Crop Monitoring Market
The Crop Monitoring Market is likely to exhibit a CAGR of 15.2% over the forecast period. The significant growth is attributed to the increasing adoption of AI and IoT and the intensified investment in the agricultural technology.
Crop Monitoring Market Dynamics
The increasing tendency of adopting the sophisticated and latest technology such as AI and the Internet of Things for agricultural supervision systems which intends to offer information about food production for better crop productivity in support of national food safety, stands to be one of the major forces complementing the crop monitoring market size. For example, Arable, in July 2021, introduced a new generation IoT tools for data guided farming systems to get benefit from wireless networks, advanced sensors, and machine learning to enhance crop yield.
The surging demand for extensive crop yield to cater the accelerating demand of food is another factor contributing to the market demand. Besides this, the evolving need to supervise crop condition to make decision about the required premise of crop production will further elevate the crop monitoring market size. According to the UN Population Organization, the population was estimated to be 7.7 billion in 2019, and is expected to reach 8.5 billion by 2030. However, the need for highly competent workers to operate the digital equipment and the inflated capital cost required for the sophisticated technology with proper guidance might curb the Crop Monitoring market share.
Technology Segment Drivers
Based on the technology, the remote sensing segment is likely to expand at the highest rate over the coming years. The Crop Monitoring market report anticipates that the increasing inclination towards the espousal of smart Internet of Thing devices for agricultural supervision has bolstered the market growth. For instance, EOS, in Sept, 2019, introduced satellite monitoring technology to enhance farm efficiency by nearly 20% for the North American market. The EOS Crop Monitoring solution is the latest technology for new markets available in Europe, LATAM and North America.
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