Farming as a Service Market to reach $12.8 Billion, Globally, by 2031 at 16.1% CAGR: Allied Market Research

Drivers, Restraints, and Opportunities

Adopting advanced technologies in agricultural products, the popularity of 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 need for continuous internet are the major factors hampering the growth of the market. On the contrary, increase in 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 farm management solutions segment to rule the roost

On the basis of service type segment, the farm management solutions segment held the largest market share in 2021 due to rise in internet penetration and rise in acceptance of farming solutions by end users such as farmers.

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North America garnered the major share in 2021

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 farming as a service model across the region.

Leading Market Players

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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.

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