Crop Monitoring Market is estimated to reach a CAGR of 15.6% during the forecast period from 2020 to 2027
The global crop monitoring market would be worth USD 5.99 Billion by 2027, according to a current analysis by Emergen Research. This growth of the market can be attributed to the measures taken by governments of several countries to meet the rising demand for food. Rising adoption of the global navigation satellite system, which helps farmers to perform real-time crop vegetation index monitoring, is contributing to growth of the market for crop monitoring. Increasing preferences by farmers to enhance agricultural productivity is likely to boost the demand for crop monitoring solutions in the near future. Rising labor wages led by the declining agricultural workforce in developed economies has resulted in the shift of preference toward automation operations achieved through usage of artificial intelligence (AI) and Internet of Things (IoT) in the agriculture sector.
Factors influencing the growth of the Crop Monitoring market and impacting the growth of the industry are studied extensively in the report. The report considers the COVID-19 pandemic as one of the key influencing factors of the Crop Monitoring market. The report discusses in detail the positive and negative impact of the pandemic on the Crop Monitoring industry. The supply chain disruptions and economic volatility have altered the dynamics of the Crop Monitoring industry. The report explores the effects of the pandemic on the market and its key segments and regions. It also offers a forecast estimation of the market growth in a post-COVID-19 scenario.
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Key Highlights of Report
- In April 2019, YARA International, a global leader in crop nutrition, and IBM announced to have concluded an agreement to build a leading farming digital platform of the world, which would provide holistic digital services and instant agronomic advices.
- The sensing & imagery segment held the largest market share of 49.3% in 2019. Farmers are using crop and soil sensors, farm mapping, and aerial drones in order to increase crop yield and enhance crop quality, which is expected to drive the segment during the forecast period.
- The hardware segment is anticipated to expand at the most rapid CAGR of 15.6% during the forecast period. The rising need to obtain real-time data on fields and crops to evaluate and analyze the data for growth in farming operations has increased the utilization of sensing and monitoring devices, which has driven the segment.
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The report further sheds light on the emerging growth opportunities, challenges, market threats, limitations, and factors likely to restrict the growth of the Crop Monitoring market. The report further discusses in detail the market in international waters and the emerging trends in those regions. It also offers insights into the competitive landscape, market drivers, industrial scenario, and the latest product and technological developments to offer a comprehensive overview of the Crop Monitoring market landscape.
The Crop Monitoring research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
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The key companies studied in the Crop Monitoring report are:
Yara International, Topcon Corporation, The Climate Corporation (a subsidiary of Bayer), Precision Hawk, Trimble, Deere & Company, Raven Industries, AGCO Corporation, AgJunction, and Lindsay Corporation.
On the basis of regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market is expected to be dominated by North American nations closely followed by European countries. Asia Pacific is expected to show a significant growth owing to recent advancements and rising investments in the R&D sector.
Emergen Research has segmented the global crop monitoring market in terms of technology, offering, application, and region:
- Technology Outlook (Revenue, USD Billion; 2017–2027)
- Variable Rate Technology
- Sensing & Imagery
- Automation & Robotics
- Offering Outlook (Revenue, USD Billion; 2017–2027)
- Application Outlook (Revenue, USD Billion; 2017–2027)
- Soil Monitoring
- Variable Rate Application
- Field Mapping
- Yield Mapping & Monitoring
- Crop Scouting & Monitoring
- Weather Tracking & Forecasting
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The report addresses the following key points:
- The report provides a forecast of market drivers, restraints, and future opportunities for the Crop Monitoring market
- The report further analyses the changing market dynamics
- Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
- Extensive competitive landscape mapping with profiles of the key competitors
- In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
- Revenue forecast, country scope, application insights, and product insights
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