The global artificial intelligence in agriculture market size is projected to reach USD 2.9 billion by 2025, as per a report by Grand View Research, Inc. The industry is anticipated to advance at a substantial CAGR of 25.4% over the forecast period. AI solutions in the agricultural industry are emerging in various forms, such as soil and crop monitoring, agricultural robots, and predictive analytics. This has proved to be hugely beneficial for farmers and agribusiness corporations, who are utilizing soil sampling and AI-enabled sensors for data gathering for better analysis and processing. The availability of such data has paved the way for the deployment of artificial intelligence in agriculture and farming practices. The exponential rise in global population over the past few years has created a huge strain on food resources, which has necessitated efficient production techniques for economies. This is subsequently expected to create a positive environment for the integration of AI in the agricultural and farming sector.
Artificial intelligence enables efficient and potential farming techniques for increased crop productivity and yield. For instance, the artificial intelligence Sowing App developed by Microsoft sends sowing advisories on the optimal date for crop sowing to farmers. It enhances the farmers’ efficiency in terms of planting and forecasting weather conditions. Several benefits of artificial intelligence, such as prevention of cost overruns, weather forecasting, remote monitoring, weed detection, and irrigation management encourages the implementation of AI in agriculture for increased productivity. The technology aids in yielding healthier crops, controlling pests, monitoring the soil and growing conditions, and offering all this data to the farmers and landowners in an actionable form. For example, PEAT, a technology start-up based in Germany, has developed ‘Plantix’, an AI-based application, which helps to determine nutrient deficiencies in soil, while aiding farmers to improve the quality of harvest. Favorable approach to this field by governments across the globe has helped in the exponential growth of the industry in recent years.
Artificial intelligence in Agriculture Market Report Highlights
• The global population is expected to reach 9.8 billion by 2050, according to the UN. This is projected to require an increase of 70% in agriculture production, in order to meet the demand for food, which presents an excellent opportunity to AI for helping in efficient crop production, storage, and distribution in coming years
• Surge in the deployment of predictive analytics solutions in the farming and agriculture industry has created massive potential for artificial intelligence solutions in the agricultural industry
• Favorable regulations & standards in major countries encourage the implementation of modern techniques in agriculture. For instance, in July 2019, the government of India started using AI for yield estimation and crop cutting, in order to cut down the cost of farming and increase productivity
• In terms of application, precision farming has emerged as one of the fastest-growing segments in recent years in the artificial intelligence in agriculture market, as it aids farmers in minimizing costs and optimizing resources effectively
• Key competitors in the market are IBM, Microsoft, Deere & Company, AgEagle Aerial Systems, The Climate Corporation, Granular, Inc., Descartes Labs, Prospera Technologies, Taranis, GAMAYA, ec2ce, PrecisionHawk, VineView, and Tule Technologies Inc., among others
• Market players are focusing on providing advanced artificial intelligence and big data in the agricultural industry, which offers advanced features such as crop scouting, field mapping, and yield monitoring
• In February 2021, The Climate Corporation announced a global agreement with Horsch, a specialist in on-farm technology. The development involves seamless connection of the former’s Climate FieldView platform for farmers utilizing Horsch seeders, planters and other implements
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Artificial intelligence in Agriculture Market Segmentation
Grand View Research 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
• The U.S.
• The U.K.
• Asia Pacific
• South America
• Middle East & Africa
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