The AI in precision farming market size is expected to see exponential growth in the next few years. It will grow to $1.63 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. The growth in the forecast period can be attributed to the adoption of IoT devices, rising environmental concerns, increasing demand for sustainable agriculture, a shift towards smart farming systems, and demand for quality and traceability. Major trends in the forecast period include integration with robotics, tools for crop monitoring, adoption of AI for supply chain optimization, technology-driven precision irrigation systems, and the emergence of decision support systems.
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Segmentation & Regional Insights
The ai in precision farming market covered in this report is segmented –
1) By Type: Machine Learning, Computer Vision, Other Types
2) By Offering: Hardware, Software, AI-as-a-Service, Service
3) By Application: Experimental Study, Farm Management, Private Planting, Other Applications
North America was the largest region in the AI in precision farming market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in precision farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The limited availability of arable land is expected to propel the growth of the AI in precision farming market going forward. Arable land refers to land that is suitable for agricultural cultivation, specifically for growing crops. There is limited availability of arable land due to several factors, including urbanization, soil degradation, and climate change pressures. AI in precision farming addresses the challenges of limited arable land by optimizing resource usage and enhancing crop productivity through data-driven decisions and targeted interventions. For instance, in February 2022, according to the United States Department of Agriculture, a US-based federal agency, the United States had an estimated 2,012,050 farms in 2021, reflecting a decrease of 6,950 farms from the previous year. Additionally, the total land in farms amounted to 895,300,000 acres, marking a decline of 1,300,000 acres compared to 2020. Therefore, the limited availability of arable land is driving the growth of the AI in precision farming market.
Key Industry Players
Major companies operating in the AI in precision farming market report are Microsoft Corporation; Robert Bosch GmbH; Intel Corporation; International Business Machines Corporation; Bayer AG; Deere & Company; SAP SE; Yara International ASA; DTN LLC; FarmWise Labs Inc.; Taranis Visual Ltd.; Blue River Technology Inc.; Agworld Inc.; Ceres Imaging Inc.; PrecisionHawk Inc.; FarmLogs Inc.; Prospera Technologies Ltd.; Arable Labs Inc.; Agribotix LLC; Resson Aerospace Corporation
The ai in precision farming market report table of contents includes:
1. Executive Summary
2. AI In Precision Farming Market Characteristics
3. AI In Precision Farming Market Trends And Strategies
4. AI In Precision Farming Market – Macro Economic Scenario
5. Global AI In Precision Farming Market Size and Growth
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32. Global AI In Precision Farming Market Competitive Benchmarking
33. Global AI In Precision Farming Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AI In Precision Farming Market
35. AI In Precision Farming Market Future Outlook and Potential Analysis
36. Appendix
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