Published Date: Jun 2021
No. of Pages: 196
Report Code: EMR100835
The overall AI in agriculture market is projected to grow from an estimated USD 1.5 billion in 2021 to USD 4.5 billion by 2027, at a CAGR of 20.1% between 2021 and 2027. The market growth is driven by the increasing implementation of data generation through sensors and aerial images for crops, growing crop productivity through deep-learning technology, and government support for the adoption of modern agricultural techniques.
Artificial intelligence is based on the principle that human intelligence can be defined in a way that a machine can easily mimic it and execute tasks, from the simplest to those that are even more complex. The goals of artificial intelligence include learning, reasoning, and insight. Agriculture and farming are one of the oldest and most important professions in the world. It plays an important role in the economic sector. The global population is expected to reach more than nine billion by 2050 which will require an increase in agricultural production by 70% to fulfil the demand. As the world population is increasing due to which land water and resources becoming insufficient to continue the demand-supply chain. However, the lack of awareness with high tech machine learning solutions in farms is the major factor that may restrain the growth of artificial intelligence in the agriculture market. Additionally, increasing the use of Unmanned Aerial Vehicles (UAVs) across agricultural farms is anticipated to boost the growth of artificial intelligence in the agriculture market.
Key players which are operating in this industry are International Business Machines Corp. (IBM), Deere & Company (John Deere), Microsoft Corporation, Farmers Edge Inc., The Climate Corporation, ec2ce, Descartes Labs, Inc. and aWhere Inc. In Nov 2017, Microsoft took AI in agriculture a step further by collaborating with United Phosphorous (UPL), for the Pest Risk Prediction API using AI and machine learning to indicate in advance the risk of pest attack.
The industry is turning to Artificial Intelligence technologies to help yield improved crops, control pests, monitor soil, and growing conditions, organize data for farmers, help with the workload, and improve a wide range of agriculture-related tasks in the entire food supply chain. Artificial Intelligence in agriculture not only helping farmers to automate their farming but also shifts to precise cultivation for higher crop yield and better quality while using fewer resources. Companies involved in improving machine learning or Artificial Intelligence-based products or services like training data for agriculture, drone, and automated machine making will get technological advancement in the future will provide more useful applications to this sector helping the world deal with food production issues for the growing population.
Overall AI in agriculture market segmented in technology, offerings, application and region. By way of technology, the market is segmented into machine learning, predictive analytics, and computer vision. The market is classified on the basis of offerings into hardware, software, AI-as-a-Service and service. The software segment is expected to have a significant market share among components. On the basis of application, the market has been classified into precision farming, drone analytics, agriculture robots, livestock monitoring, Labor Management and others. On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America.
North America generated highest revenue in AI in agriculture market owing to the leading industrial automation industry and adoption of artificial intelligence solutions in the region. Additionally, the market for AI in agriculture owing to increasing investment in R&D activities and the high adoption of the new technologies in the region. Followed by the Asia Pacific market is expected to demonstrate the highest CAGR over the forecast period. Developing economies such as India and China are leveraging the implementation of artificial intelligence solutions such as remote monitoring technology and predictive analysis in the food industry.
The Leading Key Players in Artificial Intelligence In Agriculture Market
International Business Machines Corp. (IBM)
Deere & Company (John Deere)
Farmers Edge Inc.
The Climate Corporation
Descartes Labs Inc.