Crop Monitoring Market: Global Industry Analysis and Forecast (2023-2029) by Application, Component, and Region

Crop Monitoring Market Definition:

Crop monitoring is a method that allows for real-time crop vegetation index monitoring for various fields and crops using spectral analysis of high-resolution satellite images, allowing for the tracking of positive and negative crop development dynamics. Crop monitoring is becoming increasingly important for making the greatest use of geospatial technologies and site-specific crop management strategies, as technology has evolved since its start. The Crop Monitoring Market report's segment analysis is completed on the basis of component, application and region.

 

Sensoterra, a cheap, wireless Internet of Things approach for remotely monitoring moisture levels, allows farmers to obtain real-time insight into the state of their crops soil. Sensors and probes in the system deliver data to a smartphone or a computer. Crop growth and performance during various stages of development are essential aspects of agricultural management. It enables the farmer to make timely adjustments to provide the best possible product after the season.

Crop Monitoring Market Dynamics:

The increasing implementation of the Internet of Things (IoT) and artificial intelligence in the agriculture industry can be driving the growth of the market:

 

One of the main factors for the growth of the crop monitoring market has been the emergence of IoT and AI-based devices for crop monitoring. Furthermore, the linked environment, combined with the ability to monitor these devices remotely, has resulted in higher adoption of these devices. Because of advancements in the field of sensors and their cost, smart sensors are becoming more common in agriculture.

 

IoT in agriculture is intended to enable farmers to use remote sensors to monitor crucial information such as humidity, air temperature, and soil quality, as well as improve yields, plan more efficient irrigation, and also forecast harvests. Farmers can use AI to get actual visions into their fields, permitting them to spot areas that necessitate irrigation, fertiliser, or pesticide submission. In addition, novel farming methods such as vertical agriculture may contribute improve food output while dipping resource ingesting. These implementations of IoT and Artificial Intelligence in crop monitoring technology may help to fuel the growth of the crop monitoring market.

 

Crop monitoring technology is underutilised due to a lack of knowledge is hampering the growth of the market:

 

Deal with climate change, soil erosion, and the loss of biodiversity. Satisfying changing consumer tastes and expectations is seen as a major component in market restraint. Furthermore, farmers in rural areas of developing

ve a poor understanding of technology, which has resulted in a lesser adoption of sensing and imagery technology for crop monitoring. The digital divide between rural and urban areas in developing countries has been a major obstruction to the expansion of the crop monitoring market in these countries.

 

Concerns about improving farm production and profitability are growing which is giving a huge opportunity for the market:

 

Conservatories allow farmers to accomplish the growing atmosphere for their crops. Photosynthesis can be accelerated with the use of artificial lighting, which permits photosynthesis to continue after daylight hours. The Crop Monitoring Market includes growing worries about improving farm production and profitability, as well as growing knowledge among farmers about the usage of remote sensing technologies. Farmers increased usage of remote sensing technology, which allows them to remotely monitor their crops, has resulted in such widespread acceptance. During the forecast period, sensing and imagery technology is expected to gain even more traction. This usage of technology is giving lucrative growth for the market.

 

Landholdings in major portions of the world are small and dispersed which is a significant commercial challenge:

 

Catering to farmers with tiny and fragmented land holdings is one of the key challenges faced by companies in the market. Remote sensing, VRT, automation, and robots are all predicated on economies of scale, which means that a modest holding will not yield a large profit. Countries such as China and India have a lot of promise in the crop monitoring market, but their land holdings are modest and dispersed.

 

Crop Monitoring Market Segment Analysis:

By Application, the market is segmented as Field Mapping, Crop Scouting, Soil Monitoring, Yield Monitoring and Weather monitoring and forecasting. The Weather monitoring and forecasting segment dominated the crop monitoring market with a 35.1% share in 2020. Crop monitoring allows for precise inputs, resulting in increased productivity and efficiency, while the weather tracking and forecasting tool allow growers to precisely supply inputs based on weather conditions. Apart from that, as a result of climate change, producers are opting for weather-specific planning to reduce losses. Due to the disruptions created by the COVID-19 pandemic, the market for these applications is predicted to gradually recover and be fully recovered by 2021, as food consumption continues to rise.

 

However, the Field Mapping segment is expected to grow at a CAGR of 5.6% through the forecast period. A field mapping describes the relationship between a persistent field and the database. It also includes information on how to link the field to the data of its owning object, as well as any linked objects, if necessary it also describes the field denotes a relation to one or more other tenacious substances.

 

By Component, the market is segmented as Hardware, Software, and Services. The Software segment dominated the crop monitoring market with a 48.3% share in 2020. Due to the widespread use of the internet in major parts of the world, the development of smartphones and their widespread reach, and the need to optimise farm processes through the use of advanced technologies such as artificial intelligence, machine learning, and big data analytics, the crop monitoring software market is expected to grow at the fastest rate. Due to the extensive increase in demand for satellite-based remote sensing technology, the current COVID-19 pandemic is likely to boost the expansion of the crop monitoring software industry.

 

Crop Monitoring Market Regional Insights:

The Asia Pacific region dominated the market with a 42% share in 2020. The huge market share in the crop monitoring industry is due to the existence of Agri-tech heavyweights such as Trimble, John Deere, and others. However, due to the strong adoption of agriculture technology in countries such as India, China, Australia, and Japan, the APAC region is expected to rise rapidly throughout the forecast period. Furthermore, substantial government changes in the APAC region to improve and digitise the agriculture industry could push the growth of the crop monitoring market.

 

However, the North American region is expected to grow at a CAGR of 7.6% through the forecast period. Agriculture-specific technologies are being adopted at a rapid pace in the region. According to Cambridge University, the total adoption rate of precision agriculture in the United States has reached roughly 52% of farms. According to US Department of Agriculture estimates, roughly 2,029,200 farms in the US utilised 950 million acres of land in 2017. Because the country relies on agriculture, the government is increasingly focusing on introducing precision agricultural technologies.

 

The objective of the report is to present a comprehensive analysis of the Global Crop Monitoring market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Crop Monitoring market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the global market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Crop Monitoring market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Crop Monitoring market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the global market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Global Crop Monitoring market. The report also analyses if the Global Crop Monitoring market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few Players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Crop Monitoring market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Crop Monitoring market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the global market is aided by legal factors.

 

Crop Monitoring Market Scope:

Crop Monitoring Market Scope
Market Size in 2022	USD 2.55 Bn.
Market Size in 2029	USD 3.91 Bn.
CAGR (2023-2029)	6.3%
Historic Data	2017-2021
Base Year	2022
Forecast Period	2023-2029
Segment Scope	By Application Field Mapping Crop Scouting Soil Monitoring Yield Monitoring Weather monitoring and forecasting
	By Component Hardware Software Services
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Crop Monitoring Market Key Players:

• Trimble (US)
• Topcon Corporation (Japan)
• Yara International (Norway)
• The Climate Corporation (US)
• CropX Technologies (Israel)
• Cropio (US)
• Earth Observing System (US)
• PrecisionHawk (US)
• AgLeader (US)
• Taranis (Israel)
• Agjunction Inc. (US)
• Mouser Electronics, Inc (USA)
• Pessl Instrument Gmbh (Austria)
• John Deere (Moline, IL)
• Libelium Comunicaciones Distribuidas S.L. (Spain)