AI in agriculture Market Size is projected to reach USD 5.96 billion by 2031, growing at a CAGR of 25%: Straits Research

New York, United States, Sept. 13, 2023 (GLOBE NEWSWIRE) -- AI in farming has become widespread due to its apparent benefits in crop yield and quality. Farmers' focus has shifted from traditional farming methods to refining the product utilizing enhanced farming methods, such as drones, automated systems, and robots, thanks to a growth in research and development of sophisticated robotics technology in the agriculture industry. As a result, farmers have been able to implement more progressive methods. Artificial intelligence applications in agriculture range from driverless tractors and agricultural automation to computerized water system frameworks and facial recognition.

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The Rising Need for Real-Time Livestock Monitoring Drives the Global Market

Developing-world agriculture differs from developed-world regions like the United States and Western Europe. AI in agriculture could be beneficial in some places, but it could be challenging to sell in areas where the practice is not yet widespread. Most farmers will require some assistance to implement it. It is common for farmers to think that artificial intelligence (AI) has little practical use outside of computers. They may not understand how it can improve their ability to cultivate the land. In addition, combining AI and IoT technologies like predictive analysis, machine learning, and computer vision will help farmers assess real-time data about the weather, temperature, crop status, and other factors, which will drive market expansion soon.

Agricultural Labor Force is Steadily Decreasing, Creates Tremendous Opportunities

There has been a structural movement in the occupational choice of rural employees, especially rural agricultural workers, from agriculture to non-agricultural industries over the past three and a half decades. As the number of people working in agriculture continues to drop, governments and private companies are increasingly investing in artificial intelligence technology that automates agricultural processes. Even in the developed world, standards of living are on the decline. The agricultural sector in Europe has also experienced a significant loss of workers, about 12.8% of the total during the same period. As a consequence of what has been said, the demand for AI in agriculture is expected to increase rapidly over the coming years.

Key Highlights

• The global AI in the agriculture market was valued at USD 1 billion in 2022. It is projected to reach USD 5.96 billion by 2031, growing at a CAGR of 25% during the forecast period (2023–2031).
• Based on components, the global AI in the agriculture market is bifurcated into solutions and services. The solution segment is the highest contributor to the market and is expected to grow during the forecast period.
• Based on technology, the global AI in agriculture market is bifurcated into machine learning, computer vision, and predictive analytics. The machine learning segment is the highest contributor to the market and is expected to grow during the forecast period.
• Based on application, the global AI in the agriculture market is bifurcated into precision farming, livestock monitoring, drone analytics, agriculture robots, and others. The precision farming segment is the highest contributor to the market and is expected to grow during the forecast period.
• North America is the most significant shareholder in the global AI in the agriculture market and is expected to grow during the forecast period.

Report Scope

Report Metric	Details
Market Size by 2031	USD 5.96 billion
Market Size in 2022	USD 1 billion
CAGR %	25% (2023-2031)
Historical Data	2020-2021
Base Year	2022
Forecast Period	2023-2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Component, By Technology, By Application
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	Thermo Fisher Scientific Inc., GAMAYA, PrecisionHawk, Cainthus Ireland Limited, VineView, Easytosee Agtech, S.L., Vision Robotics Corporation, Inc., Farmers Edge, Granular, Inc., IBM, John Deere, Microsoft Corporation, Trace Genomics, Inc., RESSON, Connecterra, and  Harvest Croo
Key Market Opportunities	Agricultural Labor Force is Steadily Decreasing
Key Market Drivers	Rising Need for Real-Time Livestock Monitoring

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Regional Analysis

North America is the most significant shareholder in the global AI in the agriculture market and is expected to grow during the forecast period. People in North America have more disposable income than ever before. The region invests heavily in automation, the industrial internet of things (IoT), and artificial intelligence (AI) hardware development. The market is expected to expand at a healthy rate in the coming years as more and more farmers start using cutting-edge tools like the Internet of Things and computer vision in their operations. Additionally, some regional firms are forming relationships with other major players to provide services to consumers in the region. Companies like IBM and Raven Industries compete with other businesses to improve their agricultural products.

