PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462739
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1462739
Farming As a Service Market Forecasts to 2030 - Global Analysis By Service (Production Assistance, Access to Markets, Farm Management Solutions and Other Services), Delivery Model, End User and By Geography
According to Stratistics MRC, the Global Farming as a Service Market is accounted for $3.63 billion in 2023 and is expected to reach $8.81 billion by 2030 growing at a CAGR of 13.5% during the forecast period. Farming as a Service (FaaS) is a model where agricultural resources, such as land, equipment, and expertise, are provided to individuals or organizations on a subscription or pay-per-use basis. FaaS integrates technology, like IoT sensors and data analytics, to optimize crop production, monitor environmental conditions, and manage resources efficiently.
Market Dynamics:
Driver:
Government support and policies
Many governments recognize the importance of modernizing agriculture to address challenges such as food security, environmental sustainability, and rural development. These initiatives may include financial incentives such as subsidies or grants for farmers to invest in FaaS solutions and tax breaks for agri-tech start-ups. Furthermore, by incentivizing farmers to adopt these practices, governments aim to improve agricultural productivity, reduce environmental impact, and thereby drive market growth.
Restraint:
Initial investment costs
For many farmers, especially in developing regions, the high upfront costs pose a significant barrier to entry into the FaaS market. The initial investment costs encompass various factors, including the purchase or lease of hardware such as sensors, drones, and precision agriculture equipment. Moreover, the uncertain return on investment and long payback periods may deter farmers from committing to FaaS solutions and hamper the market size.
Opportunity:
Technological advancements
Innovations in agricultural technology, including Internet of Things (IoT) sensors, artificial intelligence (AI), robotics, and data analytics, enable the implementation of precision agriculture techniques. This data is then analyzed using advanced analytics and machine learning algorithms to provide actionable insights for optimizing farming operations. Additionally, the development of precision agriculture technologies allows farmers to apply inputs, which is driving this market further.
Threat:
Lack of education
Many farmers, particularly in rural and developing regions, may lack access to formal education or training opportunities related to modern agricultural technologies and practices. This educational gap hampers their ability to understand the potential benefits of FaaS solutions. Additionally, a lack of education can hinder farmers' ability to effectively utilize the data and insights provided by FaaS technologies.
Covid-19 Impact
The COVID-19 pandemic has had negative impacts on the Farming as a Service (FaaS) market globally. The pandemic has impacted labor availability, particularly in regions reliant on migrant workers for farm labor. Travel restrictions and health concerns have limited the mobility of workers, leading to labor shortages during critical periods such as planting and harvesting seasons. Moreover, movement restrictions and border closures have hindered the transportation of goods and this market expansion.
The farm management solutions segment is expected to be the largest during the forecast period
The farm management solutions segment is estimated to hold the largest share due to its crucial role in offering farmers access to these advanced tools and capabilities without the need for substantial upfront investment in technology infrastructure. Key components include crop monitoring through satellite imagery or drones, soil health analysis, weather forecasting, and precision irrigation systems. Furthermore, these tools leverage data analytics and machine learning algorithms to provide actionable insights for decision-making and drive this segment.
The subscription segment is expected to have the highest CAGR during the forecast period
The subscription segment is anticipated to have highest CAGR during the forecast period. This segment revolves around offering comprehensive packages that include access to various resources and technologies essential for modern farming practices. Subscription-based FaaS offerings typically encompass a range of services, such as land leasing, equipment rental, crop monitoring, and data analytics. Moreover, these technologies enable farmers to monitor crop health and mitigate risks, which are boosting this segment's growth.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period owing to various factors, including population growth, urbanization, and the increasing demand for food security and sustainability. The Asia Pacific region is witnessing a surge in demand for farm management solutions and agricultural advisory services to enhance productivity and profitability. Moreover, the rise of smart farming initiatives and government support for agricultural modernization further propel the growth of the FaaS market in Asia Pacific.
Region with highest CAGR:
Europe is expected to witness highest CAGR over the projection period, owing to the need for sustainable agricultural practices, increasing consumer demand for traceability and transparency in food production, and advancements in agricultural technology. Moreover, the European Union's Common Agricultural Policy (CAP) and initiatives promoting sustainable agriculture, biodiversity, and rural development are driving the adoption of FaaS solutions across the region.
