Vancouver, British Columbia, March 24, 2021 (GLOBE NEWSWIRE) -- The global crop monitoring market is projected to reach value of USD 5.99 Billion by 2027, according to a current analysis by Emergen Research. This growth of the market can be attributed to increasing adoption of Internet of Things (IoT) and artificial Intelligence in the agriculture sector. The growing rate of Internet penetration and the rising number of smartphone users among farmers are expected to drive the market for crop monitoring during the forecast period. The increasing usage of remote sensing data combined with selected field data to determine key crop production indicators is contributing to growth of the agriculture sector. Growing interest of farmers in precision farming to reduce operational costs and increase agricultural productivity is projected to fuel the demand for crop monitoring products in the agriculture sector during the forecast period.
Limited technological knowledge among farmers in developing economies is likely to restrain the crop monitoring market during the forecast period. However, poor internet connectivity in farms, as most of them are located in remote locations, is hindering the demand for advanced technologies.
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Key Highlights of Report
- In July 2019, John Deere entered into a partnership with Continental, a leading technology company. The partnership would help Continental to expand its business as an original equipment supplier in the agriculture sector.
- The sensing & imagery segment held the largest market share of 49.3% in 2019. The rising need to determine key crop production indicators, such as yield and production, cropping intensity, crop acreage, crop condition, and crop planting proportion, has increased the utilization of sensing and imagery technologies.
- The hardware segment is anticipated to expand at the highest CAGR of 15.6% during the forecast period. Farmers are increasingly utilizing hardware devices such as soil moisture sensors, climate sensors, and yield monitors to increase agricultural productivity and reduce operational costs.
- North America accounted for the largest market share of the global crop monitoring market in 2019. Increasing adoption of variable rate technologies, remote sensing and imagery solutions, and automation and robotics in the region are driving the market for crop monitoring in the region.
- Key participants include Yara International, Topcon Corporation, The Climate Corporation (Subsidiary of Bayer), Precision Hawk, Trimble, Deere & Company, Raven Industries, AGCO Corporation, AgJunction, and Lindsay Corporation.
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Emergen Research has segmented the global crop monitoring market based on technology, offering, application, and region:
- Technology Outlook (Revenue, USD Billion; 2017–2027)
- Variable Rate Technology
- Sensing & Imagery
- Automation & Robotics
- Offering Outlook (Revenue, USD Billion; 2017–2027)
- Software
- Hardware
- Services
- Application Outlook (Revenue, USD Billion; 2017–2027)
- Soil Monitoring
- Variable Rate Application
- Field Mapping
- Yield Mapping & Monitoring
- Crop Scouting & Monitoring
- Weather Tracking & Forecasting
- Others
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- Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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