Key Insights in Crop Monitoring Market
In 2022, the World Crop Monitoring Market was valued at USD 2.6 Billion. This market is estimated to reach USD 9.8 Billion in 2032 at a CAGR of 14.6% between 2023 and 2032. The term “crop monitoring market” describes the use of technologies for the real-time monitoring and management of crops with the goals of increasing output, minimizing waste, and maximizing resource utilization.
Rising adoption of precision agriculture practices and increasing popularity of IoT-based crop monitoring solutions have fuelled market expansion. Unfortunately, however, high costs associated with crop monitoring solutions and limited awareness among farmers limit that expansion.
COVID-19 Impact
The COVID-19 pandemic has had both negative and positive repercussions for crop monitoring market. On one hand, disruption caused by supply chain disruption and labor shortage has made accessing monitoring solutions harder for farmers; yet on the other hand it has highlighted food security and sustainability needs and this in turn led to greater interest for monitoring solutions as they help farmers improve yields while decreasing environmental impact.
Full market insight:-https://market.us/report/crop-monitoring-market/
Latest Trends
Below are a few of the latest trends in crop monitoring market:
- Precision Agriculture's Growth: Precision agriculture is an approach to farming that utilizes data-driven sensors and other technologies to monitor crops more precisely, with crop monitoring as its central element. As precision agriculture continues its meteoric rise, so too has its market grown substantially for crop monitoring services.
- Artificial Intelligence and Machine Learning Applications in Crop Monitoring Solutions: Artificial intelligence and machine learning applications have become more commonly employed for crop monitoring solutions in recent years, helping increase accuracy and efficiency while monitoring crops.
- Increased Adoption of Drones and Satellites: Drones and satellites have become more widely adopted for crop monitoring purposes in recent years, offering high-resolution images while satellites deliver data over longer distances.
- Smart Farming Technologies: Smart farming technologies such as self-driving tractors and soil sensors with monitoring capability are currently under development and could revolutionize crop monitoring.
Driving Factors
Crop monitoring solutions provide farmers with tools that enable them to increase yields while decreasing food losses, helping meet an ever increasing need for sustenance.
- Agriculture Productivity Improvement Need: By 2050, global population projections call for 70% more food to feed an expanding global population. Crop monitoring solutions can aid farmers by giving real-time data regarding their plants' statuses so that timely corrective actions may be taken as needed.
- Rising Adoption of Precision Agriculture Practices: Precision agriculture refers to farming using data-driven practices with technology for optimizing crop production. Crop monitoring solutions play a central role in precision agriculture as they give farmers the information needed for informed decisions regarding their crops.
- Growing Trend of IoT-Based Crop Monitoring Solutions: Internet of Things-based crop monitoring solutions have become more affordable and user-friendly, thanks to sensors collecting information on various parameters like soil moisture levels, nutrient concentration levels and plant health - data transmitted directly into a cloud platform where farmers can remotely access this data.
Opportunity Factors
Below are factors which offer growth prospects to the crop monitoring market:
- Artificial Intelligence and Machine Learning Adoption in Crop Monitoring Solutions: Artificial intelligence (AI) and machine learning (ML) solutions have become an increasing part of crop monitoring solutions, helping increase both accuracy and efficiency for optimal monitoring results.
- Demand for organic food: Global demand is on the rise for organic food production, relying heavily on sustainable farming techniques that rely on crop monitoring in order to maximize yield and minimize expenses for organic farmers.
- Government Support for Agriculture: Governments worldwide are offering financial and technical aid to farmers so that they may adopt cutting-edge technologies, thus driving market expansion for crop monitoring technology. This support has also fostered growth within this growing field.
Challenging Factors There are various obstacles obstructing the growth of the crop monitoring market:
Climate Change: Climate change has increased the difficulty of cultivating crops. Crop monitoring solutions may help farmers to mitigate its adverse effects by providing early warning of problems; however, climate change poses additional difficulties when creating and implementing crop monitoring solutions.
Crop monitoring solutions generate large volumes of sensitive information that is susceptible to cyber attacks; farmers must put safeguards into place in order to secure it effectively.
Lack of Awareness: Many farmers do not appreciate the advantages of crop monitoring, making adoption challenging. Therefore, farmers need to be educated on its benefits to increase adoption.
Key Market Segments:
Based on Offering
- Hardware
- Software
- Services
Based on Technology
- Sensing and Imagery
- Variable Rate Technology
- Automation and Robotics
Based on Farm Type
- Small
- Medium
- Large
Based on Application
- Field mapping
- Crop scouting and monitoring
- Soil monitoring
- Yield mapping and monitoring
- Variable rate application
- Weather tracking and forecasting
- Others
Market Key Players:
Listed below are some of the most prominent Crop Monitoring industry players.
- Trimble Inc.
- Topcon Corporation
- Yara International
- The Climate Corporation
- CropX Technologies
- Cropwise Operations
- Earth Observing System
- PrecisionHawk
- Ag Leader
- Taranis
- Other Key Players
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