Smart Crop Monitoring Market Size, Share, Trends, Growth 2032

Smart Crop Monitoring Industry Prospective:

The global smart crop monitoring market size was evaluated at $2,530 million in 2023 and is slated to hit $7,640 million by the end of 2032 with a CAGR of nearly 13.7% between 2024 and 2032.   

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Smart Crop Monitoring Market: Overview

Smart crop monitoring is referred to as the utilization of new technologies including AI, IoT, drone imagery, advanced sensors, and satellite imaging for accurately monitoring crops in the fields. Furthermore, smart crop monitoring offers farmers with real-time information and actionable insights for improving crop yield.  It identifies soil quality, crop requirements, and environmental conditions. It assists in pest control, crop protection, identification of weeds, and remote sensing of farming activities globally.

Key Insights

• As per the analysis shared by our research analyst, the global smart crop monitoring market is projected to expand annually at the annual growth rate of around 13.7% over the forecast timespan (2024-2032)
• In terms of revenue, the global smart crop monitoring market size was evaluated at nearly $2,530 million in 2023 and is expected to reach $7,640 million by 2032.
• The global smart crop monitoring market is anticipated to grow rapidly over the forecast timeline owing to an increase in the adoption of sustainable farming practices for fulfilling the growing food demand across the globe.
• In terms of application, the crop yield monitoring segment is slated to register the highest CAGR over the forecast period.
• Based on type, the hardware segment is predicted to contribute majorly towards the global industry share in the upcoming years.
• Region-wise, the Asia-Pacific smart crop monitoring industry is projected to register the fastest CAGR during the projected timespan.

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Smart Crop Monitoring Market: Growth Factors

Escalating requirement for enhancing agriculture yield to boost the global market trends over 2024-2032

Humungous need for improving agricultural output is anticipated to embellish the global smart crop monitoring market trends. With farmers making use of data analytics, sensors, and satellite imagery, the market for smart crop monitoring is anticipated to gain traction in the years ahead.  An increase in the adoption of sustainable farming practices to fulfill the growing food demand across the globe is likely to drive the expansion of the global market. An immense need for soil monitoring, forecasts for crop yield, and crop health monitoring will accentuate the global market trends. Growing demand for precision farming and supply chain traceability will chart a profitable growth graph for the global market.  Reportedly, smart crop monitoring helps in the real-time detection of disorders in crops and nutrient deficiency in crops, thereby proposing remedial crop disease treatment measures for the farmers.  

Smart Crop Monitoring Market: Restraints

Rising prices of smart crop monitoring equipment to restrict the growth of the global industry by 2032

Surging costs of smart crop monitoring devices due to an increase in raw material costs can pose a huge threat to the expansion of the global smart crop monitoring industry. Disruption in the supply chain activities can hinder the growth of the global industry in the upcoming years.

Smart Crop Monitoring Market: Opportunities

A rise in the smart farming practices with launching of 5G network connection to open new growth opportunities for the global market

A surge in smart agriculture practices along with the onset of new technologies such as 5G connectivity, edge computing, and machine learning will define the progression of the smart crop monitoring market across the globe. Integrating of robotics and blockchain will help unlock new growth avenues for the global market in the near future.  

Smart Crop Monitoring Market: Challenges

An increment in the deployment prices of smart crop monitoring instruments can challenge the expansion of the industry globally

A rise in the installation costs of smart crop monitoring equipment and strict government laws related to usage and deployment of the equipment can challenge the growth of the global smart crop monitoring industry in the coming decade.

Smart Crop Monitoring Market: Segmentation

The global smart crop monitoring market is divided into application, type, and region.                                         

In terms of application, the smart crop monitoring market across the globe is bifurcated into weather forecasting, crop yield monitoring, and soil monitoring segments. Additionally, the crop yield monitoring segment, which acquired nearly half of the global market earnings in 2023, is expected to record the highest annual rate of growth in the analysis timespan. The expansion of the segment in the next eight years can be due to the large-scale use of smart crop monitoring equipment in agriculture for determining crop yield along with suggesting innovative ways to farmers for improving the crop yield along with enhancing the crop quality.    

Based on the type, the global smart crop monitoring industry is divided into hardware, software, and services segments. Moreover, the hardware segment, which gathered approximately 53% of the global industry proceeds in 2023, is set to make major contributions towards the global industry profitability over the expected timespan. The growth of the segment in the forecasting years can be credited to the large-scale demand for smart crop monitoring devices in farming activities across the globe.

Smart Crop Monitoring Market: Report Scope

Smart Crop Monitoring Market: Regional Insights

Europe is expected to maintain its leadership status in the global market in the forecasting years

Europe, which accounted for nearly 73% of the global smart crop monitoring market earnings in 2023, is expected to establish a key position in the global market in the years to come. In addition to this, the regional market surge in the coming eight years can be attributed to favorable government policies aiding precision farming activities in the form of various subsidies to farmers of the European nations. For the record, the Common Agricultural Policy of the EU invests massively in developing precision farming devices.   

The Asia-Pacific smart crop monitoring industry is slated to register the highest gains in the next couple of years. The rapid progression of the industry in the APAC region can be owing to a rise in farm mechanization in emerging countries such as China and India. Furthermore, a surge in the acceptance of new monitoring services in various crop fields is likely to scale up the growth of the industry in the region.

Key Developments

• In the first half of 2023, BharatRohan Airborne Innovations Private Limited, a key player in agri-tech drone solutions, signed a strategic partnership with Smart Village Movement. Such moves will steer the expansion of smart crop monitoring businesses across the globe.
•  In the third quarter of 2023, PepsiCo India signed a partnership agreement with Cropin, an agriculture cloud firm, to introduce a crop intelligence tool for monitoring potato yields with the help of dashboards that can be interoperated with the help of mobile apps.

Smart Crop Monitoring Market: Competitive Space

The global smart crop monitoring market profiles key players such as:

• CNH Industrial N.V.
• Climate LLC
• Robert Bosch GmbH
• IBM Corporation
• Small Robot Company
• Trimble Inc.
• John Deere & Company
• KUBOTA Corporation
• Semios
• Airbus
• AGRIVI
• DJI.

The global smart crop monitoring market is segmented as follows:

By Application

• Weather Forecasting
• Crop Yield Monitoring
• Soil Monitoring

By Type

• Hardware
• Software
• Services

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa