[249+ Pages Report] As per Facts and Factors, the global AI in Agriculture market was valued at USD 1,002.02 million in 2020 and is expected to grow to USD 3,984.5 million by the end of 2026, with a CAGR of about 25.2% between 2021 and 2026.
Global AI in Agriculture Market: Overview
Farming techniques that use artificial intelligence can help increase growth and quality. As a result, agribusiness companies are embracing artificial intelligence in the form of predictive analytics-based solutions. In the entire food supply chain, AI-based applications and technologies help manage pests, produce healthier crops, track the soil, and enhance agriculture-related tasks. Since it aids in the analysis of farm data, artificial intelligence is increasingly being used in the agriculture industry to increase harvest quality and accuracy. The need for AI in agriculture is being driven by the world’s rapidly rising population. The need for a green revolution powered by artificial intelligence, the Internet of Things (IoT), and data analytics is driven by limited arable land supply and the need for increasing agricultural productivity for food security. Predictive and recommendation analytics, recognizing plant diseases, detecting insect infestations, and soil monitoring are all areas where AI-enabled applications can help in the agriculture industry.
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Global AI in Agriculture Market: Growth Factors
Growing population, the implementation of data management systems and new, emerging analytics for improving crop productivity, and growing initiatives by global governments promoting the adoption of modern agricultural techniques have been some of the factors contributing to the growth of artificial intelligence in agriculture. The lack of knowledge of high-tech machine learning solutions in farms, on the other hand, is a major factor that could limit artificial intelligence’s growth in the agriculture sector. Furthermore, expanding the use of Unmanned Aerial Vehicles (UAVs) over agricultural farms is expected to fuel artificial intelligence’s development in the agriculture sector.
Furthermore, agriculture automation aids in the allocation of resources such as fertilizers and water, the determination of the best date for crop sowing, and the detection of weeds, all of which drive demand for artificial intelligence solutions. It also uses the historical long-term weather predictions, output data, commodity pricing estimates, and seed details, among other inputs, to help recommend how many seeds should be sown. The numerous advantages of artificial intelligence-based applications have prompted many tech giants and start-ups to build IoT-enabled devices for large-scale AI application deployment in agriculture.
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Global AI in Agriculture Market: Segmentation
Among components, the software category is considered to have a great market share. Prediction-based analytics and computer vision are used by AI-based software to increase crop productivity and yield. Furthermore, the software segment’s growth is boosted by the growing penetration of predictive analytics-based software. Artificial intelligence solutions assist farmers in determining the best dates for planting crops, detecting crop diseases, monitoring crop yield, and calculating the amount of soil, water, fertilizer, and pesticides required. The benefits of AI-enabled software for proposed application areas such as drone analytics and precision farming are fuelling the AI in agriculture market’s software segment’s growth.
Over the forecasted era, the precision farming segment is estimated to hold a significant market share. Precision farming is among the most rapidly growing AI-enabled agricultural applications. It aids farmers in reducing costs and efficiently using capital. AI is used in precision farming to capture, translate, and analyze digital data. Farmers can tailor fertilizers or pesticides based on the results of the study and predictions. Agriculture robots powered by artificial intelligence incorporate field sensors, artificial intelligence, and data analytics, and can be used for a wide range of tasks. Since they can weed and hoe, these robots are effective harvesting systems. The agriculture robots segment is driven by the increasing implementation of AI in agriculture and advanced robotics innovations.
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Global AI in Agriculture Market: Regional Analysis
Because of the fastest-growing industrial automation industry and acceptance of artificial intelligence technologies, North America held a market share of more than 30% in 2020. North America is marked by increased population buying power, ongoing automation investments, significant IoT investments, and increased government emphasis mostly on AI equipment manufacturing. The presence of various agricultural technology providers implementing artificial intelligence solutions benefits the industry as well.
Over the forecast period, the Asia Pacific market is projected to grow at the fastest pace. Its rise can be due to the growing use of artificial intelligence in agriculture. In the food industry, developing markets such as India and China are leveraging artificial intelligence solutions including remote monitoring technology and predictive analysis. Furthermore, in these economies, the growing demand for smart cities is prompting agribusiness companies to implement AI-based solutions and services.
Browse detail report with in-depth TOC @ Global AI in Agriculture Market, 2021-2026
Global AI in Agriculture Market: Competitive Players
Key participants in AI in Agriculture market are AgEagle Aerial Systems Inc., GAMAYA, Deere & Company, Descartes Labs, Inc., ec2ce, Microsoft, IBM Corporation, Granular, Inc., VineView, Tule Technologies Inc., The Climate Corporation, Taranis, Prospera Technologies, PrecisionHawk, and others.
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