Dublin, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The "Artificial Intelligence in Agriculture Market" report has been added to ResearchAndMarkets.com's offering.
The AI in the agriculture market is witnessing remarkable growth, with projections indicating a substantial increase from USD 1.7 billion in 2023 to USD 4.7 billion in 2028, at an impressive CAGR of 23.1%.
This growth is fueled by the widespread adoption of AI in various facets of agriculture, such as precision farming, agriculture robotics, livestock monitoring, and drone analytics, among others. A key driver behind this surge is the strong government support for embracing modern agricultural practices.
In regions like the Americas and Europe, local governments are actively encouraging farmers to adopt advanced farming techniques, providing increased budgets and guidance to enhance food production. Globally, governments are launching initiatives to bolster agriculture production, develop high-quality seeds, and expand storage capacities, leading to significant investments in AI-based farming technology.
As a result, AI is playing a crucial role in reshaping the landscape of agriculture and revolutionizing farming practices for a more efficient and sustainable future.
The market for AI-as-a-Service is to grow at the highest CAGR during the forecast period.
Artificial intelligence (AI) in the agriculture market has been segmented based on offering hardware, software, AI-as-a-Service, and services. The market for AI-as-a-Service is expected to grow at the highest CAGR during the forecast period. Major companies, such as IBM, Microsoft, Granular, and Descartes Labs, are involved in providing AI-as-a-Service.
The market for drone analytics applications is expected to grow at the highest CAGR during the forecast period
Drone support farmers by offering efficient plant protection, providing important data on soil types, and monitoring crop health. In agriculture, microdrones have a huge potential and a wide range of applications. Drone analytics software is used for measuring vegetation levels based on the normalized difference vegetation index (NDVI), a graphical indicator of this measurement.
The market for Asia Pacific is to grow at the highest CAGR during the forecast period
The wide-scale adoption of AI technologies in agricultural farming is a key factor supporting the market growth in this region. Further, Asia Pacific is segmented into China, Japan, South Korea, India, and the Rest of Asia Pacific. There is an increasing application of AI in the agriculture sector in developing countries, such as India and China.
Competitive landscape
The report profiles key players in AI in the agriculture market with their respective market ranking analyses. Prominent players profiled in this report are Deere & Company (US), IBM (US), Microsoft (US), The Climate Corporation (US), Farmers Edge Inc. (Canada), Granular Inc. (Canada), AgEagle Aerial Syatems Inc. (US), Descartes Labs, Inc. (US).
Premium Insights
- Rising Use of Drones to Increase Farm Productivity and Profitability to Provide Opportunities for Players Offering AI-Powered Solutions
- Computer Vision Technology to Register Highest CAGR in AI in Agriculture Market Between 2023 and 2028
- US and Drone Analytics to Account for Largest Share of AI in Agriculture Market in North America in 2028
- Asia-Pacific to Record Highest CAGR in AI in Agriculture Market During Forecast Period
Market Dynamics
Drivers
- Adoption of Newer Technologies in Arable Land to Balance Food Supply and Population Increase
- Rising Need for Real-Time Data by Growers and Farmers to Take Preventive Measures
- Increasing Crop Productivity Through Deep Learning Technology
- Government Support to Adopt Modern Agricultural Techniques
- Increasing Use of AI-Enabled Robots and Automation in Agriculture due to Labor Shortage
Restraints
- High Cost of AI-Driven Precision Farming Equipment
Opportunities
- Potential Growth Opportunities in Developing Countries
- Government Schemes Encouraging Adoption of AI Solutions to Manage Small Farms
- Rising Use of Drones to Increase Farm Productivity and Profitability
Challenges
- Interoperability Issues due to Lack of Standardization of Communication Protocols
- Availability of Limited Workforce with Technological Expertise
- Insufficient Historical Data to Build Predictive Models
Value Chain Analysis
- Ecosystem Analysis
- Pricing Analysis
- Average Selling Price Analysis of Processor Components Offered by Top 3 Players
- Trends/Disruptions Impacting Customer Business
Technology Analysis
- Internet of Things (Iot)
- Robotics
- Blockchain Technology
- AI-Driven Drones
Case Studies
- E&J Gallo (Us) Adopted IBM Cloud to Increase Yields and Reduce Water Usage
- Bunge (Us) Implemented IBM Pairs to Gain Data and Computing Power to Build Advanced Statistical Models
- Agropecuaria Canoa Mirim S/A (Brazil) Deployed Variable Rate Technology Offered by Farmers Edge to Ensure Accurate Quantity of Fertilizers
Company Profiles
Key Players
- IBM
- Deere & Company
- Microsoft
- The Climate Corporation
- Farmers Edge Inc.
- Granular Inc.
- Ageagle Aerial Systems Inc.
- Descartes Labs, Inc.
- Prospera Technologies, Inc.
- Taranis
- Cropin Technology Solutions Private Limited
Other Key Companies
- Gamaya
- Ec2Ce
- Precision Hawk
- Vineview
- Ever.Ag
- Tule Technologies
- Resson Aerospace Inc.
- Connecterra B.V.
- Vision Robotics Corporation
- Farmbot
- Harvest Croo Robotics LLC
- Progressive Environmental & Agricultural Technologies (Peat)
- Trace Genomics
- Cropx Inc.
For more information about this report visit https://www.researchandmarkets.com/r/8ichfq
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