The Global Farming as a Service (FaaS) market is estimated to grow at high rate owing to the influx of government funding toward the global agricultural sector, increasing popularity of Farming-as-a-Service start-ups, and burgeoning demand for affordable technology solutions for efficient farming to empower farmers. The rising population, growing disposable income, along with surging government initiatives toward digital transactions by providing institutional credit to farmers is projected to fuel the demand for FaaS in the forecast period.
According to MarkNtel Advisors’ research report titled “Global Farming as a Service Market Analysis, 2020”, the Global Farming as a Service market is anticipated to grow at a CAGR of more than 10% during 2020-25. Based on delivery mode, Pay-Per-Use is gaining advantage over the subscription in the Global Farming as a Service market in 2019. To improve the farming productivity, companies are providing production assistance along with utility services, equipment rent, and labor service with enhancing farmers’ incomes, which is further accelerating the demand for pay-per-use model.
“Global Farming as a Service Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Farming as a Service providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Exhibited the Majority Market Share
Asia-Pacific is a lucrative market for potential growth for Farming as a Service market with the presence of countries such as China and India since these are agrarian economies. Growing population, extensive government initiatives of investing in the agriculture sector, and proliferating number of FaaS start-ups which offer technology-driven solutions to over farming issues such as limited access to quality seeds & fertilizers, inadequate transportation and storage facility, and lack of education for farmers are major factors significantly propelling the growth of Global Farming as a Service market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Farming as a Service Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Farming as a Service market are Trimble, Em3, Apollo, John Deere, Accenture, SGS, Taranis, Precision Hawk, IBM etc.
Key questions answered in the study