Artificial Intelligence in Agriculture Market Segmentation by Technology (Machine Learning, Computer Vision, and Predictive Analytics); by Deployment (Cloud, On-Premise, and Hybrid); by Offering (Software, Hardware, AI-as-a-Service, and Services); and by Application (Weather Tracking, Precision Farming, and Drone Analytics) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3642 | Published Date: Feb 07, 2023
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:
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.
Our in-depth analysis of the global artificial intelligence in agriculture market includes the following segments:
By Technology
By Deployment
By Offering
By Application
Growth Drivers
Challenges
April 2021- Trimble and HORSCH partnered to enable autonomy in agriculture with the goal of building a future for workflows and autonomous machines in the industry.
January 2019- Microsoft India embarked on a journey to bring AI sensors to agricultural fields with the aim of increasing yields and reducing costs with the help of smartphones.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Shivam Bhutani, Anil Kumar
Ans: The major factors driving market growth are increasing usage of smart sensors in agricultural fields and upsurge in demand for agricultural produce globally.
Ans: The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 – 2030.
Ans: High cost of gathering precise field data is estimated to hamper the market growth.
Ans: 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.
Ans: The major players in the market are Microsoft Corporation, AgEagle Aerial Systems Inc., Descartes Labs, Inc., IBM Corporation, John Deere and Company, and others.
Ans: 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.
Ans: The market is segmented by technology, deployment, offering, application, and by region.
Ans: 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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