The Global Farming-as-a-Service Market is projected to grow at around 15.3% CAGR during 2021-26, reveals MarkNtel Advisors in their recent research report. The market is driven principally by the increasing utilization of Farming-as-a-Service (FaaS) models by farmers worldwide to address inefficiencies like low productivity, lack of farm mechanization, access to markets, & data asymmetry, among others in the overall supply chain.
Several companies operating in the industry are working on bringing product innovations, such as multipurpose agricultural equipment & tools for real-time data capturing & analysis. Moreover, the governments of different countries worldwide are actively encouraging farmers to adopt FaaS models & build better agricultural infrastructure with upgraded facilities.
As a result, the escalating utilization of these services shall generate significant growth opportunities for the leading players & augment the overall market growth during the forecast period, further states the research report, “Global Farming as a Service Market Analysis, 2021.”
Precision Farming Reigned the Global Farming as a Service Market in Recent Years
Of all Farm Management Solutions, Precision Farming dominated the Global Farming as a Service Market with the largest share in recent years. It owes principally to the increasing demand for nutrient-rich & high-quality crop production entwined with the growing need to utilize agricultural inputs in precise quantities to maximize yields & avoid wastage of resources.
Additionally, the emergence & increasing utilization of technologies like drones, sensors, etc., for generating & studying data by monitoring crop & equipment conditions, predicting weather conditions, and optimizing the use of inputs, would also drive the demand for precision farming in the coming years.
With Booming Population & its Food Requirements, Asia-Pacific to Witness Considerable Market Growth through 2026
The exponentially growing population & the ever-increasing food requirements across Asia-Pacific are changing the food consumption patterns and, in turn, becoming a challenge to crop production. As a result, the governments of several countries across the region are actively promoting the adoption of modern farming technologies & services like Farming-as-a-Service models to bridge the food gap, which, in turn, is driving the regional market.
Moreover, the demand for FaaS models shall further escalate across the Asia-Pacific, owing to their crucial role in helping the farmers to improve soil health, maximize yield, and suffice the burgeoning food requirements. It, in turn, is expected to generate lucrative growth opportunities for the leading players present in the region through 2026, reveals MarkNtel Advisors in their research report, "Global Farming as a Service Market Analysis, 2021."
According to MarkNtel Advisors, the leading players in the Global Farming as a Service Market are Trimble, Em3, Apollo, John Deere, Accenture, SGS, Taranis, Precision Hawk, & IBM.
Key Questions Answered in the Study