Farming as a Service Market Set to Reach $11.78 Billion by 2030, Driven by IoT, AI, 5G, and Autonomous Farming Technologies

The global Farming as a Service (FaaS) market is projected to grow from $4.70 billion in 2024 to $11.78 billion by 2030, driven by increasing food demand and technological advancements. Key growth factors include a rising global population, government support, and adoption of AI and IoT in agriculture. North America leads the market share, while Asia Pacific shows rapid growth potential. Major players like Trimble Inc., John Deere, and IBM continue to drive innovation in this diverse landscape.

The agriculture IoT market is poised for significant growth, with a projected value of USD 12.61 billion by 2030, according to a recent report by MarketsandMarkets™ [1]. This growth is driven by increasing demand for smart, energy-efficient, and sustainable IoT-based solutions across precision farming, livestock monitoring, and greenhouse automation. Key factors contributing to this expansion include the need for higher crop yield and resource optimization, as well as the global push toward sustainable agriculture and stricter environmental regulations.

IoT devices are widely adopted for soil health monitoring, climate control, and automated irrigation, addressing environmental and productivity concerns. These systems reduce water wastage, optimize fertilizer usage, minimize manual labor, and offer real-time data analytics and remote-control capabilities. For instance, the precision aquaculture hardware segment is expected to witness the highest CAGR during the forecast period, driven by the adoption of advanced tools to optimize productivity in fish farms and hatcheries [1].

Precision farming applications are expected to account for the largest market share in 2030, expanding rapidly to provide farmers with real-time analytics for crop health, pest control, and yield prediction. Cloud-based platforms and mobile apps make data accessible anytime, allowing informed decision-making that boosts efficiency and profitability [1].

Asia Pacific is projected to be the fastest-growing region, registering the highest CAGR over the forecast period. The rapid expansion is driven by increasing food demand due to population growth and shrinking arable land, prompting the adoption of smart farming practices. Countries such as China, India, Japan, and Australia are investing heavily in IoT-enabled solutions for precision farming, aquaculture, and livestock management [1].

Key players in the agriculture IoT market include Deere & Company, AGCO Corporation, Raven Industries, DeLaval, Merck & Co., Inc., Akva Group, KUBOTA Corporation, Topcon, ScaleAQ, and Innovasea Systems Inc. [1].

References:
[1] https://www.prnewswire.co.uk/news-releases/agriculture-iot-market-worth-12-61-billion-by-2030---exclusive-report-by-marketsandmarkets-302544887.html