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 rising adoption of IoT and AI based devices, surging investments in the agriculture technology and growing concerns related to productivity, farmers’ profitability and food security have become the prominent factors for the growth of the crop monitoring market globally.
The major players in the market with a significant presence across various geographies in the crop monitoring market are Trimble (US), Topcon Corporation (Japan), The Climate Corporation (US), CropX Technologies (Israel) and Yara International (Norway). The companies have adopted various strategies in order to grow in the crop monitoring market, such as development of technologically advanced products, collaborations and acquisitions. These organic and inorganic strategies have proved fruitful for the players in the market as it has led to market and product line expansion for the companies in the crop monitoring market.
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Topcon Corporation (Japan) is a major company in the field of precision agriculture technology with its diversified business by undertaking strategies such as mergers and acquisitions and is one of the prominent player in the crop monitoring market. The offerings of the company for the crop monitoring market include GNN receivers, telematics, crop sensors, connectivity and data management, guidance technology and consoles & displays. The company focusses on the guidance technology which has a wide adoption in different regions owing to the autonomy brought in by the auto-steering technology.
Trimble (US) is another player in the crop monitoring market with a significant presence in the global market for crop monitoring. The company has unique offerings for the crop monitoring market such as guidance control, displays, crop monitoring software and analytics platform. The company has grown significantly in the crop monitoring market with its innovative products and collaborations. For instance the company launched Farm Core, an online platform to control all the farm operations from monitoring to taking the final decision.
Yara International (Norway) is a global crop nutrition company with a focus on providing chemical, digital, and environmental farming solutions. Yara International operates in more than 60 countries across the world and has expanded its innovative solutions in digital farming with more than 10 million hectares of land under management. The company offers the digital tool AtFarm, which utilizes satellite imagery for crop monitoring and creates an application map for variable rate fertilization. The company offers other products for crop monitoring tools such as YaraIrix, Adap-N, AgroOffice, Trecker, N-Sensor, N-Tester, and analytical services to ensure crop nutrition decisions are efficient, accurate, and cost-effective. Yara International has a growing focus on digital farming tools in order to stay a leading player in this segment and hence, has developed technological hubs in Berlin, Singapore, San Francisco, and Sao Paulo. These digital hubs are the centers for fostering innovation and entrepreneurship. Yara International has a farm-centric approach to develop holistic crop solutions and expand digital services and practices to promote sustainable agriculture.
CropX Technologies (Israel) is an innovator providing modern farming solutions and is one of the fastest-growing startups in the digital farming domain. The company aims to revolutionize the ag-tech market with its unique solution, which provides real-time and accurate data related to soil. The company has the vision to automate farm management using advanced ag-analytics the way satellite imagery did a decade back in the agriculture sector. The company was established in 2015 and commercialized its first product in 2017, offering a revolutionary platform for farm management. The digital platform comprises a unique and proprietary soil sensor integrated into a big data platform. The platform provides various insights such as precise weather, aerial imagery, topography maps, soil mapping, hydraulic models, and crop models.
The Climate Corporation is a subsidiary of Bayer (Germany), a giant in crop science and pharmaceuticals. The company is catering to digital farming technology with the help of its FielView analytics tool. It has collaborated with several industry giants such as John Deere and Airbus (The Netherlands), as well as several startups providing niche solutions to the farmers in the technology domain. Heavy investments are made by the parent company of The Climate Corporation, Bayer, for research and development to provide a data-driven digital farming model for the farmers.The company can leverage the deep pockets of the parent company to enhance its innovation and product capabilities by strengthening its product line or diversifying it. The company can undertake strategic acquisitions to support its inorganic growth in several markets where there is a high growth potential such as Asia, Africa, and the Middle East. Also, the company can focus on the telematics business, which is quite a buzz these days in the agriculture sector due to developments in the field of connected agriculture.
Crop Monitoring Market with Covid-19 Impact Analysis by Offering (Hardware, Software, Services), Technology (Sensing & Imagery, VRT), Application (Field Mapping, Soil Monitoring, Crop Scouting), Farm Size, Region - Global Forecast to 2025
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