Asia-Pacific is expected to grow during the forecast period. The widespread implementation of AI tools in farming is mainly responsible for its expansion. Artificial intelligence (AI) technologies like remote monitoring technology and predictive analysis are widely adopted in the food business in emerging nations like India and China. Furthermore, the government and numerous MNCs are making a concerted effort to educate Indian farmers on the benefits of using agricultural analytics and data sciences, which has led to a considerable expansion of Indian AI in the agriculture industry.

Artificial intelligence firms in Europe administer the 'Internet of the Soil,' a software and hardware solution for monitoring soil characteristics such as humidity, temperature, electrical conductivity, and others. InFarm, located in Berlin, has built a vertical indoor farming system that can be used in supermarkets, restaurants, and local distribution warehouses, allowing companies to grow their fresh harvest on-site to transport clients. The European Union has created an online program to monitor weather and agricultural conditions across the EU in real-time. The European Union has created an online program to monitor weather and farming conditions across the EU in real-time.

It is anticipated that deep learning-powered AI systems will drive moderate growth in LAMEA. The global AI in the agriculture market is expected to expand at a staggering rate due to the increasing prevalence of applications that combine IoT and AI, such as predictive analysis, machine learning, and others. Suppose Latin America and the Caribbean (LAC) continues to be the world's largest net exporter of food and maintains its role as a critical source of global environmental services, including biodiversity, water, soils, forests, and other ecosystem services. In that case, there will be tremendous potential to pursue novel, concrete, and expansive outcomes in LAC's rural development and agri-food systems.

Competitive Players

1. Thermo Fisher Scientific Inc.
2. GAMAYA
3. PrecisionHawk
4. Cainthus Ireland Limited
5. VineView
6. Easytosee Agtech S.L.
7. Vision Robotics Corporation INC.
8. Farmers Edge
9. Granular INC.
10. IBM
11. John Deere
12. Microsoft Corporation
13. Trace Genomics INC.
14. RESSON
15. Connecterra
16. Harvest Croo.

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Global AI in Agriculture Market: Segmentation

By Component

• Solution
• Service

By Technology

• Machine Learning
• Computer Vision
• Predictive Analytics

By Applications

• Precision Farming
• Livestock Monitoring
• Drone Analytics
• Agriculture Robots
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

TABLE OF CONTENT

1. EXECUTIVE SUMMARY
2. RESEARCH SCOPE & SEGMENTATION
   1. Research Objectives
   2. Market Definition
   3. Limitations & Assumptions
   4. Market Scope & Segmentation
   5. Currency & Pricing Considered
3. MARKET OPPORTUNITY ASSESSMENT

3. 1. Emerging Regions / Countries
   2. Emerging Companies
   3. Emerging Applications / End Use
   4. Investment Landscape
   5. New Business Models / Revenue Streams
   6. TAM

4. MARKET TRENDS

4. 1. Drivers
   2. Market Warning Factors
   3. Latest Macro Economic Indicators
   4. Geopolitical Impact
   5. Human Factors
   6. Technology Factors

5. MARKET ASSESSMENT

5. 1. Porters Five Forces Analysis
   2. Value Chain Analysis
   3. Sales And Distribution Channel Analysis
   4. Case Study Analysis
   5. Patent Analysis
   6. M & A Agreements & Collabration Analysis