Key players in the market
Some of the key players in the Farming as a Service Market include Accenture, Deere & Company, IBM, Trimble Inc., ITC, AGCO Corporation, CNH Industrial N.V., Bayer AG, Precision Hawk, Apollo Agriculture, Syngenta AG, Taranis and Mahindra & Mahindra Ltd.
Key Developments:
In January 2024, The GSMA and IBM announced a new collaboration to support the adoption and skills of generative artificial intelligence (AI) in the telecom industry through the launch of GSMA Advance's AI Training program and the GSMA Foundry Generative AI program.
In October 2023, IBM announced an expansion of its relationship with Amazon Web Services to help more mutual clients operationalize and derive value from generative artificial intelligence (AI).
In January 2023, Taranis announced the official launch of AcreForward, a new solution designed to assist ag retailers in driving more value from each acre of land. The solution was designed to provide unparalleled leaf-level data regarding growers' crops at a higher frequency throughout the season and cash in on the potential in each acre, including new insights into carbon sequestration and soil health.
Services Covered:
- Production Assistance
- Access to Markets
- Farm Management Solutions
- Other Services
Delivery Model Covered:
- Subscription
- Pay-per-Use
End Users Covered:
- Advisory Bodies
- Corporate
- Farmers
- Financial Institutions
- Governments
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 End User Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Farming As a Service Market, By Service
- 5.1 Introduction
- 5.2 Production Assistance
- 5.3 Access to Markets
- 5.4 Farm Management Solutions
- 5.5 Other Services
6 Global Farming As a Service Market, By Delivery Model
- 6.1 Introduction
- 6.2 Subscription
- 6.3 Pay-per-Use
7 Global Farming As a Service Market, By End User
- 7.1 Introduction
- 7.2 Advisory Bodies
- 7.3 Corporate
- 7.4 Farmers
- 7.5 Financial Institutions
- 7.6 Governments
- 7.7 Other End Users
8 Global Farming As a Service Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Accenture
- 10.2 Deere & Company
- 10.3 IBM
- 10.4 Trimble Inc.
- 10.5 ITC
- 10.6 AGCO Corporation
- 10.7 CNH Industrial N.V.
- 10.8 Bayer AG
- 10.9 Precision Hawk
- 10.10 Apollo Agriculture
- 10.11 Syngenta AG
- 10.12 Taranis
- 10.13 Mahindra & Mahindra Ltd.
List of Tables
- Table 1 Global Farming As a Service Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Farming As a Service Market Outlook, By Service (2021-2030) ($MN)
- Table 3 Global Farming As a Service Market Outlook, By Production Assistance (2021-2030) ($MN)
- Table 4 Global Farming As a Service Market Outlook, By Access to Markets (2021-2030) ($MN)
- Table 5 Global Farming As a Service Market Outlook, By Farm Management Solutions (2021-2030) ($MN)
- Table 6 Global Farming As a Service Market Outlook, By Other Services (2021-2030) ($MN)
- Table 7 Global Farming As a Service Market Outlook, By Delivery Model (2021-2030) ($MN)
- Table 8 Global Farming As a Service Market Outlook, By Subscription (2021-2030) ($MN)
- Table 9 Global Farming As a Service Market Outlook, By Pay-per-Use (2021-2030) ($MN)
- Table 10 Global Farming As a Service Market Outlook, By End User (2021-2030) ($MN)
- Table 11 Global Farming As a Service Market Outlook, By Advisory Bodies (2021-2030) ($MN)
- Table 12 Global Farming As a Service Market Outlook, By Corporate (2021-2030) ($MN)
- Table 13 Global Farming As a Service Market Outlook, By Farmers (2021-2030) ($MN)
- Table 14 Global Farming As a Service Market Outlook, By Financial Institutions (2021-2030) ($MN)
- Table 15 Global Farming As a Service Market Outlook, By Governments (2021-2030) ($MN)
- Table 16 Global Farming As a Service Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 17 North America Farming As a Service Market Outlook, By Country (2021-2030) ($MN)
