Dublin, April 24, 2023 (GLOBE NEWSWIRE) -- The "Global Artificial Intelligence in Agriculture Market Size, Share & Industry Trends Analysis Report by Technology, Application, Offering, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Artificial Intelligence in Agriculture Market size is expected to reach $4.9 billion by 2028, rising at a market growth of 24.1% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- Deere & Company
- IBM Corporation
- Microsoft Corporation
- Climate LLC (Bayer AG)
- Farmers Edge Inc
- AgEagle Aerial Systems, Inc.
- Prospera Technologies, Inc. (Valmont Industries, Inc.)
- A.A.A Taranis Visual Ltd.
- CropIn Technology Solutions Private Limited
- Corteva, Inc. (Dow AgroSciences LLC)
Farmers can benefit from real-time insights into their fields, monitoring of plant health, soil quality, temperature, automation of irrigation, and pesticide application processes, all of which increase the overall quality and accuracy of the crop. Precision farming, drone analytics, agriculture robots, livestock monitoring, and labor management are just a few of the applications of AI in agriculture that strive to maximize crop production efficiency. Adoption of deep learning technology is boosting crop productivity, fueling the market's expansion.
Farming with artificial intelligence approaches results in higher productivity and yield. Because of this, agricultural firms embrace artificial intelligence technologies for solutions based on predictive analytics. AI-based tools and methods assist with pest management, healthier crop production, soil monitoring, and jobs related to agriculture throughout the entire supply chain. Furthermore, since it assists in the analysis of farm data, artificial intelligence is increasingly being utilized by agriculture businesses to enhance harvest quality and accuracy.
The need for AI in the agriculture sector is driven by the world's rapidly expanding population. In addition, the demand for a green revolution powered by artificial intelligence, the Internet of Things (IoT), and big data is driven by the scarcity of arable land and the requirement for greater food production for food security. Several aspects of the agriculture sector are catered by AI-enabled apps, including predictive and recommendation analytics, plant disease detection, pest infestation detection, and soil monitoring.
Aside from that, automation in agriculture assists in allocating resources like water and fertilizer, choosing the best time to plant crops, and identifying weeds, which increases the demand for artificial intelligence technologies. Using previous long-term weather forecasts, production data, commodity pricing forecasts, and seed information, among other inputs, it also assists in recommending how many seeds should be sown. Several IT juggernauts and start-ups are developing IoT-enabled devices to implement AI applications for agriculture on a wide scale due to the numerous advantages of these applications.
Market Growth Factors
Growing acceptance of IoT driving market expansion
Demand is mostly driven by the growing deployment of IoT. The demand for IoT in agriculture is rising due to the expanding usage of mobile devices and cloud computing, as well as the numerous advantages offered by IoT, including the capacity to manage massive amounts of structured and unstructured data.
For example, IoT sensors are utilized in agricultural practices to give farmers crucial information regarding rainfall, soil nutrition, crop yields, and pest infestation, among other things. Such data provides accurate information that can be used to promote crop production and can be used to raise the caliber of both farming practices and agricultural output. These elements would support the growth of the regional market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Growing use of robotics in agriculture
A key development in the market is the growing use of robotics in agriculture. Farming techniques are advancing in sophistication and modernity due to the rising use of technology in agriculture.
The usage of agricultural robots is expanding globally due to the expanding world population, the scarcity of farm employees, and the automation of the agricultural sector. Agribusiness stakeholders are also largely focused on improving output productivity through innovative farming techniques and minimizing the overall carbon footprint. Thus, robotics businesses are providing services that are AI-equipped to function in them.
Market Restraining Factors
Less technical knowledge among farmers
Precision agriculture is a type of farming that necessitates an in-depth understanding of technology. However, owing to a lack of awareness of the implementation of cutting-edge technology, a gap exists between the comprehension and deployment of precision farming principles. Despite governments and market partners worldwide undertaking projects to provide farmers with training &consulting services on precision farming techniques, a significant percentage of farmers remain inaccessible. So far, farmers in developing nations lack technological competence, providing a substantial challenge for market players.
Scope of the Study
By Technology
- Machine Learning
- Computer Vision
- Predictive Analytics
By Application
- Drone Analytics
- Precision Farming
- Agricultural Robots
- Labor Management
- Livestock Monitoring
- Others
By Offering
- Software
- Hardware
- AI-as-a-Service
- Service
For more information about this report visit https://www.researchandmarkets.com/r/ys03i3
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