Global AI in Agriculture Market by Offerings (Hardware, Software and Services); By Technology (Machine Learning, Predictive Analytics and Computer Vision); By Application (Livestock Monitoring Application, Precision Farming Application, Agriculture Robots Application, Drone Analytics Application and Others); By Region (North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa) – Analysis of market share, size & trends for 2016-19 and forecasts to 2030.
Artificial Intelligence in Agriculture uses modern and innovative agricultural technologies to improve the productivity and yield in order to deliver better and more efficient farming services. Using specific equipment such as 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.
Global Artificial Intelligence in Agriculture Market is estimated to grow from USD 820.3 million in 2019 to USD 6,189.75 million in 2030 with a CAGR of 24.31%. Factors such as growing stress on the food supply chain due to exponentially increasing population, rising implementation of Internet of Things in the agricultural sector, improving 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
On the basis of 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
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 which has prompted farmers to implement digital farming solutions in their farms so as to boost the productivity of agricultural land is increased demand for quality crops that meet the increasing requirements of grains and plants.
High Equipment Cost
Some of the factors limiting the growth of the Artificial Intelligence in 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 is further segmented by region into:
• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- UK, Germany, France, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia-Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- India, China, South Korea, Malaysia, Japan, Indonesia, Australia, New Zealand and Rest of Asia-Pacific
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- North Africa, Israel, GCC, South Africa and Rest of Middle East and Africa
• 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 on:
• Artificial Intelligence in Agriculture Market by segment:
• By Offering
• By application/ end-use industry
o Livestock Monitoring Application
o Precision Farming Application
o Agriculture Robots Application
o Drone Analytics Application
• By Region
o North America
o Latin America
o Middle east and Africa
• Artificial Intelligence in Agriculture Market Size
• Artificial Intelligence in Agriculture Market Dynamics
• Supply and Demand
• Current Issues/trends/challenges
• Competition and Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints