Smart crop monitoring techniques are those which help farmers and agronomists to map, monitor crops, and take necessary actions to enhance the agricultural yield. Smart crop monitoring can be implemented on small, medium, or large-sized farms. Some equipment used widely for smart crop monitoring includes sensors, agricultural robots, AI and IoT-based platforms, drones, and others.
The key trends in the smart crop monitoring market include IoT (Internet of Things) and AI (artificial intelligence)-based transformation in the agricultural value chain, supporting government regulations, and the increased demand for farm operation optimization.
The global smart crop monitoring market was valued at $1.92 billion in 2021, which is expected to grow with a CAGR of 12.75% and reach $3.95 billion by 2027. The growth in the global smart crop monitoring market is expected to be driven by increasing demand for food and the growing need for precision, digital, and smart agriculture practices.
Read report overview- smart crop monitoring market
Smart Agriculture Monitoring Market Lifecycle Stage
The smart crop monitoring market is still in an evolving phase. Increased research and development activities are underway to develop smart crop monitoring technologies and products, which are expected to increase due to the increased demand for food and the need for automation in the agriculture sector.
Increasing investment in smart agriculture is one of the major opportunities in the global smart crop monitoring market. Moreover, smart crop monitoring technologies also help in reducing crop losses due to crop diseases and harsh climatic conditions, which aid the farmers in increasing crop quality and quantity.
Strategies adopted by the existing market players
The global smart crop monitoring market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. According to BIS Research analysis, the majority of the companies preferred partnerships, collaborations, and joint ventures as a strategy to further increase their growth in the global smart crop monitoring market. Companies such as Kubota Corporation, AGCO Corporation, AGRIVI, and others have majorly adopted partnerships, collaborations, and joint venture strategies.
The favored strategy for the companies has been product partnerships, joint ventures, and product launches to strengthen their position in the smart crop monitoring market. For instance, in December 2021, Ceres Imaging announced to offer new soil moisture probes as part of its precision irrigation subscription service to farmers in California.
A detailed competitive benchmarking of the players operating in the global smart crop monitoring market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
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Market Impact
With an increased worldwide focus on achieving the global food demand, the shift to digital, smart, and data-driven products in the agriculture sectors brings significant sales and financing opportunities. The shift is more prominent in automation and robotics segments in regions such as North America and Europe.• Furthermore, smart crop monitoring has a moderate to high impact on crop protection systems to reduce crop losses due to crop diseases and pest infestations.
Impact of COVID-19
In the wake of the pandemic, labor shortages have caused disruptions in the agricultural processes, thereby leading every country to re-emphasize food security and increase domestic food production. With an aim to solve labor shortages, the increased application of automated technologies such as sensors, data analytics, variable-rate technology, and others have been introduced in the production system. Each country continued to promote policies on increasing the adoption of smart crop monitoring techniques, which have proved to be the appropriate solution.
Recent Developments in Global Smart Crop Monitoring Market
In February 2022, Airbus S.A.S and Intelinair partnered to provide Airbus S.A.S' accurate and satellite-based imagery data to Intelinair's platform, AGMRI, which is an AI-based crop analytics platform. This would aid in providing farmers with accurate images and data of their fields throughout the crop production cycle.• In January 2022, iTree Consulting & Services and AGRIVI partnered to bring digital agriculture solutions to farmers and agri-food value chain stakeholders in Mexico.
• In May 2021, AGCO Corporation collaborated with Robert Bosch GmbH, BASF Digital Farming GmbH, and Raven Industries Inc. to innovate and develop precision spraying and variable-rate technologies in the agricultural fields. The collaboration is aimed to make crop protection products more efficient by reducing input costs.
• In March 2021, MAM and Kubota Corporation partnered, aiming to provide agricultural equipment, services, and solutions to Japan.
• In March 2021, CNH Industrial N.V. partnered with ML6 to help transfer an algorithm to a multi-faceted camera. ML6 helped economize and optimize the algorithm and help get it implanted by working with the camera provider, CNH Industrial N.V.
The smart crop monitoring market is expected to be a great replacement of conventional agricultural equipment and devices. Through a better adoption of these technology-based products and services, the consumers' demand for quality crops and less wastage of resources can be met.
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Precision Agriculture Market - A Global and Regional Analysis
Farm Management Software and Data Analytics Market - A Global and Regional Analysis
Global Smart Farming Market - A Global and Regional Analysis
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