- Table 18 North America Farming As a Service Market Outlook, By Service (2021-2030) ($MN)
- Table 19 North America Farming As a Service Market Outlook, By Production Assistance (2021-2030) ($MN)
- Table 20 North America Farming As a Service Market Outlook, By Access to Markets (2021-2030) ($MN)
- Table 21 North America Farming As a Service Market Outlook, By Farm Management Solutions (2021-2030) ($MN)
- Table 22 North America Farming As a Service Market Outlook, By Other Services (2021-2030) ($MN)
- Table 23 North America Farming As a Service Market Outlook, By Delivery Model (2021-2030) ($MN)
- Table 24 North America Farming As a Service Market Outlook, By Subscription (2021-2030) ($MN)
- Table 25 North America Farming As a Service Market Outlook, By Pay-per-Use (2021-2030) ($MN)
- Table 26 North America Farming As a Service Market Outlook, By End User (2021-2030) ($MN)
- Table 27 North America Farming As a Service Market Outlook, By Advisory Bodies (2021-2030) ($MN)
- Table 28 North America Farming As a Service Market Outlook, By Corporate (2021-2030) ($MN)
- Table 29 North America Farming As a Service Market Outlook, By Farmers (2021-2030) ($MN)
- Table 30 North America Farming As a Service Market Outlook, By Financial Institutions (2021-2030) ($MN)
- Table 31 North America Farming As a Service Market Outlook, By Governments (2021-2030) ($MN)
- Table 32 North America Farming As a Service Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 33 Europe Farming As a Service Market Outlook, By Country (2021-2030) ($MN)
- Table 34 Europe Farming As a Service Market Outlook, By Service (2021-2030) ($MN)
- Table 35 Europe Farming As a Service Market Outlook, By Production Assistance (2021-2030) ($MN)
- Table 36 Europe Farming As a Service Market Outlook, By Access to Markets (2021-2030) ($MN)
- Table 37 Europe Farming As a Service Market Outlook, By Farm Management Solutions (2021-2030) ($MN)
- Table 38 Europe Farming As a Service Market Outlook, By Other Services (2021-2030) ($MN)
- Table 39 Europe Farming As a Service Market Outlook, By Delivery Model (2021-2030) ($MN)
- Table 40 Europe Farming As a Service Market Outlook, By Subscription (2021-2030) ($MN)
- Table 41 Europe Farming As a Service Market Outlook, By Pay-per-Use (2021-2030) ($MN)
- Table 42 Europe Farming As a Service Market Outlook, By End User (2021-2030) ($MN)
- Table 43 Europe Farming As a Service Market Outlook, By Advisory Bodies (2021-2030) ($MN)
- Table 44 Europe Farming As a Service Market Outlook, By Corporate (2021-2030) ($MN)
- Table 45 Europe Farming As a Service Market Outlook, By Farmers (2021-2030) ($MN)
- Table 46 Europe Farming As a Service Market Outlook, By Financial Institutions (2021-2030) ($MN)
- Table 47 Europe Farming As a Service Market Outlook, By Governments (2021-2030) ($MN)
- Table 48 Europe Farming As a Service Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 49 Asia Pacific Farming As a Service Market Outlook, By Country (2021-2030) ($MN)
- Table 50 Asia Pacific Farming As a Service Market Outlook, By Service (2021-2030) ($MN)
- Table 51 Asia Pacific Farming As a Service Market Outlook, By Production Assistance (2021-2030) ($MN)
- Table 52 Asia Pacific Farming As a Service Market Outlook, By Access to Markets (2021-2030) ($MN)
- Table 53 Asia Pacific Farming As a Service Market Outlook, By Farm Management Solutions (2021-2030) ($MN)
- Table 54 Asia Pacific Farming As a Service Market Outlook, By Other Services (2021-2030) ($MN)
- Table 55 Asia Pacific Farming As a Service Market Outlook, By Delivery Model (2021-2030) ($MN)
- Table 56 Asia Pacific Farming As a Service Market Outlook, By Subscription (2021-2030) ($MN)
- Table 57 Asia Pacific Farming As a Service Market Outlook, By Pay-per-Use (2021-2030) ($MN)
