Farming as a Service Market is Going to Impact on Global Industry Outlook by 2031 At a CAGR of 16.1%
Adoption of advanced technologies in agricultural products is driving the farming as a service market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, March 17, 2023 /EINPresswire.com/ — According to the report, the global farming as a service market generated $2.9 billion in 2021 and is estimated to reach $12.8 billion by 2031, witnessing a CAGR of 16.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Adopting advanced technologies in agricultural products, the popularity of the 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 the need for continuous internet are the major factors hampering the growth of the market. On the contrary, an increase in the number of agritech start-ups will provide lucrative opportunities for the growth of the market in the upcoming years.
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Covid-19 scenario:
• The COVID-19 pandemic had a positive impact on the farming as a service market, owing to the farm management solutions such as precision farming tools and analytics gained more relevance in the wake of the pandemic as they allowed remote monitoring of several additional parameters such as yield monitoring, pest prevention, and irrigation.
On the basis of service type, the farm management solutions segment held the largest market share in 2021 due to the rise in internet penetration and the rise in acceptance of farming solutions by end users such as farmers. However, the access to markets segment is anticipated to grow at the highest growth rate in farming as a service market forecast due to the rise in access to market platforms provided by the government and major corporate players.
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Based on region, North America attained the highest revenue in 2021 due to increasing acceptance of smart farming methods, which has led to an increase in the use of agriculture farming-as-a-service. However, Asia-Pacific is expected to register the highest growth rate during the forecast period due to a rise in government-friendly policies and a rise in food production demand.
The report analyzes these key players in the global farming as a service market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
Leading Market Players:
• Apollo Agriculture
• Deere & Company
• Trimble Inc.
• Mahindra & Mahindra Ltd.
• SGS Société Générale de Surveillance SA
• Accenture
• Taranis
• Precision Hawk
• BigHaat.com
• 63Ideas Infolabs Private Limited
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Key benefits for stakeholders:
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the farming as a service market analysis from 2021 to 2031 to identify the prevailing farming as a service market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the farming as a service market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes an analysis of the regional as well as global farming as a service market trends, key players, market segments, application areas, and market growth strategies.
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