6. ESG TRENDS
7. GLOBAL AI IN AGRICULTURE MARKET SIZE ANALYSIS

7. 1. Global AI In Agriculture Market Introduction
   2. By Component

7. 2. 1. Introduction

1. 1. 1. 1. Component By Value

7. 2. 2. Solution

1. 1. 1. 1. By Value

7. 2. 3. Service

1. 1. 1. 1. By Value

7. 3. By Technology

7. 3. 1. Introduction

1. 1. 1. 1. Technology By Value

7. 3. 2. Machine Learning

1. 1. 1. 1. By Value

7. 3. 3. Computer Vision

1. 1. 1. 1. By Value

7. 3. 4. Predictive Analytics

1. 1. 1. 1. By Value

7. 4. By Applications

7. 4. 1. Introduction

1. 1. 1. 1. Applications By Value

7. 4. 2. Precision Farming

1. 1. 1. 1. By Value

7. 4. 3. Livestock Monitoring

1. 1. 1. 1. By Value

7. 4. 4. Drone Analytics

1. 1. 1. 1. By Value

7. 4. 5. Agriculture Robots

1. 1. 1. 1. By Value

7. 4. 6. Others

1. 1. 1. 1. By Value

8. NORTH AMERICA MARKET ANALYSIS

8. 1. Introduction
   2. By Component

8. 2. 1. Introduction

1. 1. 1. 1. Component By Value

8. 2. 2. Solution

1. 1. 1. 1. By Value

8. 2. 3. Service

1. 1. 1. 1. By Value

8. 3. By Technology

8. 3. 1. Introduction

1. 1. 1. 1. Technology By Value

8. 3. 2. Machine Learning

1. 1. 1. 1. By Value

8. 3. 3. Computer Vision

1. 1. 1. 1. By Value

8. 3. 4. Predictive Analytics

1. 1. 1. 1. By Value

8. 4. By Applications
      1. Introduction

1. 1. 1. 1. Applications By Value

8. 4. 2. Precision Farming

1. 1. 1. 1. By Value

8. 4. 3. Livestock Monitoring

1. 1. 1. 1. By Value

8. 4. 4. Drone Analytics

1. 1. 1. 1. By Value

8. 4. 5. Agriculture Robots

1. 1. 1. 1. By Value

8. 4. 6. Others

1. 1. 1. 1. By Value

8. 5. U.S.

8. 5. 1. By Component

1. 1. 1. 1. Introduction
            1. Component By Value
         2. Solution
            1. By Value
         3. Service
            1. By Value

8. 5. 2. By Technology

1. 1. 1. 1. Introduction
            1. Technology By Value
         2. Machine Learning
            1. By Value
         3. Computer Vision
            1. By Value
         4. Predictive Analytics
            1. By Value

8. 5. 3. By Applications

1. 1. 1. 1. Introduction
            1. Applications By Value
         2. Precision Farming
            1. By Value
         3. Livestock Monitoring
            1. By Value
         4. Drone Analytics
            1. By Value
         5. Agriculture Robots
            1. By Value
         6. Others
            1. By Value

8. 6. Canada

9. EUROPE MARKET ANALYSIS

9. 1. Introduction
   2. By Component

9. 2. 1. Introduction

1. 1. 1. 1. Component By Value

9. 2. 2. Solution

1. 1. 1. 1. By Value

9. 2. 3. Service

1. 1. 1. 1. By Value

9. 3. By Technology

9. 3. 1. Introduction

1. 1. 1. 1. Technology By Value

9. 3. 2. Machine Learning

1. 1. 1. 1. By Value

9. 3. 3. Computer Vision

1. 1. 1. 1. By Value

9. 3. 4. Predictive Analytics

1. 1. 1. 1. By Value

9. 4. By Applications

9. 4. 1. Introduction

1. 1. 1. 1. Applications By Value

9. 4. 2. Precision Farming

1. 1. 1. 1. By Value

9. 4. 3. Livestock Monitoring

1. 1. 1. 1. By Value

9. 4. 4. Drone Analytics

1. 1. 1. 1. By Value

9. 4. 5. Agriculture Robots

1. 1. 1. 1. By Value

9. 4. 6. Others

1. 1. 1. 1. By Value

9. 5. U.K.

9. 5. 1. By Component

1. 1. 1. 1. Introduction
            1. Component By Value
         2. Solution
            1. By Value
         3. Service
            1. By Value

9. 5. 2. By Technology

1. 1. 1. 1. Introduction
            1. Technology By Value
         2. Machine Learning
            1. By Value
         3. Computer Vision
            1. By Value
         4. Predictive Analytics
            1. By Value

9. 5. 3. By Applications

1. 1. 1. 1. Introduction
            1. Applications By Value
         2. Precision Farming
            1. By Value
         3. Livestock Monitoring
            1. By Value
         4. Drone Analytics
            1. By Value
         5. Agriculture Robots
            1. By Value
         6. Others
            1. By Value

9. 6. Germany
   7. France
   8. Spain
   9. Italy
   10. Russia
   11. Nordic
   12. Benelux
   13. Rest Of Europe

