COVID-19 Impact on Crop Monitoring in Information and Communications Technology Industry
Coronavirus disease created a pandemic situation all over the world as till the date the remedies or vaccine for humans to prevent corona is not found. The increasing spread and uncontrollable impact on human life is hampering the economy of the world. Governments are taking preventive measures to lower the spread but so far it’s not up to the expectation. The demand for food and beverages witnessed tremendous growth as well as a shortage of supply owing to the panic buying from the populations. The need for online solutions, an advanced technology at the store, agriculture field, and other areas to meet customer demand created major opportunities for the market. COVID-19 has a major impact on the crop monitoring market as farmers are getting aware of it and are demanding the crop monitoring technology to enhance their farm control. Market players are offering an enhanced monitoring solution to improve productivity and safety. Market players are developing advanced solutions for customers to enhance their farm operations for post COVID routine through new product development, partnership, and other strategies. Some of the market players are offering free services for a certain period of time to support farmers and increase their penetration. For instance,
In March 2020, Earth Observing System offered various free services for the farmers to help farmers monitor their crops at home. The cloud-based platform of the company EOS Crop Monitoring offers real-time data for the farmers for monitoring their crops. Such a kind of initiative of the company is helping the farmers to stay safe at their home and helping the company to penetrate their product in the market by offering more feasibility for farmers.
AFTERMATH STRATEGIES FOR CROP MONITORING MARKET AND GOVERNMENT ROLE
The COVID-19 created a major impact on farming operations as the governments of various countries highlighted the importance of healthy foods and crops which increased the demand for smart solutions at farming operations. Farmers are taking preventive measures to run their farming operations after the pandemic situation to safeguard their crops and their family. The majority of the farmers are not aware of the crop monitoring tools. Governments are playing a major role to support farmers in such as pandemic situation as well as meeting the yearly crop production target for avoiding the shortage.
For instance,
- In June 2020, the United Nations Conference on Trade and Development with the partnership of CropWatch, earth observation satellite system of China is introducing crop monitoring service for developing countries. Both firms are offering the CropWatch platform offers climate-related data for better farm management which can help the COVID-19 crisis. Such initiatives are helping the developing countries farmers to produce the required amount of crops for meeting the demands.
Market players are introducing the new technologies for farming operations and getting adopted by the customers.
For instance,
- In July 2020, TARANIS deployed new crop monitoring technology by raising a USD 30 million funds from Singaporean venture capital firms and other investors. The company offers AI2 SmartScout solution which helps to monitor 7,000 acres per day with 0.3mm / pixel resolution. Such products are helping the farmers to monitor their crops from staying at home.
The customers started to use various available technology and other services for productivity. The digital transformation started to become prominent solution for the customers which created major opportunity for the market.
OPPORTUNITIES FOR THE MARKET IN COVID-19 SITUATION
There is a positive impact of the COVID-19 disease on the market as it has created opportunities to increase their presence in the online services and solutions for offices. The implementation of crop monitoring is helping the farmers, agriculture facilities to meets production demand with safe operations. There are strong opportunities available in the market such as some of the companies are already witnessing the demand for the crop monitoring solutions.
For instance,
- CropIn Technology Solutions Private Limited is witnessing tremendous adoption rate in period of April 2019 to April 2020.
FIGURE 1 EMBRACING THE DIGITAL: THE AMERICAS AND EUROPE LEAD BY EXAMPLE
Increase in the Adoption of CropIn's Platform - January to April (2019 VS 2020)
Such rising adoption for the advanced technology in the agriculture field is creating ample of opportunities for the market players.
Develop New Solution to Manage the Farms Remotely
In March 2020, Arable introduced a new Mark 2 sensor integrating bridge device with a mobile app. The sensors collect valuable data about the crops, climatic condition, and others to help the farmers to mitigate their harmful effects on crops. Such innovations and monitoring devices are helping the farmers to monitor their crops effectively.
Offer New Services to Manage the Farms for Customers
In April 2020, AgriSync launched a new remote advising service package to simplify communication between farming customers and advisors. The new service is helping farmers to solve real-time problems using live using video monitoring with a price of USD 100 per month. Such services will help farmers to monitor their crops as well as to take corrective actions concerning time.
Other Growth Opportunities for Market Players to Pursue in 2020
Market players have a strong opportunity to offers efficient solutions for the customers and provide information about new technologies. The 5G technology is further supporting the market players by providing advanced connectivity solutions for maximum coverage.
IMPACT ON DEMAND
The importance of crop monitoring solution is increased in COVID-19 situation as demand for advanced technology having better safety measures is increased. COVID-19 created a strong opportunity for the market to grow at a significant rate and drive the crop monitoring market.
CONCLUSION
The pandemic situation created by COVID-19 has a major impact on the crop monitoring market as it increased the importance of digitalization in agriculture operations. Also, potential of crop monitoring solution to overcome the situation with by remote farm management is accelerating the market growth. The developed nations such as the U.S. and European countries are have strong adoption rate owing to growing awareness about technologies while lack of awareness and affordability is limiting the growth in developing nations.
