The global artificial intelligence in agriculture market size is estimated to reach USD 2.9 billion, by 2025 and is projected to grow at a CAGR of 25.4% over the forecast period 2019 to 2025, according to a new report by Million Insights. Artificial intelligence solutions are used in different forms for agricultural farming which include crop & soil monitoring, predictive analytics and agricultural robots. Additionally, agribusinesses use AI-enabled sensors to monitor soil and crop productivity. AI solutions process analytical data for better farming, which is expected to increase the demand for these solutions in the next few years.
Rising population across the globe is also contributing to the growth of artificial intelligence technologies in the agricultural industry. It is projected that the world’s population would reach around 9.8 billion by the end of 2050. Artificial intelligence improves farming efficiency and crop productivity. For example, Microsoft has developed a Sowing App, which gives the best advice to farmers for better crop sowing. Moreover, it helps farmers to keep track of weather conditions as well and harvest crops according to the situation.
Asia Pacific is projected to expand at a significant rate from 2019 to 2025. This growth is contributed to the growing trend of AI-enabled devices in agribusiness in the region. In the developing countries such as China and India, computer vision and machine learning applications have been growing from the past few years, which in turn, are expected to boost the crop yield capacity in the agriculture sector. Moreover, supportive government regulations are encouraging farmers to seek for these new technologies. For example, in 2019 the Indian government has started using artificial intelligence solutions for estimating crop yield and increasing farming productivity.
Key manufacturers in the AI in agriculture market include Microsoft; IBM Corporation; Deere and Company; Granular, Inc.; AgEagle Aerial Systems Inc.; GAMAYA; Descartes Labs, Inc.; The Climate Corporation; Prospera Technologies; aWhere Inc.; Taranis; and PrecisionHawk.
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Further key findings from the report suggest:
• Growing trend of predictive analytics in the agriculture sector is projected to create huge opportunities for market growth.
• AI solutions help in weather forecasting, weed detection, remote monitoring and reduction in cost overruns. These key benefits are increasing the need for improved productivity.
• Companies are focusing on acquisitions and partnerships to offer innovative solutions for the agriculture industry.
• Asia Pacific is projected to grow at the fastest CAGR of during the forecasted period.
Million Insights has segmented the global artificial intelligence in agriculture market based on component, technology, application and region:
Artificial Intelligence in Agriculture Component Outlook (Revenue, USD Million, 2014 - 2025)
Artificial Intelligence in Agriculture Technology Outlook (Revenue, USD Million, 2014 - 2025)
• Machine Learning & Deep Learning
• Predictive Analytics
• Computer Vision
Artificial Intelligence in Agriculture Application Outlook (Revenue, USD Million, 2014 - 2025)
• Precision Farming
• Drone Analytics
• Agriculture Robots
• Livestock Monitoring
Artificial Intelligence in Agriculture Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South America
• Middle East & Africa