The Artificial Intelligence (AI) In Agriculture Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence (AI) In Agriculture Global Market Report 2024, The artificial intelligence (ai) in agriculture market size has grown exponentially in recent years. It will grow from $1.85 billion in 2023 to $2.27 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. The growth in the historic period can be attributed to precision agriculture adoption, data availability, farm mechanization, climate change impact, labor shortages.
The artificial intelligence (ai) in agriculture market size is expected to see exponential growth in the next few years. It will grow to $5.2 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to iot integration, enhanced ai algorithms, increased adoption of drones, global food demand, digital agriculture platforms, ai-driven crop breeding, ai in pest control. Major trends in the forecast period include advancements in satellite imaging, smart irrigation systems, blockchain for supply chain, farm robot integration, multi-sensor fusion, collaborations between technology companies and agricultural organizations.
The need for increased food production for food security is expected to propel the growth of artificial intelligence (AI) in the agriculture market going forward. Food security is the availability, accessibility, and usage of food that fulfills people’s dietary needs and preferences for an active and healthy life and ensures that everyone has access to enough safe, nutritious food. Artificial intelligence can optimize agricultural operations, increase crop yields, and evaluate massive volumes of data such as weather patterns, soil conditions, and crop health to offer farmers real-time insights and exact suggestions. It enables improved irrigation, fertilization, pest management, and harvesting decisions, increasing productivity, less waste, maximum food output, and global food security. For instance, in July 2023, according to the report published by the Food and Agriculture Organization, a Canada-based organization that leads international efforts to defeat hunger and improve nutrition and food security, global production of cereal in 2023 increased by 5.9 million tons (0.2 %) in July compared to the previous month, reaching 2,819 million tons, up 1.1% year on year. Further, global wheat utilization increased from around 762 million tons in 2020–2021 to about 773 million tons in 2021–2022, and it is anticipated to increase to 780 million tons in 2022–2023. Therefore, the need for increased food production for food security will drive artificial intelligence (AI) in agriculture market.
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The artificial intelligence (ai) in agriculture market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, Predictive Analysis, Computer Vision
3) By Deployment: Cloud, On-Premise, Hybrid
4) By Application: Precision Framing, Agriculture Robots, Livestock Monitoring, Drone Analytics, Labor Management, Other Applications
Product innovations are a key trend for gaining popularity in artificial intelligence (AI) in the agriculture market. Major companies operating in artificial intelligence (AI) in the agriculture market are focused on innovating advanced solutions to strengthen their position in the market. For instance, in November 2021, Iron Ox, a US-based company specializing in developing robotics and artificial intelligence (AI) for the agricultural industry, launched Grover, a new autonomous mobile robot. It uses a differential drive system, several LiDAR sensors, and upward and forward-facing camera systems. Grover is also outfitted with a lift mechanism to autonomously transport 1,000-pound, 6-by-6-foot modules of hydroponically fed plants across the greenhouse chambers. This new product is designed to operate in various greenhouse environments and withstand harsh conditions such as extreme temperatures and humidity.
The artificial intelligence (ai) in agriculture market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence (AI) In Agriculture Market Characteristics
3. Artificial Intelligence (AI) In Agriculture Market Trends And Strategies
4. Artificial Intelligence (AI) In Agriculture Market – Macro Economic Scenario
5. Global Artificial Intelligence (AI) In Agriculture Market Size and Growth
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26. South America Artificial Intelligence (AI) In Agriculture Market
27. Brazil Artificial Intelligence (AI) In Agriculture Market
28. Middle East Artificial Intelligence (AI) In Agriculture Market
29. Africa Artificial Intelligence (AI) In Agriculture Market
30. Artificial Intelligence (AI) In Agriculture Market Competitive Landscape And Company Profiles
Top Major Players:
- Google LLC
- Microsoft Corporation
- IBM Corporation
- Bayer AG
- John Deere
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