10. APAC MARKET ANALYSIS

10. 1. Introduction
    2. By Component

10. 2. 1. Introduction

1. 1. 1. 1. Component By Value

10. 2. 2. Solution

1. 1. 1. 1. By Value

10. 2. 3. Service

1. 1. 1. 1. By Value

10. 3. By Technology

10. 3. 1. Introduction

1. 1. 1. 1. Technology By Value

10. 3. 2. Machine Learning

1. 1. 1. 1. By Value

10. 3. 3. Computer Vision

1. 1. 1. 1. By Value

10. 3. 4. Predictive Analytics

1. 1. 1. 1. By Value

10. 4. By Applications

10. 4. 1. Introduction

1. 1. 1. 1. Applications By Value

10. 4. 2. Precision Farming

1. 1. 1. 1. By Value

10. 4. 3. Livestock Monitoring

1. 1. 1. 1. By Value

10. 4. 4. Drone Analytics

1. 1. 1. 1. By Value

10. 4. 5. Agriculture Robots

1. 1. 1. 1. By Value

10. 4. 6. Others

1. 1. 1. 1. By Value

10. 5. China

10. 5. 1. By Component

1. 1. 1. 1. Introduction
            1. Component By Value
         2. Solution
            1. By Value
         3. Service
            1. By Value

10. 5. 2. By Technology

1. 1. 1. 1. Introduction
            1. Technology By Value
         2. Machine Learning
            1. By Value
         3. Computer Vision
            1. By Value
         4. Predictive Analytics
            1. By Value

10. 5. 3. By Applications

1. 1. 1. 1. Introduction
            1. Applications By Value
         2. Precision Farming
            1. By Value
         3. Livestock Monitoring
            1. By Value
         4. Drone Analytics
            1. By Value
         5. Agriculture Robots
            1. By Value
         6. Others
            1. By Value

10. 6. Korea
    7. Japan
    8. India
    9. Australia
    10. Taiwan
    11. South East Asia
    12. Rest Of Asia-Pacific

11. MIDDLE EAST AND AFRICA MARKET ANALYSIS

11. 1. Introduction
    2. By Component

11. 2. 1. Introduction

1. 1. 1. 1. Component By Value

11. 2. 2. Solution

1. 1. 1. 1. By Value

11. 2. 3. Service

1. 1. 1. 1. By Value

11. 3. By Technology

11. 3. 1. Introduction

1. 1. 1. 1. Technology By Value

11. 3. 2. Machine Learning

1. 1. 1. 1. By Value

11. 3. 3. Computer Vision

1. 1. 1. 1. By Value

11. 3. 4. Predictive Analytics

1. 1. 1. 1. By Value

11. 4. By Applications

11. 4. 1. Introduction

1. 1. 1. 1. Applications By Value

11. 4. 2. Precision Farming

1. 1. 1. 1. By Value

11. 4. 3. Livestock Monitoring

1. 1. 1. 1. By Value

11. 4. 4. Drone Analytics

1. 1. 1. 1. By Value

11. 4. 5. Agriculture Robots

1. 1. 1. 1. By Value

11. 4. 6. Others

1. 1. 1. 1. By Value

11. 5. UAE

11. 5. 1. By Component

1. 1. 1. 1. Introduction
            1. Component By Value
         2. Solution
            1. By Value
         3. Service
            1. By Value

11. 5. 2. By Technology

1. 1. 1. 1. Introduction
            1. Technology By Value
         2. Machine Learning
            1. By Value
         3. Computer Vision
            1. By Value
         4. Predictive Analytics
            1. By Value

11. 5. 3. By Applications

1. 1. 1. 1. Introduction
            1. Applications By Value
         2. Precision Farming
            1. By Value
         3. Livestock Monitoring
            1. By Value
         4. Drone Analytics
            1. By Value
         5. Agriculture Robots
            1. By Value
         6. Others
            1. By Value

11. 6. Turkey
    7. Saudi Arabia
    8. South Africa
    9. Egypt
    10. Nigeria
    11. Rest Of MEA

