In terms of revenue, the Global AI in Agriculture Market is expected to reach USD 4.2 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 24.90% from 2022 to 2028.
The rapidly rising population base worldwide drives the requirement for AI in Agriculture production. In addition, the availability of limited arable land and high demand for food production for food security are other aspects driving the need for a green revolution encouraged by the Internet of Things, Artificial Intelligence (AI), and big data. The AI-enabled applications provide to different areas in the agriculture sector, such as soil monitoring, detecting pest infestations, identifying plant diseases, and predictive and recommendation analytics.
AI techniques used for farming help add to productivity and yield. As a result, agribusiness corporations implement AI technologies in terms of predictive analytics-based solutions. AI-based applications and techniques assist in yielding healthier crops, controlling pests, monitoring the soil, and developing agriculture-associated tasks in the complete food supply chain. Also, artificial intelligence is gradually being implemented in the agriculture market to enhance harvest quality and accuracy as it facilitates examining farm data.
Key Highlights from Report:
· Based on the Technology, the Machine Learning market segment accounted for the maximum CAGR (Compound Annual Growth Rate) during the forecast period. Agricultural organizations and farmers are extensively utilizing machine learning-enabled solutions globally to improve the productivity of farms plus gain a competitive edge in industry operations.
· Among Applications, the Precision Farming market segment is estimated to lead the AI in Agriculture Market with the highest market share in the forecast period. The precision farming technique is gaining recognition and popularity among farmers because of the rising need for optimum yield production from the limited available resources and for reducing crop production costs.
· In terms of region, North America dominates the market with a significant market share and will likely be the most money-spinning market in the forecast period. The high and early adoption of highly developed technologies and products in the agriculture sector is among the key factors that propel the demand for the North America market.
Powerful augmentation is observed in the consumption and implementation of IoT devices worldwide. Remote and proximity sensing are two technologies utilized mainly for intelligent data fusion in agriculture. The Global AI in Agriculture Market growth can be attributable to crucial factors such as the increased demand for agricultural production because of the growth in population base, rising adoption of data management systems, and superior technologies for enhancing crop productivity.
IoT is driving the agriculture industry by offering insights on soil reports, historical weather patterns, rainfall, new research, pest infestation, images from drones and cameras, and others. This helps to enhance productivity and quality, accordingly propelling agriculture development. Furthermore, the growing initiatives by several governments promoting the adoption of modern agriculture methods and increasing crop productivity by using deep learning techniques are the factors responsible for AI in Agriculture Market expansion.
However, high implementation costs and the demand for experienced personnel will likely hinder the growth of AI in the agriculture market.
North America market is anticipated to witness a remarkable expansion with a significant growth rate over the analysis period because the region has a booming artificial intelligence market and is the leading industrial automation industry. Moreover, the region’s market growth can be attributable to the population's amplified purchasing power, hefty investments in the IoT, and ongoing increases in automation.
The increasing government attention on domestic AI equipment production will further augment the market in this region. Furthermore, the presence of numerous agricultural technology companies relating to AI-based solutions, such as IBM Corporation, Microsoft Corporation, Deere & Company, The Climate Corporation, and Granular Inc., among others, also contributes to this regional market.
The Global AI in Agriculture Market is Segmented as follows:
- Machine Learning
- Predictive Analytics
- Computer Vision
- Precision Farming
- Agricultural Robots
- Livestock Monitoring
- Drone Analytics
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global AI in Agriculture Market is:
IBM Corporation (US), Microsoft Corporation (US), Bayer AG (Germany), Google LLC (US), John Deere & Company (US), A.A.A Taranis Visual Ltd. (Israel), AgEagle Aerial Systems Ltd. (US), Gamaya SA (Switzerland), AGCO Corporation (US), AG Leader Technology (US), Trimble Inc. (US), Granular Inc. (US), Raven Industries Inc. (US)
The Global AI in Agriculture Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|