Global AI in agriculture market expected to reach approximately USD 2,075 million by 2024, at a CAGR of slightly above 21% between 2018 and 2024. Availability of numerous equipment and modern day technologies such as intelligent monitoring system, drones, and robots has made agriculture industry a cusp of technological revolution.
The report covers forecast and analysis for the AI in agriculture market on a global and regional level. The study provides historic data for 2015, 2016, and 2017 along with a forecast from 2018 to 2024 based on revenue (USD Million). The study includes drivers and restraints for the AI in the agriculture market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the AI in the agriculture market on a global level.
This report offers comprehensive coverage on global AI in the agriculture market along with market trends, drivers, and restraints of the AI in the agriculture market. This report includes a detailed competitive scenario and product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the AI in the agriculture market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary, and a primary research team of industry experts.
The study provides a decisive view on the AI in the agriculture market by segmenting the market based on technology, component, application, and region. The technology segment is divided into machine learning and computer vision. The component segment is further divided into hardware, software, and services. The application segment is segmented into agriculture robots, agricultural drones, driverless tractors, facial recognition, crop health monitoring, and automated irrigation systems. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2024. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa with further country wise division include the U.S., Canada, Mexico, the UK, France, Germany, Italy, China, Japan, India, Australia, South Korea, Brazil, Argentina, Saudi Arabia, the UAE, South Africa, and Israel.
The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global AI in agriculture market are Microsoft Corporation, aWhere, Granular, Agribotix LLC, IBM, Mavrx Inc., Prospera Technologies, Resson, Spensa Technologies Inc., The Climate Corporation, and Precision Hawk.
The report segments the global AI in agriculture market as follows:
AI in AgricultureMarket: TechnologySegment Analysis
AI in AgricultureMarket: ComponentSegment Analysis
AI in AgricultureMarket: ApplicationSegment Analysis
AI in AgricultureMarket: Regional Segment Analysis
The agriculture sector is experiencing a rapid adoption of advanced technologies in order to improve the overall yield of the crops. Artificial Intelligence (AI) is one such important technology in today’s digital agriculture that is being implemented and deployed for more sustainable use of available resources.
Various government and private research organizations globally are consistently working to enhance the productivity and efficiency of agricultural land by means of automation, pesticides, and several other measures. Implementation of artificial intelligence in agriculture offers various advantages such as maximizing the crop yield using machine learning and image processing techniques. For instance, International Crops Research Institute for the Semi-Arid Tropics (ICRISAT)collaborated with Microsoft to develop an AI-based sowing App that sends sowing advisories to farmers mentioning the date following. It helped the number of farmers in Andhra Pradesh, India where the practice was carried out as a pilot program by Microsoft and ICRISAT. According to the participating farmers, by using AI-based sowing advisories the yield was increased up to 30% without incurring any capital expenses or installing any sensor on the field.
Increasing investments in artificial intelligence and robotics are primarily driving the growth of the global AI in the agriculture market. This can be supported by the fact that agriculture tech startups have raised more than USD 800 million in the past five years, owing to rising interest in AI and robotics in the field. For instance, Indigo Agriculture raised around USD 165 million to focus on crop/soil health analysis by using artificial intelligence in agriculture. Artificial intelligence in agriculture offers various advantages such as yield monitoring, field mapping, croup scouting, and soil monitoring. A major factor that can restrain market growth is the high initial cost associated with the implementation of AI in agriculture. However, favorable government policies to promote AI startups in agriculture are expected to unlock new growth avenues for global AI in the agriculture market.
The global AI in the agriculture market is segmented on the basis of technology, component, application, and region. Technology segment is further divided into machine learning and computer vision. Machine learning sub-segment is anticipated to have a substantial share in the technology segment of AI in the agriculture market. Hardware, software, and services are the components in the global AI in the agriculture market. Applications of the AI in agriculture market include agriculture robots, agricultural drones, driverless tractors, crop health monitoring, facial recognition, and automated irrigation systems. Agricultural drones segment is expected to witness substantial growth during the forecast period.
Regional segmentation of the AI in agriculture marketincludeAsia Pacific, North America, the Middle East and Africa, Europe, and Latin America divided further into major countries such as the U.S., Canada, Mexico, the UK, France, Germany, Italy, China, Japan, India, Australia, South Korea, Brazil, Argentina, Saudi Arabia, UAE, South Africa, and Israel.
Major players operating in the global AI in agriculture market are Microsoft Corporation, aWhere, Granular, Agribotix LLC, IBM, Mavrx Inc., Prospera Technologies, Resson, Spensa Technologies Inc., The Climate Corporation, and Precision Hawk. Working in collaboration with leading tech giants is one of the core strategies adopted by startups in order to deliver maximum output.
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