Autonomous Crop Management Market Report 2023: Growth in Agro Tech Industry Bolsters Sector
Dublin, March 13, 2023 (GLOBE NEWSWIRE) -- The "Autonomous Crop Management Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 To 2031" report has been added to ResearchAndMarkets.com's offering.
In 2021, the global market for autonomous crop management was valued at USD 1.45 billion and is projected to expand at a CAGR of 17.5% during the forecast period of 2023 and 2031.
Farmers' increased awareness of benefits such as improved crop planning and tracking, labor cost reduction, and weather forecasting is driving the expansion of the industry. The expansion is also attributable to the expanding use of cloud computing for real-time crop data management and the growing global population, which has led to an increase in food demand.
During the forecast period, it is anticipated that a greater emphasis by farmers on crop yield, productivity, and farm efficiency will spur economic expansion. It is anticipated that technological advances such as cloud computing and the Internet of Things (IoT) will encourage the use of big data, AI, and robots in agriculture. Utilizing big data analysis in autonomous crop management is essential for providing farmers with predictive insights, reengineering business processes, and making operational decisions in real-time to increase agricultural productivity.
Increasing Global Population to Boost the Market for Autonomous Crop Management Market
With a global population growth rate of over 1% per year, it will be difficult to meet the food demands of all these people in the coming years. Adopting the most advanced agricultural technology is one approach to addressing this problem. According to the Food and Agriculture Organization of the United Nations (FAO), 70% of global food production is expected to increase by 2050.
Precision farming is the solution adopted in densely populated nations such as India and China to meet the rising demand for food. Artificial intelligence and machine learning have become more pervasive, allowing for real-time data access that simplifies data management tasks such as planning, purchasing, harvesting, feeding, marketing, and inventory control. Agricultural operations that collect data in real time facilitate analysis and decision-making.
Growth in Agro Tech Industry Favouring the Market Expansion
In the past few years, the agri-tech industry has experienced exponential growth worldwide. According to a report by Accel Partners and Omnivore, the sector's investments increased from $45.8 billion in 2015 to a staggering $430,6 billion by March 2020. The agri-tech industry has been expanding at a rate of 25% per year in India as well. Experts attribute this expansion to increased digitization, government initiatives, and rising investor interest. According to estimates, the agri-tech market in the United States will reach $24 billion by 2025.
The software enables farmers to implement environmentally friendly agricultural practices, thereby reducing the use of water, fertilizers, and pesticides and ensuring food safety. In addition, modern agricultural practices would replace inefficient conventional agricultural methods, thereby assisting the agriculture sector in addressing sustainability concerns. This change is anticipated to have a positive impact on the autonomous crop management industry's growth over the forecast period. According to a study by Nasscom, India has over 450 agri-tech startups that have received over $248 million in funding. Notably, India is home to every ninth agri-tech startup in the world.
Software Segmented Dominates the Market by Solutions
In 2021, the software segment accounted for the largest revenue share, at 65%, and is anticipated to maintain its dominance over the forecast period. Based on professional and managed services, the service segment is subdivided. System integration consulting and maintenance support are the two types of professional services. The crop management software improves planning and tracking, reduces input and labor costs, and complies with regulatory standards.
On-Premises Deployment Accounted for Over 50% of the Market
In 2021, the on-premises segment held the largest market share, at 55%. The segment of cloud-based autonomous crop management is expected to experience the highest CAGR during the forecast period. By focusing on storage devices, shared networks, and servers, cloud computing eliminates the high costs associated with maintaining software and hardware infrastructure. Cloud computing to monitor crop inputs and output in agriculture can contribute to climate change. In addition, the majority of businesses are adopting partnership strategies to improve cloud-based applications.
Crop tracking and Management Dominates the Market by Applications
Crop tracking and management accounted for 30% of total revenue in 2021 and is anticipated to maintain its dominance throughout the forecast period. This is also attributable to the increasing demand for crop growth monitoring and waste reduction through the timely delivery of essential water and minerals. Agriculture-type applications include crop tracking and management, weather tracking and forecasting, irrigation management, labor, and resource tracking, and others. From 2023 to 2031, the weather tracking and forecasting segment is anticipated to grow at the highest CAGR.
