Description
Product Overview
Artificial Intelligence in Agriculture uses modern and innovative agricultural technologies to improve productivity and yield to deliver better and more efficient farming services. Using specific equipment such as the Internet of Thing models, sensors and actuators, geo-positioning systems, Unmanned Aerial Vehicles (UAVs or drones), robotics & fertilizers, irrigation management, and so on, farmers can advance their production and harvest by controlling pests, increasing productivity, monitoring the soil quality while reducing the time, energy and work needed for these tasks. Artificial Intelligence in agriculture helps and assists in evaluating and taking decisions to boost crop growth and production. In agriculture, artificial intelligence has a variety of uses, including agricultural automation, digital water network systems, face recognition, and tractors without a driver.
Market Highlights
Global Artificial Intelligence in Agriculture Market is estimated to grow from USD 893.43 million in 2019 to USD 8342.37 million in 2030 with a CAGR of 22.52%. Factors such as growing stress on the food supply chain due to exponentially increasing population, rising implementation of the Internet of Things in the agricultural sector, improving the standard of living, growing focus on enhanced crop monitoring, and increased demand for higher agricultural yield, are driving growth in the artificial intelligence market. Moreover, limited land for agriculture coupled with supportive government policies to encourage the use of AI technologies is anticipated to fuel the market growth.
Global Artificial Intelligence in Agriculture Market: Segments
Software offerings are anticipated to be the fastest-growing over 2020-2030
Based on offerings, the global AI in Agriculture Market is segmented into hardware, software, and services. The software segment captured a significant share in 2019 and is projected to have the highest CAGR during the forecast period. The convergence of digital technology with agriculture techniques, increased adoption of automation and control systems, such as GPS / GNSS receivers, irrigation controls, guidance & steering systems, and the demand for database management systems has created a new approach to farming practices that stimulates market growth.
Global Artificial Intelligence in Agriculture Market: Market Dynamics
Drivers
Rising demand for Agricultural Produce
Growing global demand for food, farmers need to increase crop production either by increasing the amount of agricultural land or by adopting advanced agricultural methods such as precision farming. Another major factor that has prompted farmers to implement digital farming solutions in their farms to boost the productivity of agricultural land is the increased demand for quality crops that meet the increasing requirements of grains and plants.
Restraints
High Equipment Cost
Some of the factors limiting the growth of Artificial Intelligence in the agriculture market are the high cost of devices used in Artificial Intelligence in agriculture and the lack of awareness among farmers. High costs incurred in the production of Artificial Intelligence in agricultural equipment, in turn, increase the price of the final product, which is likely to restrict the growth of the market over the forecast period.
Global Artificial Intelligence in Agriculture Market: Region
Global Artificial Intelligence in Agriculture market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and the rest of the world is classified as Middle-East and Africa.
North America to register a remarkable CAGR during the forecast period
Owing to the concentration of leading industrial automation players and the introduction of artificial intelligence technologies in North America, the share in 2019 accounted for more than other regions. North America is marked by an enhanced standard of living of the people, continuous technological investments, major IoT investments, and growing policy emphasis on the development of in-house AI equipment. These factors are likely to boost growth shortly.
Key Players
Microsoft Corporation
o Company overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
Precision Hawk
Deere & Company
The Climate Corporation
International Business Machines Corp.
Farmers Edge Inc.
AgEagle Aerial Systems
Gamaya Inc
Descartes Lab Inc.
Prospera Technologies
Global Artificial Intelligence in Agriculture Market Report also contains an analysis of:
Artificial Intelligence in Agriculture Market by segment:
By Offering
o Hardware
o Software
o Services
By Application
o Livestock Monitoring Application
o Precision Farming Application
o Agriculture Robots Application
o Drone Analytics Application
o Others