- Table 58 Asia Pacific Farming As a Service Market Outlook, By End User (2021-2030) ($MN)
- Table 59 Asia Pacific Farming As a Service Market Outlook, By Advisory Bodies (2021-2030) ($MN)
- Table 60 Asia Pacific Farming As a Service Market Outlook, By Corporate (2021-2030) ($MN)
- Table 61 Asia Pacific Farming As a Service Market Outlook, By Farmers (2021-2030) ($MN)
- Table 62 Asia Pacific Farming As a Service Market Outlook, By Financial Institutions (2021-2030) ($MN)
- Table 63 Asia Pacific Farming As a Service Market Outlook, By Governments (2021-2030) ($MN)
- Table 64 Asia Pacific Farming As a Service Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 65 South America Farming As a Service Market Outlook, By Country (2021-2030) ($MN)
- Table 66 South America Farming As a Service Market Outlook, By Service (2021-2030) ($MN)
- Table 67 South America Farming As a Service Market Outlook, By Production Assistance (2021-2030) ($MN)
- Table 68 South America Farming As a Service Market Outlook, By Access to Markets (2021-2030) ($MN)
- Table 69 South America Farming As a Service Market Outlook, By Farm Management Solutions (2021-2030) ($MN)
- Table 70 South America Farming As a Service Market Outlook, By Other Services (2021-2030) ($MN)
- Table 71 South America Farming As a Service Market Outlook, By Delivery Model (2021-2030) ($MN)
- Table 72 South America Farming As a Service Market Outlook, By Subscription (2021-2030) ($MN)
- Table 73 South America Farming As a Service Market Outlook, By Pay-per-Use (2021-2030) ($MN)
- Table 74 South America Farming As a Service Market Outlook, By End User (2021-2030) ($MN)
- Table 75 South America Farming As a Service Market Outlook, By Advisory Bodies (2021-2030) ($MN)
- Table 76 South America Farming As a Service Market Outlook, By Corporate (2021-2030) ($MN)
- Table 77 South America Farming As a Service Market Outlook, By Farmers (2021-2030) ($MN)
- Table 78 South America Farming As a Service Market Outlook, By Financial Institutions (2021-2030) ($MN)
- Table 79 South America Farming As a Service Market Outlook, By Governments (2021-2030) ($MN)
- Table 80 South America Farming As a Service Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 81 Middle East & Africa Farming As a Service Market Outlook, By Country (2021-2030) ($MN)
- Table 82 Middle East & Africa Farming As a Service Market Outlook, By Service (2021-2030) ($MN)
- Table 83 Middle East & Africa Farming As a Service Market Outlook, By Production Assistance (2021-2030) ($MN)
- Table 84 Middle East & Africa Farming As a Service Market Outlook, By Access to Markets (2021-2030) ($MN)
- Table 85 Middle East & Africa Farming As a Service Market Outlook, By Farm Management Solutions (2021-2030) ($MN)
- Table 86 Middle East & Africa Farming As a Service Market Outlook, By Other Services (2021-2030) ($MN)
- Table 87 Middle East & Africa Farming As a Service Market Outlook, By Delivery Model (2021-2030) ($MN)
- Table 88 Middle East & Africa Farming As a Service Market Outlook, By Subscription (2021-2030) ($MN)
- Table 89 Middle East & Africa Farming As a Service Market Outlook, By Pay-per-Use (2021-2030) ($MN)
- Table 90 Middle East & Africa Farming As a Service Market Outlook, By End User (2021-2030) ($MN)
- Table 91 Middle East & Africa Farming As a Service Market Outlook, By Advisory Bodies (2021-2030) ($MN)
- Table 92 Middle East & Africa Farming As a Service Market Outlook, By Corporate (2021-2030) ($MN)
- Table 93 Middle East & Africa Farming As a Service Market Outlook, By Farmers (2021-2030) ($MN)
- Table 94 Middle East & Africa Farming As a Service Market Outlook, By Financial Institutions (2021-2030) ($MN)
- Table 95 Middle East & Africa Farming As a Service Market Outlook, By Governments (2021-2030) ($MN)
- Table 96 Middle East & Africa Farming As a Service Market Outlook, By Other End Users (2021-2030) ($MN)