Monitoring the weather can reduce expenses, prevent over- or under-watering, and increase crop yields. Predicting the weather aids in preventing the spread of pests and other crop diseases, as well as crop-destroying problems. The market has expanded due to the development of advanced data analytics services and machine learning techniques, which have enhanced the dependability and precision of weather forecasts. Increasing environmental awareness among consumers and growing water scarcity have necessitated the modification of agricultural management techniques that conserve natural resources, such as soil, air, and water, to boost the market growth. In addition, the segment of irrigation management is anticipated to expand significantly in the coming years.
North America Remains as the Global Leader
North America accounted for the largest revenue share of 38% in 2021, and its dominance is anticipated to continue in the years to come. North America is home to numerous technology companies that provide crop management solutions. Additionally, the region is regarded as an early adopter of technology. Increasing government initiatives to adopt modern agricultural technologies and developed infrastructure are the primary factors driving market expansion.
For example, the North America Climate Smart Agriculture Alliance (NACSAA) was formed to educate and equip farmers for sustainable agricultural productivity. In addition, the high income and purchasing power of farmers in developed nations such as the United States and Canada is a major factor in the adoption of crop management solutions. Digital farming requires substantial investments, which is a disadvantage for farmers, particularly in developing nations such as India, China, and Brazil. Smart agriculture requires a relatively large capital investment, but it provides a significant return on investment by increasing crop productivity and enhancing crop resilience.
Acquisitions to Start on Market Consolidation
The companies use a variety of inorganic growth strategies, such as partnerships, regular mergers, and acquisitions, to expand their product offerings. CropX, a leading provider of soil and agricultural analytics, acquired CropMetrics to expand its presence in the American market. Using their extensive dealer network, service model, user-friendly platform, and Variable Rate Irrigation System, the purpose of this acquisition was to expand CropMetrics' product offerings throughout significant U.S. regions.
Approximately 65% of the market's presence is held by crop monitoring and dairy farm management, the market's top segment leaders. As of 2021, other technologies, such as inventory management and harvesting and picking, represent approximately 35% of the market presence. Croptracker, Cropio, EasyFarm, Software Solutions Integrated (SSI), Agrivi, Granular, Trimble, and Raven Industries Inc. are key companies operating in the autonomous crop management market.
Recent developments in the market include the following:
In April 2022, Verdant Robotics announced a robotic spraying and weeding solution for farms that uses machine learning, artificial intelligence perception, and robotics technology.
In December 2021, Lely collaborated with Connector B.V. of the Netherlands. Lely intends to use Connecterra B.V.'s advancements in machine learning and artificial intelligence to provide farmers with more information. In addition, these technologies facilitate the integration of agricultural technologies with artificial intelligence for the development of farm management systems.
In October 2021, BouMatic acquired SAC Group, a reputable manufacturer of full-line milking systems for cows, sheep, and goats. This acquisition is anticipated to facilitate the expansion of BouMatic's global presence and product catalog.
Robert Bosch GmbH and BASF SE commenced a joint venture for agricultural digital technologies in November 2020. They developed a smart spraying technique to apply herbicide to weeds without spraying unaffected crop areas.
System integration consulting
Crop tracking and management
Weather Tracking Forecasting
Labor and Resource Tracking
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Autonomous Crop Management market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Autonomous Crop Management market?
Which is the largest regional market for Autonomous Crop Management market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East Africa?
Which are the key trends driving Autonomous Crop Management market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Autonomous Crop Management market worldwide?
Key Topics Covered:
2. Executive Summary
3. Autonomous Crop Management Market: Competitive Analysis
4. Autonomous Crop Management Market: Macro Analysis & Market Dynamics
5. Autonomous Crop Management Market: By Solution, 2021-2031, USD (Million)
6. Autonomous Crop Management Market: By Deployment, 2021-2031, USD (Million)
7. Autonomous Crop Management Market: By Application, 2021-2031, USD (Million)
8. North America Autonomous Crop Management Market, 2021-2031, USD (Million)
9. UK and European Union Autonomous Crop Management Market, 2021-2031, USD (Million)
10. Asia Pacific Autonomous Crop Management Market, 2021-2031, USD (Million)
11. Latin America Autonomous Crop Management Market, 2021-2031, USD (Million)
12. Middle East and Africa Autonomous Crop Management Market, 2021-2031, USD (Million)
13. Company Profile
Software Solutions Integrated (SSI)
Raven Industries Inc .
For more information about this report visit https://www.researchandmarkets.com/r/du7s1q
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