Global Artificial Intelligence in Agriculture Market is estimated to grow from USD 893.43 million in 2019 to USD 8342.37 million in 2030 with a CAGR of 22.52%. Factors such as growing stress on the food supply chain due to exponentially increasing population, rising implementation of the Internet of Things in the agricultural sector, improving the standard of living, growing focus on enhanced crop monitoring, and increased demand for higher agricultural yield, are driving growth in the artificial intelligence market.
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Factors such as growing stress on the food supply chain due to exponentially increasing population, rising implementation of the Internet of Things in the agricultural sector, improving the standard of living, growing focus on enhanced crop monitoring, and increased demand for higher agricultural yield, are driving growth in the artificial intelligence market. Moreover, limited land for agriculture coupled with supportive government policies to encourage the use of AI technologies is anticipated to fuel the market growth. Nonetheless, insufficient knowledge of high technology machine learning solutions in agriculture can hamper the growth of artificial intelligence in the agriculture market. However, the increased use of drones in farms is expected to accelerate the deployment of artificial intelligence in the agriculture market.
The market report on global Artificial Intelligence in Agriculture market comprises of the following in-depth analysis:
- The estimated value of the market in 2019 was USD 820.3 million.
- Based on offerings, the software offerings segment emerged out as a key segment in the Artificial Intelligence in Agriculture market across the globe.
- Based on technology, the machine learning segment came out to be the leading segment of the market.
- Based on the application, the precision farming application segment emerged to be the key segment in the market for Artificial Intelligence in Agriculture.
- Region-wise, the market in North America is witnessed to be the key market segment in the growth of the market.
- Key players are likely to focus on product innovations and expansion through mergers to maintain their positions in developed markets.
“Growing global demand for food, farmers need to increase crop production either by increasing the amount of agricultural land or by adopting advanced agricultural methods such as precision farming”, said a lead analyst at Fatpos Global.
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Artificial Intelligence in Agriculture uses modern and innovative agricultural technologies to improve productivity and yield to deliver better and more efficient farming services. Using specific equipment such as the Internet of Thing models, sensors and actuators, geo-positioning systems, Unmanned Aerial Vehicles (UAVs or drones), robotics & fertilizers, irrigation management, and so on, farmers can advance their production and harvest by controlling pests, increasing productivity, monitoring the soil quality while reducing the time, energy and work needed for these tasks. Artificial Intelligence in agriculture helps and assists in evaluating and taking decisions to boost crop growth and production. In agriculture, artificial intelligence has a variety of uses, including agricultural automation, digital water network systems, face recognition, and tractors without a driver. One of the important factors that boost the market for artificial intelligence in agriculture is the increase in usage of AI and the need for better yields of goods.
Global Artificial Intelligence in the Agriculture market is segmented by offerings into hardware, software, and services. Among these, the software offerings segment emerged as the key segment, holding a market share of xx% in 2019. The market is segmented by technology into machine learning, predictive analytics, and computer vision. Among these, the machine learning segment came out to be the key segment of the market, capturing xx% of the total market share in 2019. Based on application, the market for Artificial Intelligence in Agriculture is segmented into livestock monitoring application, precision farming application, agriculture robot’s application, drone analytics application, and others. The precision farming application segment emerged as the leading segment in the market, holding xx% of the total market share in the year 2019. Region-wise, the worldwide Artificial Intelligence in Agriculture market is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, the market in North America is witnessed to be the key segment, acquiring xx% of the total market share in 2019.
Key Players in the Market
- Precision Hawk
- Microsoft Corporation
- Deere & Company
- The Climate Corporation
- International Business Machines Corp.
- Farmers Edge Inc.
- AgEagle Aerial Systems
- Gamaya Inc
- Descartes Lab Inc.
- Prospera Technologies
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Get Valuable Insights into AI in Agriculture Market
In the new report, Fatpos Global thrives to present an unbiased analysis of the global Artificial Intelligence in Agriculture market that covers the historical demand data as well as forecast figures for the period i.e. 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The global Artificial Intelligence in Agriculture market is segmented by offering into hardware, software, and services. The market is divided by application/end-use industry into livestock monitoring application, precision farming application, agriculture robot’s application, drone analytics application, and others. Region-wise, the market is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific.
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