The crop monitoring market is estimated to be worth USD 2.2 billion in 2020 and projected to reach USD 4.4 billion by 2025, at a CAGR of 15.2%. The crop monitoring market has significant potential to grow owing to several driving factors such as rising adoption of IoT and AI based devices for crop monitoring, rising awareness among the famers towards the use of precision farming and growing investment in the agriculture technology segment.
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The rising concerns for the food security and safety globally along with food traceability has resulted in adoption of crop monitoring technology by the large scale farmers. Moreover the rising influence of the IoT devices in the agriculture sector has been a key trend the crop monitoring market owing to several benefits provided by these devices. The major benefit include the remote sensing technology with remote monitoring capabilities so as to take the corrective action on time. The technological advancements in the field of sensors and its affordability has resulted in the wider adoption. The cloud based platforms for the crop monitoring has attracted the farmers so as to monitor various parameters of the farm and to take timely decisions remotely.
The crop monitoring market in the APAC region is expected to witness a high growth as compared to the other regions during the forecast period 2020 to 2025. The increasing awareness among the farmers with the use of advanced precision farming technology and government intervention to digitize the agriculture sector are the important factors for the promising growth in the APAC region. Moreover the adoption of smart sensors, telematics and precision farming techniques in the large farms in Australia has propelled the growth of crop monitoring market in the APAC. Additionally the countries such as India, China and other Southeast Asian countries are witnessing reforms in the agriculture sector which could further boost the crop monitoring market.
The crop monitoring market for the software is expected to grow at a highest CAGR as compared to other offerings in the crop monitoring market during the forecast period. The remote sensing and monitoring capabilities has resulted in the wider adoption of the software and subscription based platforms for the crop monitoring. Moreover the farmers can collect different metrics from the farms and take the decisions accordingly leading to sustainable farming techniques which is the need of the present situation.
The crop monitoring market for the technology such as automation and robotics is expected to witness a substantial growth during the period 2020-2025. The various challenges faced by the farmers such as labor crisis, changing climatic condition and automation of crucial farming decisions could lead to a greater demand for the automation and robotics in the crop monitoring market. Moreover the impact of the COVID-19 pandemic which has resulted in the severe disruptions has added to the misery of the farmers by amplifying the labor crisis. This could be another factor for the demand of the automation and robotics in the crop monitoring market.
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A number of opportunities lies in front of the companies in the crop monitoring market such as increasing adoption of remote sensing technology, boost to the digitization of agriculture due to COVID-19 pandemic, and increasing focus on the sustainable agriculture and income generation for the farmers. The companies can leverage these opportunities in the crop monitoring market by providing customized solutions meeting the need of the growers and the agriculture sector in general.