Ai In Agriculture Market Expected To Reach USD 6.5 Billion

Ai in the agriculture market

Ai in the agriculture market

AI in Agriculture Market was valued at roughly USD 1.2 Billion in 2021 and is projected to reach USD 6.5 Billion by 2029, growing at a CAGR of 23.1% over the forecast period .

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Factors driving the growth of the Ai In Agriculture market include growing concerns related to food security and climate change, growing focus of farmers on improving productivity and yield, limited arable land and the growing demand for drones around the world. According to the report published by the Food and Agriculture Organization of the United Nations, around 193 million people in 53 countries experienced acute food insecurity during the crisis in 2021, which shows an increase of around 40 million compared to 2020 and the ongoing Russian-Ukrainian conflict is pushing countries to adopt smart agricultural solutions. Additionally, the increase in the number of agri-tech start-ups around the world, the growing adoption of precision agriculture, the growing application of computer vision technology to monitor crop health, plant image recognition and rapid urbanization, are some of the additional factors complementing the global AI in agriculture market. In addition, increasing investments by major players in research and development, strategic mergers and partnerships among major industry players, improving living standards and rising population growth rates are further contributing to the growth. of the market.

However, the growth of the Ai In Agriculture market is hampered owing to the lack of knowledge among the farmers about advanced technologies in developing countries.

Major players operating in the market are GAMAYA, The Climate Corporation (subsidiary of Monsanto), Granular Inc., Descartes Labs, Inc., IBM Corporation, Deere & Company, Microsoft Corporation, Prospera Technologies, AgEagle Aerial Systems Inc. and Taranis, aWhere Inc., among others.

Technology-based, Computer Vision segment is expected to grow at a significant CAGR during the forecast period

Computer vision technology is increasingly being used to detect plant deficiencies or diseases and monitor crop health, are some of the factors responsible for the growth of the segment.

Based on application, Precision Agriculture segment is expected to capture the largest market share during the forecast period

Precision agriculture collects data through artificial intelligence, improves overall harvest quality and accuracy and reduces costs for farmers, propels the growth of the segment.

Based on region, Asia-Pacific is expected to grow at a remarkable CAGR during the forecast period

Growing demand for AI-enabled drones in the agricultural sector, increasing government spending on agricultural research, improving living standards, increasing population growth rates and high per capita incomes , are some of the significant factors increasing the Asia-Pacific Region Ai In Agriculture market size.

Key developments

In Fen 2019, Prospera Technologies partnered with Valmont Industries, Inc., a provider of agricultural infrastructure and equipment products and services. This partnership to provide farmers with self-sustaining crop management solutions, thereby generating higher incomes even with less production inputs and capital.
In July 2018, AgEagle acquired Agribotix, an agricultural analytics company, to expand its imaging and data analytics offerings. This acquisition will integrate Agribotix’s FarmLens data analytics platform into AgEagle’s service offerings.

Market segmentation

Segmentation by offer

Storage device
AI platform
AI solution
AI as a service
Deployment and integration
Support and maintenance

Segmentation by technology

machine learning
computer vision
Predictive analytics

Segmentation by application

Precision farming
Performance monitoring
Field mapping
Culture Scouting
Weather tracking and forecasting
Irrigation management
Livestock monitoring
Drone analysis
Agricultural robots
Other Apps
Smart greenhouse applications
Soil management
Humidity monitoring
Nutrient monitoring
Application for fish farming

Segmentation by region

Asia Pacific
Rest of APAC

North America
the United States of America

The rest of Europe

South Africa
Saudi Arabia
United Arab Emirates

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