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The agriculture industry is experiencing significant transformation driven by the advent technologies to achieve farm productivity and profitability. Farm productivity directly affects the region’s overall growth and competitiveness. The crop monitoring technology comprises intelligent sensors and connected technologies, which help farmers to improve crop productivity. The data-driven insights provided by the crop monitoring system are helpful in the efficient utilization of resources and reducing crop losses. Thus, farmers are heavily adopting crop monitoring solutions to enhance crop quality and productivity.
Growing investments in agriculture technology and adoption of precision farming for field mapping and geo-positioning is accelerating the market growth. Besides, the rising adoption of the internet of things and artificial intelligence-based devices for farm monitoring signifies substantial development of the crop monitoring market. Rising concerns about food security and safety is another factor that drives the market growth. The crop monitoring covers all the critical aspects of agriculture operations, including soil moisture, water levels, weather status, fuel levels, in-field crop health, and temperatures. An intelligent sensor automates the data collection and enhances the in-field observations to provide crop-specific recommendations. Thus, advanced crop monitoring systems are gaining much popularity across precision farming, owing to its unprecedented level of visibility.
Key Market Driver -
• Surging investments in agriculture technologies would drive the crop monitoring system adoption • Smart agriculture and IoT in agriculture to stimulate the market growth • Increasing demand for the sustainable precision farming to boost crop monitoring adoption
Key Market Restraint -
• Lack of awareness is hampering the market growth
A highly competitive business landscape encourages vendors to invest their efforts in enhancing and expanding their existing product portfolio. Key companies are investing in research and development activities for developing solutions for today's and tomorrow's technological needs. In June 2018, Libelium Comunicaciones Distribuidas S.L. launched a new sensor node for the smart agriculture system. This sensor node was aimed to improve crop monitoring accuracy. Prominent companies are taking active measures to deliver a diversified product portfolio to meet the best of needs. Business strategies such as partnerships, collaborations, mergers, and acquisitions help key players uplift their market position. In January 2020, CropX inc. acquired Nebraska-based CropMetrix to expand its business network across the United States. The acquisition was aimed to uplift the company position in the soil and crop analytics market.
Key companies summarised includes Libelium Comunicaciones Distribuidas S.L., John Deere, Agrisource Data, Raven Industries, Inc., AGCO Corporation., Pessl Instruments GmbH, Mouser Electronics, Inc., Topcon Corporation, AgJunction Inc., Taranis Visual Ltd., CropX inc., Trimble Inc., Yara International ASA, The Climate Corporation, and among others.
North America is expected to hold a maximum market share due to the presence of many agri-tech firms across the region. The region is leading in the adoption of agriculture-specific technologies. Besides, North American countries are taking initiatives for the implementation of precision farming technologies. As per the study conducted by the Cambridge University (Cambridge Core), in February 2019, the total adoption rate of precision agriculture in the United States has crossed about 50% of farms. Growing food security and safety concerns is another crucial factor driving the crop monitoring market growth. Rapidly developing smart infrastructure projects are further accelerating the demand for smart agriculture solutions. The significant development of satellite navigation systems is also stimulating the adoption of crop monitoring systems across North America.
Europe is likely to hold a significant market share owing to favorable government support and agriculture policies. Increasing food security concerns is another market growth factor. Significant technological developments are expected to drive the crop monitoring solution adoption across Europe. Progressive approaches towards advanced technologies such as the internet of things, artificial intelligence, and data analytics are likely to drive market growth during the forecast period.
Asia-Pacific is anticipated to exhibit high market growth owing to substantial investments in agriculture technology development. In July 2020, the ISRAELI SPY’S start-up firm received USD 30 million funding from the Singapore and other Asia-Pacific based (venture capital firms) investors to develop agriculture technology business in Asia-Pacific. Increased adoption of the internet of things in agriculture for weather monitoring and condition monitoring is validating the significant market growth in Asia-pacific.
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