New York, United States, March 05, 2024 (GLOBE NEWSWIRE) -- The Global Farming as A Service Market Size is to Grow from USD 3.09 Billion in 2023 to USD 12.36 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 14.87% during the projected period.
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Farming as a service is a business approach that allows farmers to purchase services on a pay-per-use or subscription basis, offering innovative, professional, and user-friendly agricultural solutions. It has provided professional services that offer different agricultural management solutions. It offers farmers a wide range of services, including innovative agricultural instruments, analytics, utilities and labor services, equipment rentals, and exposure to a larger audience and markets, among others. The global farming as a service market makes use of technology such as machine learning and IoT to monitor farming products yields and collect weather conditions. Furthermore, rising improvements in agricultural technologies will propel the global farming as a service market throughout the forecast period. Several reasons contribute to the expansion, including increased demand for sustainable farming techniques as well as efficient and cost-effective farming solutions. The smart farming sector is likely to expand since it offers more convenient options than conventional methods. However, the initial investment is a restraining factor for acceptance of smart agricultural technologies. Also, a lack of technical awareness and understanding of new technologies to hamper the global farming as a service market during the forecast period.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on the "Global Farming as A Service Market Size, Share, and COVID-19 Impact Analysis, By Service Type (Farm Management Solutions, Production Assistance, Access to Markets), By Delivery Model (Subscription, Pay-per-use), By End User (Farmers, Governments, Corporate, Financial Institutions, Advisory Bodies), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The farm management solutions segment is anticipated to hold the greatest share of the global farming as a service market during the projected timeframe.
On the basis of service type, the global farming as a service market is divided into farm management solutions, production assistance, and access to markets. Among these, the farm management solutions segment is anticipated to hold the greatest share of the global farming as a service market during the projected timeframe. The growth can be attributed to providing high-quality food items to all the over world. Widely increasing internet penetration and adopting farming solutions by farmers.
The subscription segment is anticipated to grow at the fastest pace in the global farming as a service market during the projected timeframe.
On the basis of delivery model, the global farming as a service market is divided into subscription and pay-per-use. Among these, the subscription segment is anticipated to grow at the fastest pace in the global farming as a service market during the projected timeframe. Farmers pay more for pay-per-use over a longer period of time, making subscription services less expensive in the long run. The subscription arrangement with farms rents or leases out farming equipment for a certain period, such as 3 to 4 months.
The farmer’s segment is predicted to grow at the highest pace in the global farming as a service market during the estimated period.
On the basis of end user, the global farming as a service market is divided into farmers, governments, corporate, financial institutions, and advisory bodies. Among these, the farmer’s segment is predicted to grow at the highest pace in the global farming as a service market during the estimated period. Farmers take advantage of a wide range of services, including farm management solutions, production help, and market access. They also utilize agricultural marketing, equipment rentals, utility services, and labor services.
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North America is expected to hold the largest share of global farming as a service market over the forecast period.
North America is expected to hold the largest share of global farming as a service market over the forecast period. One of the largest farms in the world. North American countries are increasing their usage of automation and control systems, as well as the use of smart agricultural technologies in this region. Also, agriculture farming is widely used as a service. The increased use of automated machinery, smart crops, livestock monitoring, and drones is assisting farmers in improving farm management, contributing to regional market growth.
Asia Pacific is predicted to grow at the fastest pace in the global farming as a service market during the projected timeframe. The growth can be attributed to the increasing government-friendly policies and increasing food production demand.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global farming as a service market include Mahindra and Mahindra, John Deere, ITC, Trimble, Deere & Company, SGS Société Générale de Surveillance SA, EM3, 63Ideas Infolabs Private Limited, BigHaat.com, Apollo Agriculture, Accenture, Ninjacart, Taranis, Precision Hawk, IBM, Others
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Recent Developments
- In July 2022, ITC Limited announced the launch of ITCMAARS (Meta market for advanced agricultural rural access to markets), a full-stack agritech software designed to boost the company's agribusiness segment.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global farming as a service market based on the below-mentioned segments:
Global Farming as A Service Market, By Service Type
- Farm Management Solutions
- Production Assistance
- Access to Markets
Global Farming as A Service Market, By Delivery Model
- Subscription
- Pay-per-use
Global Farming as A Service Market, By End User
- Farmers
- Governments
- Corporate
- Financial Institutions
- Advisory Bodies
Global Farming as A Service Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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