Crop Monitoring Technology in Precision Farming Market Size (2024 - 2029)

The crop monitoring technology in precision farming market is experiencing significant growth, driven by the integration of IT with agriculture, government initiatives, and decreasing sensor prices. The market size is expanding due to the increasing adoption of telematics applications, particularly in regions with high labor costs and low land costs. The demand for UAVs and the success of precision farming in enhancing crop productivity are further contributing to market expansion. Despite challenges such as low awareness and high initial costs, the market is poised for growth, supported by governmental efforts to address rising food demands. However, the technology's penetration remains limited, primarily in developed countries.

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Market Size of Crop Monitoring Technology in Precision Farming Industry

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Crop Monitoring Technology in Precision Farming Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 12.60 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Medium

Major Players

Crop Monitoring Technology in Precision Farming Market Key Players

*Disclaimer: Major Players sorted in no particular order

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Crop Monitoring Technology in Precision Farming Market Analysis

The crop monitoring technology in the precision farming market is expected to register a CAGR of 12.6%, during the forecast period (2021 - 2026). As technology has been evolving since its inception, crop monitoring is increasingly becoming critical for making the best use of geospatial technologies and site-specific crop management practices.

  • The convergence of IT with agriculture, coupled with government initiatives and decline in sensor prices, is driving the growth of the market.
  • A growing number of applications for telematics in agriculture are anticipated to drive the demand for crop monitoring over the forecast period. Telematics services include tracking devices using Global Navigation Satellite System (GNSS) to show the position of the equipment for management purposes.
  • The adoption for these solutions is found to be high in areas where labor costs are high and land costs are relatively inexpensive.
  • The increasing demand for UAVs and the recent success of precision farming in increasing the productivity of major crops are expected to open up new growth opportunities in the near future.
  • Further, measures taken by various governments to meet the increasing food demand is stimulating the market growth. For instance, the US Department of Agriculture, NASA, and NOAA contribute to precision farming, by the development of advanced technologies in GPS navigation. Also, the Indian government provides 100% cost subsidy to Precision Farming Development Centres (PDFCs).
  • However, low awareness and high initial costs may hamper the growth of the market. Besides, due to low penetration, presently, the technology is majorly used in developed countries.

Crop Monitoring Technology in Precision Farming Industry Segmentation

Crop monitoring is the technology that facilitates real-time crop vegetation monitoring via., spectral analysis of high-resolution images for different fields and crops that enables to track positive and negative dynamics of crop development.

By Technology
Guidance System
Remote Sensing
Variable Rate Technology
By Solution
Hardware
Software
Service
By Application
Field Mapping
Soil Monitoring
Crop Scouting
Yield Monitoring
Variable Rate Application
Other Applications
Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Crop Monitoring Technology in Precision Farming Market Size Summary

The crop monitoring technology in precision farming market is experiencing significant growth, driven by the integration of information technology with agriculture and supportive government initiatives. The decreasing costs of sensors and the increasing applications of telematics, such as Global Navigation Satellite System (GNSS) tracking, are contributing to the market's expansion. These technologies are particularly beneficial in regions with high labor costs and lower land costs. The demand for unmanned aerial vehicles (UAVs) and the success of precision farming in enhancing crop productivity are expected to create new opportunities. Government efforts to address rising food demands, such as those by the US Department of Agriculture, NASA, and NOAA, are further stimulating market growth. However, challenges like low awareness and high initial costs may impede progress, with current adoption primarily in developed countries.

The United States leads in the use of GNSS/GPS technology in agriculture, with a significant portion of farms utilizing these advanced technologies for various applications, including yield mapping, farm planning, and variable rate applications. The increased adoption of these technologies is anticipated to boost the demand for crop monitoring solutions. Despite moderate market penetration, it is expected to grow substantially, with many companies focusing on strategic acquisitions and research collaborations to enhance their market presence. Key players in the industry, such as AGCO Corporation, John Deere, and Monsanto Company, are actively expanding their product offerings to meet the growing demand. Recent partnerships, like that of Yara International with IBM, aim to leverage technology to improve agricultural productivity globally.

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Crop Monitoring Technology in Precision Farming Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Introduction to Market Drivers and Restraints

    3. 1.3 Market Drivers

      1. 1.3.1 Rising Demand for Food Products and Improved Crop Yield

      2. 1.3.2 Convergence of IT with Agriculture

      3. 1.3.3 Government Support and Decline in Price of Sensors Aid Adoption

    4. 1.4 Market Restraints

      1. 1.4.1 Relatively Low Awareness and Lack af Specialists Remain a Concern

      2. 1.4.2 High Initial Costs and Sluggish Penetration of Technology

    5. 1.5 Value Chain Analysis

    6. 1.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.6.1 Threat of New Entrants

      2. 1.6.2 Bargaining Power of Buyers/Consumers

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Technology

      1. 2.1.1 Guidance System

      2. 2.1.2 Remote Sensing

      3. 2.1.3 Variable Rate Technology

    2. 2.2 By Solution

      1. 2.2.1 Hardware

      2. 2.2.2 Software

      3. 2.2.3 Service

    3. 2.3 By Application

      1. 2.3.1 Field Mapping

      2. 2.3.2 Soil Monitoring

      3. 2.3.3 Crop Scouting

      4. 2.3.4 Yield Monitoring

      5. 2.3.5 Variable Rate Application

      6. 2.3.6 Other Applications

    4. 2.4 Geography

      1. 2.4.1 North America

      2. 2.4.2 Europe

      3. 2.4.3 Asia-Pacific

      4. 2.4.4 Latin America

      5. 2.4.5 Middle East & Africa

Crop Monitoring Technology in Precision Farming Market Size FAQs

The Crop Monitoring Technology in Precision Farming Market is projected to register a CAGR of 12.60% during the forecast period (2024-2029)

Deere & Company, AGCO Corporation, AG Junction Inc., Topcon Precision Agriculture and Monsanto Company are the major companies operating in the Crop Monitoring Technology in Precision Farming Market.

Crop Monitoring Technology in Precision Farming Report Snapshots

Crop Monitoring Technology in Precision Farming Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)