The soil monitoring market is estimated to be worth USD 370 million in 2020 and projected to reach USD 680 million by 2025, at a CAGR of 12.9% during the forecast period.
Several opportunities such as huge government spending on agriculture R&D, digitization of agriculture and increased adoption of advanced farming techniques in post-COVID-19 world, and integration of advanced technologies like IoT and data analytics in soil monitoring lies in front of the companies catering to the soil monitoring market. The companies can leverage these opportunities in the soil monitoring market by providing customized solutions meeting the need of the growers and the agriculture sector in general.
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The adoption of sustainable agriculture practices has been on the rise owing to the adverse impact of agriculture on the global environment resulting in climate change. The government and several players in the soil monitoring market have undertaken concerted efforts to promote sustainable agriculture practices by the deployment of technology in the farms. Moreover the rising influence of the IoT based devices and smart sensors in the agriculture sector has been a key trend the soil monitoring market owing to several benefits provided by these devices. A major benefit provided by them is the remote sensing capability of the sensors along with digital platform to provide the necessary information to the end user in real-time. The technological advancements in the field of sensors and its affordability has resulted in the wider adoption. The cloud based platforms for the soil monitoring has attracted the farmers so as to monitor various parameters of the farm and to take timely decisions remotely.
The soil monitoring market in the APAC region is expected to witness a high growth as compared to the other regions during the forecast period 2020 to 2025. The adoption of the sensors among the farmers to monitor their fields has been on the rise in the APAC region which could provide a potential market to the players in the soil monitoring market. Moreover the government in the region is promoting the use of technology in the agriculture sector and has taken several steps to reduce the gap between technology adoption and agricultural fields. The advanced technologies such as telematics, sensing and imagery as well as the smart sensors are gaining popularity among the farmers in the APAC region which could further propel the growth of soil monitoring market in the APAC.
The soil monitoring market for the services is expected to grow at a highest CAGR as compared to other offerings in the soil monitoring market during the forecast period. The advent of connected farming, the utilization of IoT in agricultural and non-agricultural applications, and the availability of new revenue generation models offered by agriculture technology companies have led to an increase in demand for services in the soil monitoring market. The integration of various emerging technologies such as IoT and AI with the smart sensors has led to the demand for various connectivity, integration and managed services.
The soil monitoring market for the robotics and telematics system type is expected to witness a substantial growth during the period 2020-2025. The countries such as US, Canada, Australia, Brazil, and Argentina have a number of large sized farms. The need to remotely monitor these farms with precision and to undertake several farm operations could be major factor for the growth of the robotics and telematics systems in the soil monitoring market. The various challenges faced by the farmers such as labor crisis, changing climatic condition and automation of crucial farming processes could lead to a greater demand for the telemetry and robotics in the soil monitoring market.
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The concentrated efforts of governments and companies to promote sustainable agriculture practices, persistent need to preserve soil quality, stringent government regulations pertaining to ecological stability and growing need for improving farm productivity to feed rising population have become the prominent factors for the growth of the soil monitoring market globally.
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