According to a new market research report titled, ‘‘Global Crop Monitoring Market by Offering, Technology (Remote Sensing, AI & Computer Vision, Automation & Robotics, Others), Farm Type, Application (Yield Monitoring, Crop Scouting, Nutrient Monitoring, Others), and Geography—Forecast to 2030,’ the global crop monitoring market is projected to reach $8.9 billion by 2030, at a CAGR of 19.3% during the forecast period of 2023 to 2030.
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Crop monitoring is a part of precise agriculture that helps farmers with adequate information to make informed decisions about their fields. It is crucial to monitor the crops occasionally to prevent plant issues or diseases. Thus, sensors, cameras, drones, and other systems are used to monitor crops and collect a huge amount of data, including grain yield, moisture levels, and soil properties, among others. It helps farmers assess the time of harvest, fertilizers required for crop production, the effect of weather, and soil properties. These systems also monitor crop requirements such as water availability and inform the farmer regarding any potential deficiencies so that the farmer can efficiently address the issue. The adoption of these systems is increasing in areas where labor costs are high, and land costs are relatively inexpensive.
In this market study, all recent dynamics associated with crop monitoring systems were thoroughly analyzed to estimate the future of the global crop monitoring market precisely. This study also includes profiling key global crop monitoring market stakeholders and segmenting them based on their market standings.
Based on offering, the global crop monitoring market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global crop monitoring market. The large market share of this segment is attributed to the rapid automation of agricultural processes, rising demand for drones to monitor yield, and increasing labor costs.
However, the software segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing need to collect data and provide insights regarding crop conditions, the growing need to increase farm yield and reduce labor, and increasing digitalization.
Based on technology, the global crop monitoring market is segmented into remote sensing, AI & computer vision, IoT, cloud technologies, big data, automation & robotics, and other technologies. In 2023, the remote sensing segment is expected to account for the largest share of the global crop monitoring market. The large market share of this segment is attributed to the reduction in the prices of sensors and rapid automation of agricultural processes, and increasing government spending promoting farm automation systems.
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However, the big data segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing use of big data for monitoring crop health, helping farmers collect valuable knowledge about diverse aspects of crop growth, disease detection, and pest management.
Based on application, the global crop monitoring market is segmented into yield monitoring, field mapping, crop scouting, nutrient monitoring, pest control, and other applications. In 2023, the yield monitoring segment is expected to account for the largest share of the global crop monitoring market. The large market share of this segment is attributed to the rising adoption of precision farming, increasing population resulting in rising food consumption, government subsidies in the food and agriculture industry, the need for increased profitability, and enhancement in yield. Moreover, this segment is also projected to register the highest CAGR during the forecast period.
Based on geography, the global crop monitoring market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2023, Europe is expected to account for the largest share of the global crop monitoring market. Europe’s major market share can be attributed to the increasing demand for improvised food products, the growing interest of farmers in adopting precision farming, and growing government investments to adopt IoT solutions.
However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period. The growth of this market is attributed to the increasing adoption of smart devices for agriculture, rising demand for enhanced food quality, growing adoption of precision farming & government initiatives. For instance, in February 2021, Indonesia's Ministry of Agriculture signed an MoU with Microsoft to strengthen the country's data-driven agriculture ecosystem and empower smallholder farmers with tech-focused solutions. Also, it helps Indonesian farmers to capture agriculture datasets, such as crop yields, weather data, market demand, and prices, to build machine learning models.
Key Players
The key players operating in the global crop monitoring market are Topcon Corporation (Japan), Trimble Inc. (U.S.), Climate LLC (U.S.), Yara International ASA (Norway), CropX Inc. (Israel), EOS Data Analytics, Inc. (U.S.), The Cropio Group (U.S.), PrecisionHawk (U.S.), Taranis (Israel), Ag Leader Technology (U.S.), Deere & Company (U.S.), AGCO Corporation (U.S.), Sentera (U.S.), American Robotics, Inc. (U.S.), SGS S.A. (Switzerland), Cropin Technology Solutions Private Limited (India), Arable (U.S.), and Small Robot Company (U.S.).
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Key questions answered in the report:
• Which are the high-growth market segments in terms of offering, technology, farm type, application, and geography?
• What is the historical market for crop monitoring systems?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, and opportunities in the global crop monitoring market?
• Which are the major players in the global crop monitoring market, and what are their market shares?
• How is the competitive landscape?
• What are the recent developments in the global crop monitoring market?
• How do major players adopt the different strategies in this market?
• What are the geographic trends and high-growth regions in the market?
• Which are the emerging players in the global crop monitoring market, and how do they compete with the other players?
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