Global Crop Monitoring Market is valued approximately at USD 2.0 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 15.21% over the forecast period 2020-2027.
Crop monitoring technology allows real time crop vegetation monitoring by the use of spectral analysis of high-resolution images for different fields and crops. The monitoring eases tracking of positive and negative dynamics of crop development. With the development in technology the demand for crop monitoring surges providing the finest use of geospatial technologies and site specific crop management practices. The union of IT with agriculture coupled with government initiatives and decline in sensor prices drives the market growth. According to the Farm Profits and Adoption of Precision Agriculture study in 2017, yield mapping is used on about 40% of US corn and soybean acres, GPS soil maps on about 30%, guidance on over 50%, and VRT on 28-34% of acres. Further, the Penetration of AI and IoT in the agriculture fuels the market growth as these technologies use smart sensors providing a connected environment along with remote monitoring capabilities resulting in higher adoption of devices. As per Statista, the global Agriculture IoT penetration in precision farming accounted to 38.93% and is projected to reach 39.49% by 2023. However, Lower penetration of advanced agriculture technologies impedes the growth of the market over the forecast period of 2020-2027. Although, boost of digitization plan in agriculture sector presents a lucrative opportunity for the market.
The regional analysis of global Crop Monitoring market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing adoption of modern agricultural practices in the region and presence of majority of the market players. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising investments in agriculture would create lucrative growth prospects for the Crop Monitoring market across Asia-Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Farm Size:
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