Global Crop Monitoring Market to record 15.21% CAGR through 2027

December 04, 2020

According to the report titled ‘Global Crop Monitoring Market Size study, by Offering (Hardware, Software, Services), Technology (Sensing & Imagery, VRT, Automation and Robotics), Application (Field Mapping, Soil Monitoring, Crop Scouting, Yield mapping and monitoring, Others), Farm Size (Small, medium, large) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global crop monitoring market was worth USD 2 billion in 2019 and is anticipated to record a 15.21% CAGR during 2020-2027.

Union of agriculture and IT leading to usage of geospatial technologies and site specific crop management practices for efficient crop monitoring, along with supportive government initiatives, and reduced sensor prices are primarily driving the growth of global crop monitoring market.

Notably, crop monitoring technology enables real-time monitoring of vegetation through spectral assessment of high-resolution images for various crops and fields. The monitoring streamlines tracking negative and positive dynamics of crop development.  

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Penetration of Internet of Things (IoT) and artificial intelligence (AI) in the agriculture sector is stimulating global crop monitoring industry expansion, as these technologies use smart sensors, delivering remote monitoring capabilities as well as connected environment leading to high adoption of devices. According to Statista, global agriculture IoT penetration in precision farming was estimated at 38.93% and is expected to increase to 39.49% by the year 2023.

On the downside, low cognizance of advanced agriculture technologies is likely to hamper the industry remuneration over the study period. Although, accelerating digitization in agriculture industry is creating lucrative prospects for the market expansion.

Citing the geographical terrain, worldwide crop monitoring market sphere is categorized into North America, Europe, Asia Pacific, Latin America, and Rest of the World. As per the report, North America presently holds significant market share and is predicted to witness modest gains over the estimated timeframe, attributable to concentration of major market players and growing adoption of modern agriculture methodologies in the region.

Meanwhile, Asia Pacific crop monitoring industry is reckoned to accrue notable gains by the year 2027, on account of increasing investments in agriculture.

Leading organizations impacting global crop monitoring market trends are Taranis, Ag Leader Technology Inc., PrecisionHawk, Earth Observing System, Cropio, CropX Technologies Ltd., The Climate Corporation, Yara International ASA, Topcon Corporation, and Trimble Inc.

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