Dublin, March 23, 2023 (GLOBE NEWSWIRE) -- The "Farming as a Service Market By Service Type, By Delivery Model, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The farming as a service market was valued at $2.9 billion in 2021, and is estimated to reach $12.8 billion by 2031, growing at a CAGR of 16.1% from 2022 to 2031.
The Farming as a Service Market is likely to experience a significant growth rate of 16.1% from 2022-2031 owing to increasing market demand from the farmers and a rise in demand for technological advancements in agricultural sector.
Adopting advanced technologies in agricultural products, the popularity of Internet of Things (IoT) in agriculture and reducing energy consumption and cost-effectiveness are the major growth factors for the market.
However, lack of technical awareness and high initial investments and need for continuous internet are the major factors hampering the growth of the market. On the contrary, increase in number of agritech start-ups will provide lucrative opportunities for the growth of the market in the upcoming years.
Furthermore, market players are adopting acquisition Strategies for enhancing their services in the market and improving customer satisfaction. For instance, on August 2021, Deere & Company acquired Bear Flag Robotics to accelerate autonomous technology on the farm. This deal accelerates the development and delivery of automation and autonomy on the farm and supports John Deere's long-term strategy to create smarter machines with advanced technology to support individual customer needs.
The COVID-19 pandemic has negatively impacted many industries. The blockade and restrictions imposed on the movement of goods and people have also affected operations in the agricultural sector. However, movement of agricultural materials and products was allowed, as agricultural products are essential goods. Agricultural logistics returned to normal by the end of 2020, despite minor setbacks in the first months of the quarantine.
For instance, precision agricultural tools and analysis became more important in the aftermath of the pandemic because they enabled remote monitoring of several parameters such as yield monitoring, pest prevention, and irrigation. So, COVID-19 had positive impact on farming as a service market.
The key players profiled in the study include Apollo Agriculture, Deere & Company, Trimble Inc., Mahindra & Mahindra Ltd., SGS Societe Generale de Surveillance SA, Accenture, Taranis, Precision Hawk, BigHaat.com and 63Ideas Infolabs Private Limited. The players in the market have been actively engaged in the adoption various Strategies such as acquisition, product launch and partnership to remain competitive and gain advantage over the competitors in the market.
For instance, in September 2022, Ninjacart, an Indian AgriTech startup backed by Walmart and Tiger Global, has expanded into the United Arab Emirates and Gulf Corporation Council (GCC) countries by launching the Ninja Global platform for agricultural import-export businesses. The platform's goal is to strengthen the import-export market for agricultural commodities between the UAE and India.
Key Market Insights
By service type, the farm management solutions segment was the highest revenue contributor to the market, and is estimated to reach $ 4688.46 million by 2031, with a CAGR of 13.7%. However, the access to markets segment is estimated to be the fastest growing segment with the CAGR of 18.8% during the forecast period.
By delivery model, the subscription segment was the highest revenue contributor to the market, and is estimated to reach $ 6357.34 million by 2031, with a CAGR of 14.5%.
By end user, the farmers segment was the highest revenue contributor to the market, and is estimated to reach $ 4599.4 million by 2031, with a CAGR of 17.4%. However, the advisory bodies segment is expected to be the fastest growing segment during the Farming as a service market forecast.
Based on region, North America was the highest revenue contributor, accounting for $ 1005.34 million in 2021, and is estimated to reach $ 3439.49 million by 2031, with a CAGR of 13.3%.
Market Dynamics
Drivers
- Adoption of advanced technologies in agricultural products
- The Internet of Things (IoT) is gaining popularity in agriculture
- Reduced energy consumption and cost effectiveness
Restraints
- Lack of technical awareness and high initial investments
- Need for continuous internet
Opportunities
- Increasing number of agritech start-ups
COVID-19 Impact Analysis on the market
Key Market Players
- Deere & Company
- Mahindra & Mahindra Ltd.
- Accenture
- Taranis
- Precision Hawk
- apollo agriculture
- 63Ideas Infolabs Private Limited
- Trimble Inc.
- SGS Societe Generale de Surveillance SA
- BigHaat.com
Key Market Segments
By Service Type
- Farm Management Solutions
- Production Assistance
- Access to Markets
By Delivery Model
- Subscription
- Pay-per-use
By End User
- Corporate
- Financial Institutions
- Advisory Bodies
- Farmers
- Governments
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
For more information about this report visit https://www.researchandmarkets.com/r/wgizha
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