The growth is primarily attributed to increased awareness of the benefits of alternative and optimized farming techniques that entail over conventional farming. Hence, the need to adopt advanced technologies in the agriculture industry has driven favorable initiatives, policies, and support shown by governments in countries such as the U.S., Canada, the U.K., Germany, France, Australia, India, and China. In emerging countries, the growth of the market is expected to be driven by rising awareness among governments and manufacturers-turned-service providers about the need to elevate farm produce while evaluating the farm expenditure of their growers. Furthermore, rising concerns over global food security and sustainability have led to extensive investments by governments across the world.
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The global smart crop monitoring market is expected to contribute to increased global food production as there is no dependence on arable land and climatic conditions, and year-round crop production can be achieved through these alternative farming techniques. Several countries are taking initiatives to bring automation and sustainability in the agriculture sector to enhance profitability and bring efficiency to farming applications. For instance, the U.S. Department of Agriculture’s National Institute of Food and Agriculture (NIFA) invested $XX million in April 2021 in several key programs to help agricultural producers manage the impacts of climate change on their lands and production. The funding aims to bring innovation in agriculture technologies, triggering the market for smart crop monitoring in the country.
A challenge to the growth of the smart crop monitoring market is the high initial investment for achieving a medium and large-scale commercial setup. This is considered a major hindrance in adopting these alternative farming techniques, especially in developing countries. Along with the high initial cost, awareness about alternative farming techniques is somewhat limited in countries where agricultural production is low, such as countries in the Middle East region.
North America has experienced the highest market growth in smart crop monitoring. The high growth is majorly attributed to the increased adoption of technology-driven procedures, great emphasis on alternative farming techniques, and the potential of incorporating high investment equipment in the agricultural industry. In the North America region, the highest growth can be witnessed in the U.S. There is a presence of several companies and agricultural solution providers with a vast aftermarket in the country, which leads to the availability of inexpensive smart crop monitoring systems to the public.
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The pandemic’s potential impact on the adoption of technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning have increased the traction of smart crop monitoring technology in the agricultural sector. Owing to the pandemic and the global shift towards digital solutions, farmers have become more aware of technology-based and internet-enabled smart crop monitoring solutions. Market players are offering upgraded smart crop monitoring solutions for further developing the efficiency and profitability of agricultural fields.
The global smart crop monitoring industry represents a consolidated market in nature and is majorly dominated by the agricultural companies that take the lead by acquiring or collaborating with technology-based firms to diversify, innovate and upgrade their solutions. The companies operating in the industry have developed strong strategies in recent years to survive the competition in the fast-growing AI and IoT integrated agriculture market. Among all the strategies, the most preferred strategy by key players has been partnerships, collaborations, joint ventures, and alliances with other firms. For instance, in February 2022, Airbus S.A.S and Intelinair partnered to provide Airbus S.A.S’ accurate, satellite-based imagery data to Intelinair’s platform, AGMRI, which is an AI-based crop analytics platform. This would aid in providing farmers with accurate images and data of their fields throughout the crop production cycle. In March 2022, Ceres Imaging partnered with Ranch Systems, which provides field monitoring solutions. Ceres Imaging announced that the customers would be able to see real-time images and data from both companies on the Ceres Imaging app. In March 2021, CNH Industrial N.V. partnered with ML6 to help transfer an algorithm to a multi-faceted camera. ML6 helped economize and optimize the algorithm and help get it implanted by working with the camera provider, CNH Industrial N.V.
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