The Crop Monitoring by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Crop Monitoring , The crop monitoring market size has grown rapidly in recent years. It will grow from $2.86 billion in 2023 to $3.32 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to increasing need for food security, environmental concerns, government initiatives, data analytics and ai.
The crop monitoring market size is expected to see rapid growth in the next few years. It will grow to $5.97 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to precision agriculture adoption, climate change mitigation, growing demand for organic farming. Major trends in the forecast period include market expansion, integration with iot and big data, partnerships and collaborations, ai and machine learning, farm-to-table traceability.
The increasing adoption of Internet of Things (IoT) devices is expected to propel the growth of the crop monitoring market going forward. IoT devices refer to physical objects or devices that are embedded with sensors, software, and connectivity capabilities to collect and exchange data over the internet. Internet of Things (IoT) devices are used for crop monitoring as a transformative approach that leverages technology to enhance agricultural practices and crop management for farmers to make informed decisions, optimize resource use, and maximize crop yield. For instance, in April 2022, according to the CRO Forum (2022), a Netherlands-based high-level discussion group of risk managers published an IoT risk from an insurance perspective. It is anticipated that it will reach 24.1 billion IoT devices by 2030. Additionally, in March 2023, according to Exploding Topics, a US-based online platform that provides insights into emerging and trending topics, it is anticipated that by 2030, there will be 25.4 billion IoT devices. Therefore, the increasing adoption of Internet of Things (IoT) devices is driving the growth of the crop monitoring market.
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The crop monitoring market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Farm Type: Small Sized Farms, Medium Sized Farms, Large Sized Farms
3) By Technology: Variable Rate Technology, Sensing And Imagery, Automation And Robotics
4) By Application: Field Mapping, Crop Scouting And Monitoring, Soil Monitoring, Yield Mapping And Monitoring, Variable Rate Application, Weather Tracking And Forecasting, Other Applications
Major companies operating in crop monitoring market are innovating new technology, such as robots, to provide reliable services to customers. The autonomous crop monitoring robot designed to provide real-time insights into the fields, working plant-by-plant to balance production and efficiency. For instance, in May 2022, Solinftec, a Brazil-based ag-tech company, launched Solix. The Solix robot is solar-powered and equipped with lithium-ion batteries for energy storage. The Solix robot contains an onboard camera and sensors paired with artificial intelligence (AI) technology to monitor plant health, detect insect damage, and detect changes in the field.
The crop monitoring market report table of contents includes:
- Executive Summary
- Crop Monitoring Market Characteristics
- Crop Monitoring Market Trends And Strategies
- Crop Monitoring Market – Macro Economic Scenario
- Global Crop Monitoring Market Size and Growth
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- Global Crop Monitoring Market Competitive Benchmarking
- Global Crop Monitoring Market Competitive Dashboard
- Key Mergers And Acquisitions In The Crop Monitoring Market
- Crop Monitoring Market Future Outlook and Potential Analysis
- Appendix
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