Artificial Intelligence in Agriculture Market Size
The global Artificial Intelligence in Agriculture market size was valued at $2.09 billion in 2023 and is projected to reach $7.63 billion by 2029, growing at a CAGR of 24.1% during the forecast period.
Artificial Intelligence in Agriculture Market Dynamics
• Increasing strain on global food supply owing to rising population and government support to adopt modern agricultural techniques are contributing to the market's growth.
• Additionally, increasing penetration of the Internet of things (IoT) in the agriculture industry, rising demand for high crop yield, growing focus on enhanced crop management, and surging utilization of drones for pesticide spraying, a significant shift from traditional farming approaches to technologies like satellite remote sensing to monitor crop health will foster artificial intelligence (AI) in agriculture market trends.
• Furthermore, increasing investments in precision farming and the mounting adoption of AI technology among farmers to track crop humidity, temperature, and soil composition will contribute to the overall market outlook.
• However, the lengthy technology adoption process, lack of experience with emerging technologies, and privacy and security issues are the factors restraining the market growth.
Artificial Intelligence in Agriculture Market Overview
Artificial intelligence in agriculture refers to the usage of innovative technologies to solve traditional farming problems. The agriculture industry has been leveraging AI technologies to improve a broad range of tasks in the entire supply chain, such as pest control and workload management.
By Offering, the Services Segment emerges as the Dominant Segment
The services segment emerged as the dominant segment during the forecast period. This can be attributed to the increasing adoption of AI solutions in the agriculture industry, thereby creating a high requirement for proper installation, maintenance, and training services among farmers and other industry stakeholders. The increasing demand for support, maintenance, and training services by farmers who are deploying AI technology is also catering to the growth of the services segment.
By Geography, North America Region Dominates by Being the Largest Market for Artificial Intelligence in Agriculture
North America dominated the AI in the agriculture industry during the forecast period. This is majorly attributed to the early adoption of technologies such as machine learning (ML) and computer vision for agricultural applications, including livestock management, precision farming, soil management, and greenhouse management. Additionally, with the increasing adoption of technologies like IoT, in combination with computer vision, in the agriculture space, the market would exhibit positive growth over the forecast period. Moreover, the companies such as IBM Corporation and Raven Industries Inc. are increasingly collaborating with other players, to enhance their offerings for the agriculture industry.
Some of the Key Players Profiled in the Report Include:
• aWhere, Inc.
• Farmers Edge Inc
• Granular, Inc.
• IBM corporation
• John Deere
• Microsoft Corporation
• Prospera Technologies Ltd.
• Bayer AG
• Google LLC
• Trimble Inc.
What Can be Explored with this Research Report:
• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.
Market Segmentation:
The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:
Market by, Offering:
• AI-as-a-Service
• Hardware
• Services
• Software
Market by, Technology:
• Computer Vision
• Machine Learning
• Predictive Analytics
Market by, Deployment:
• Cloud
• On-premise
• Hybrid
Market by, Application:
• Weather Tracking
• Precision Farming
• Drone Analytics
• Agriculture Robots
• Labor Management
Market by, Geography:
The Artificial Intelligence in Agriculture Market report also analyzes the major geographic regions and countries for the market. The regions and countries covered in the study include:
• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis
• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis
• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis
• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis.
Report Details
| SKU Code | : DI2090 |
| Industry | : Agriculture |
| Region | : Global |
| Tables | : 114 |
| Format | : Electronic PDF |
| Published | : 2023 |
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