The global artificial intelligence in agriculture market is estimated to garner a large amount of revenue and grow at a CAGR of ~25% over the forecast period, i.e., 2022 – 2030. The growth of the market can be primarily attributed to the increasing usage of smart sensors in agricultural fields, and the upsurge in demand for agricultural produce around the globe. According to the World Bank, in 2018, agriculture accounted for 4 percent of the global gross domestic product and in some developing countries it accounted for more than 25 percent of the GDP. Along with these, there is a high demand for real-time livestock monitoring globally, which is giving impetus to the application of advanced AI solutions, such as facial recognition for livestock and image classification with body condition score. This in turn is expected to significantly drive market growth in the near future. Furthermore, growing government initiatives towards the adoption of drones for modernizing agricultural practices is projected to offer ample growth opportunities to the market in the near future.
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The market is segmented by technology into machine learning, computer vision, and predictive analytics, out of which, the machine learning segment is anticipated to hold the largest share in the global artificial intelligence in agriculture market. This can be accounted to the rising adoption of machine learning-enabled solutions by agricultural organizations and farmers around the world for enhancing their farm productivity and gaining a competitive edge in business operations. Additionally, on the basis of offering, the software segment is predicted to acquire the most significant share during the forecast period, which can be credited to the growing usage of AI software to increase farm efficiency, and high integration of mobile technologies with farming techniques. Apart from these, intensifying demand for real-time data management systems is also assessed to boost the growth of the market segment in the imminent time.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global artificial intelligence in agriculture market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing adoption rate of AI in agriculture in countries such as India, China, Japan and Australia, and entry of major companies in agricultural solutions business in the region. In addition, growing investments by multinational companies to spread awareness regarding farm analytics and data sciences among farmers is also predicted to boost the region’s market growth in the upcoming years. Moreover, the market in North America is anticipated to gather the largest share during the forecast period owing to the early adoption of technologies such as machine learning and IoT, and rising usage of computer vision for agricultural applications, such as livestock management, precision farming and soil management. In 2021, almost 80 percent of the total number of companies in North America have adopted machine learning technology. More than 4 percent of self-reported data scientists or data researchers in the US specifically work as machine learning engineers.
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The global artificial intelligence in agriculture market is further classified on the basis of region as follows:
Our in-depth analysis of the global artificial intelligence in agriculture market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing usage of smart sensors in agricultural fields and upsurge in demand for agricultural produce globally.
The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 – 2030.
High cost of gathering precise field data is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing adoption rate of AI in agriculture in countries such as India, China, Japan and Australia, and entry of major companies in agricultural solutions business in the region.
The major players in the market are Microsoft Corporation, AgEagle Aerial Systems Inc., Descartes Labs, Inc., IBM Corporation, John Deere and Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, deployment, offering, application, and by region.
The machine learning segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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