Artificial Intelligence (AI) in Agriculture Market Size to Grow USD 1695.5 Million by 2029 at a CAGR of 16.4% | Valuates Reports
BANGALORE, India, Oct. 19, 2023 /PRNewswire/ -- The Artificial Intelligence (AI) in Agriculture Market is Segmented by Type (Machine Learning, Computer Vision, Predictive Analytics), by Application (Precision Farming, Livestock Monitoring, Drone Analytics, Agriculture Robots, Others): Global Opportunity Analysis and Industry Forecast, 2023-2029.
The global Artificial Intelligence (AI) in Agriculture market was valued at USD 681.7 million in 2022 and is anticipated to reach USD 1695.5 million by 2029, witnessing a CAGR of 16.4% during the forecast period 2023-2029.
Major Factors Driving the Growth of AI In Agriculture Market
Agriculture and Artificial Intelligence (AI) The increasing use of robots in agriculture is driving market size. One of the main elements driving the need for robots in agriculture is said to be increased crop output requirements and expanding consumption.
Growing consumer demand pushes farmers to expand their operations, which in turn creates a need for automation. Drones and robots are becoming an essential aspect of agricultural fields as farmers move further towards automation. They are increasing production and improving the quality of the products. Since artificial intelligence (AI) is the foundation of robotics, the growing use of robots in agriculture is expected to propel the growth of AI in the agriculture market.
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TRENDS INFLUENCING THE GROWTH OF AI IN AGRICULTURE MARKET
By combining smart technologies like AI, Big Data, Cloud, IoT, and Machine Learning, we may envisage AI turning rural farmlands into smart linked farms, or what we term Precision Agriculture. Its uses are numerous, ranging from tracking the ripening cycles of apples or tomatoes to automatically identifying patterns of drought to the development of intelligent tractors that remove unhealthy and diseased plants. Even today, drones are widely utilized in agriculture for a variety of purposes, including monitoring soil moisture, detecting production issues, safety, rescue, and research analysis. This factor is expected to drive the growth of AI in the Agriculture market.
In addition to helping supply micro and macronutrients and checking physical attributes like moisture and chemical values, these intelligent drones can also locate and accurately spray pesticides on damaged plants from across large farmlands. They can even balance pH levels by injecting lime. A machine learning application combined with precision agriculture makes it easier to detect the match case. It can identify the illness that has damaged a plant, compare it to a catalog of images of that disease, provide corrective actions, and more. This factor is expected to drive the growth of AI in the Agriculture market.
Those who prioritize their farms and integrate AI technology into their farming operations will definitely have a big edge. Large agricultural farms are used as staging locations for multiple data points, and precise and pertinent information is gathered from these data points as well as from a variety of edge devices, such as drones, sensors, smart cameras, etc., powered by intelligent monitoring and analytics systems, which ultimately assist in giving farmers smart information. This factor is expected to drive the growth of AI in the Agriculture market.
The process of integrating AI in livestock health monitoring begins with setting up the required cameras and sensors in the living quarters of the animals. These pieces of equipment are used to gather information about the animals, including behavior, body temperature, and heart rate. Drones can monitor farms on a regular basis since they can fly over them independently and without interruption. Artificial Intelligence has the capability to autonomously detect certain plant illnesses, nutritional deficits, or stressors, allowing professionals to administer targeted treatments only when required. This automatic monitoring minimizes waste, lowers the need for chemicals, and encourages the use of sustainable agricultural methods. This factor is expected to drive the growth of AI in the Agriculture market.
As the world's food need rises, creative ways to improve agricultural operations are coming to light. The new, high-tech workforce in agriculture is here: robots. These adaptable devices are capable of doing a variety of jobs, including soil analysis, insect management, and planting and watering. Farmers can profit from lower labor costs, more production, and less need for hazardous chemicals by automating these procedures. Moreover, it is evident that the future of farming will revolve around farming more intelligently given the added benefit of gathering insightful data to optimize crop yields and resource management. This factor is expected to drive the growth of AI in the Agriculture market.
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AI IN AGRICULTURE MARKET SHARE ANALYSIS
The market for artificial intelligence in agriculture is dominated by the North American continent, especially the US. Growing disposable income and continuous investment for tech businesses are its defining characteristics, which support the expansion of this sector.
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Key Companies:
- IBM
- Intel
- Microsoft
- SAP
- Agribotix
- The Climate Corporation
- Mavrx
- aWhere
- Precision Hawk
- Granular
- Prospera Technologies
- Spensa Technologies
- Resson
- Vision Robotics
- Harvest Croo Robotics
- CropX
- John Deere
- Gamaya
- Cainthus
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