technology Landscape
3.8.5 Legal Landscape
3.9 COVID-19 Impact on Farming as a Service Market

Chapter 4 Farming as a Service Market: Service Type Estimates & Trend Analysis
4.1 Farming as a Service Market: Service Type Analysis
4.1.1 Farm Management Solutions
4.1.1.1 Precision Farming Tools
4.1.1.2 Analytics
4.1.1.3 Information Sharing
4.1.2 Production Assistance
4.1.2.1 Equipment Rentals
4.1.2.2 Labor services
4.1.2.3 Utility services
4.1.3 Access to Markets
4.1.3.1 Supplier to farmers
4.1.3.2 Farmers to end market

Chapter 5 Farming as a Service Market: Delivery Model Estimates & Trend Analysis
5.1 Farming as a Service Market: Delivery Model Analysis
5.1.1 Subscription
5.1.2 Pay-per-use

Chapter 6 Farming as a Service Market: End-User Estimates & Trend Analysis
6.1 Farming as a Service Market: End-User
6.1.1 Farmers
6.1.2 Government
6.1.3 Corporate
6.1.4 Financial Institutions
6.1.5 Advisory Bodies

Chapter 7 Farming as a Service Market: Regional Estimates & Trend Analysis

Chapter 8 Competitive Landscape
8.1 Mahindra and Mahindra
8.1.1 Company Overview
8.1.2 Financial Performance
8.1.3 Product Benchmarking
8.1.4 Recent Developments
8.2 John Deere
8.2.1 Company Overview
8.2.2 Product Benchmarking
8.2.3 Recent Developments
8.3 ITC
8.3.1 Company Overview
8.3.2 Financial Performance
8.3.3 Product Benchmarking
8.3.4 Recent Developments
8.4 Trimble
8.4.1 Company Overview
8.4.2 Financial Performance
8.4.3 Product Benchmarking
8.4.4 Recent Developments
8.5 EM3
8.5.1 Company Overview
8.5.2 Financial Performance
8.5.3 Product Benchmarking
8.5.4 Recent Developments
8.6 Apollo Agriculture
8.6.1 Company overview
8.6.2 Financial Performance
8.6.3 Product Benchmarking
8.6.4 Recent Developments
8.7 Accenture
8.7.1 Company Overview
8.7.2 Product Benchmarking
8.7.3 Recent Developments
8.8 Taranis
8.8.1 Company Overview
8.8.2 Product Benchmarking
8.8.3 Recent Developments
8.9 Precision Hawk
8.9.1 Company Overview
8.9.2 Financial Performance
8.9.3 Product Benchmarking
8.9.4 Recent Developments
8.10 IBM
8.10.1 Company Overview
8.10.2 Financial Performance
8.10.3 Product Benchmarking
8.10.4 Recent Developments
8.11 BigHaat
8.11.1 Company Overview
8.11.2 Product Benchmarking
8.11.3 Recent Developments
8.12 Ninja Kart
8.12.1 Company Overview
8.12.2 Financial Performance
8.12.3 Product Benchmarking
8.12.4 Recent Developments