12. LATAM MARKET ANALYSIS

12. 1. Introduction
    2. By Component

12. 2. 1. Introduction

1. 1. 1. 1. Component By Value

12. 2. 2. Solution

1. 1. 1. 1. By Value

12. 2. 3. Service

1. 1. 1. 1. By Value

12. 3. By Technology

12. 3. 1. Introduction

1. 1. 1. 1. Technology By Value

12. 3. 2. Machine Learning

1. 1. 1. 1. By Value

12. 3. 3. Computer Vision

1. 1. 1. 1. By Value

12. 3. 4. Predictive Analytics

1. 1. 1. 1. By Value

12. 4. By Applications

12. 4. 1. Introduction

1. 1. 1. 1. Applications By Value

12. 4. 2. Precision Farming

1. 1. 1. 1. By Value

12. 4. 3. Livestock Monitoring

1. 1. 1. 1. By Value

12. 4. 4. Drone Analytics

1. 1. 1. 1. By Value

12. 4. 5. Agriculture Robots

1. 1. 1. 1. By Value

12. 4. 6. Others

1. 1. 1. 1. By Value

12. 5. Brazil

12. 5. 1. By Component

1. 1. 1. 1. Introduction
            1. Component By Value
         2. Solution
            1. By Value
         3. Service
            1. By Value

12. 5. 2. By Technology

1. 1. 1. 1. Introduction
            1. Technology By Value
         2. Machine Learning
            1. By Value
         3. Computer Vision
            1. By Value
         4. Predictive Analytics
            1. By Value

12. 5. 3. By Applications

1. 1. 1. 1. Introduction
            1. Applications By Value
         2. Precision Farming
            1. By Value
         3. Livestock Monitoring
            1. By Value
         4. Drone Analytics
            1. By Value
         5. Agriculture Robots
            1. By Value
         6. Others
            1. By Value

12. 6. Mexico
    7. Argentina
    8. Chile
    9. Colombia
    10. Rest Of LATAM

13. COMPETITIVE ASSESSMENT

13. 1. Adoption Matrix
    2. AI In Agriculture Market Share By Manufacturers
    3. AI In Agriculture Market Ranking By Revenue For Manufacturers
    4. Average Price By Manufacturers
    5. Vendor Footprint Analysis

14. MARKET PLAYERS ASSESSMENT

14. 1. Thermo Fisher Scientific Inc.

14. 1. 1. Overview
       2. Business Information
       3. Revenue
       4. ASP
       5. Gross Margin
       6. Swot Analysis
       7. Recent Developmments

14. 2. GAMAYA
    3. PrecisionHawk
    4. Cainthus Ireland Limited
    5. VineView
    6. Easytosee Agtech S.L.
    7. Vision Robotics Corporation INC.
    8. Farmers Edge
    9. Granular INC.
    10. IBM
    11. John Deere
    12. Microsoft Corporation
    13. Trace Genomics INC.
    14. RESSON
    15. Connecterra
    16. Harvest Croo.

15. RESEARCH METHODOLOGY

15. 1. Research Data

15. 1. 1. Secondary Data

1. 1. 1. 1. Major Secondary Sources
         2. Key Data From Secondary Sources

15. 1. 2. Primary Data

1. 1. 1. 1. Key Data From Primary Sources
         2. Breakdown Of Primaries

15. 1. 3. Secondary And Primary Research

1. 1. 1. 1. Key Industry Insights

15. 2. Market Size Estimation

15. 2. 1. Bottom-Up Approach
       2. Top-Down Approach
       3. Market Projection

15. 3. Research Assumptions

15. 3. 1. Assumptions

15. 4. Limitations
    5. Risk Assessment

16. APPENDIX

16. 1. Discussion Guide
    2. Customization Options
    3. Related Reports

17. DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/ai-in-agriculture-market/toc

Market News

• In February 2022, a 15-year strategic collaboration deal between Moderna, Inc. and Thermo Fisher Scientific, Inc. was announced to facilitate dedicated, large-scale manufacturing in the United States.
• In January 2022, Descartes Labs Introduced the World's First Cloud-Based Geospatial Data Refinery and Modeling Platform
• In October 2022, Thermo Fisher Scientific Inc., the world's largest provider of scientific instruments and services, has announced a definitive deal to purchase The Binding Site Consortium, a market leader in specialty diagnostics, from an investor group led by Nordic Capital.
• In August 2022,  A controlling stake in Descartes Labs was acquired by an affiliate of the multinational private equity firm Antarctica Capital.

News Media

Global Agriculture Drones and Robots Market Grows at a Staggering CAGR of 22.1%

Global Robot Software Market to Expand CAGR of 27.31% by 2030

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