The latest research study by IMARC Group, “AI in Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” offers a comprehensive analysis of the industry, which comprises insights on global AI in agriculture industry. The market size reached US$ 1.46 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.33 Billion by 2028, exhibiting a growth rate (CAGR) of 23.49% during 2023-2028.
How is AI being Used in Agriculture?
Artificial intelligence (AI) in agriculture is used to detect diseases in pests, plants, and poor nutrition in farms. In addition, it assists in providing real-time monitoring of the conditions of water, ambient air and crops, temperature, and harvesting time. AI in agriculture also facilitates farmers in reducing the use of herbicides, pesticides, and fertilizers, increasing farm production, minimizing ranch drudgery, and lowering crop production costs. As a result, AI in agriculture finds widespread applications in precision farming, livestock monitoring, drone analytics, labor management, etc.
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AI in Agriculture Market Trends and Drivers:
The escalating number of farming activities and the shift towards the automation of husbandry exercises, such as plowing, harrowing, planting, harvesting, and tilling, are among the primary factors driving the AI in agriculture market. Besides this, the integration of artificial intelligence in agrarian applications, including livestock monitoring, smart greenhouse, and precision farming for ensuring minimal manual intervention and constant monitoring of crops, is further augmenting the market growth. Moreover, the rising usage of farming robots assists farmers in handling equipment, improving the accuracy of farming, enhancing the quality and efficiency of yield, and minimizing reliance on manual labor, which is also catalyzing the global market. Apart from this, the provision of credit to growers by various financial institutions at low-interest rates for purchasing innovative agricultural machinery incorporated with this technology is acting as another significant growth-inducing factor. Furthermore, the launch of several policies by the government bodies across countries to extensively invest in establishing digital farming infrastructure in rural areas is expected to bolster the AI in agriculture market in the coming years.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
A.A.A Taranis Visual Ltd.
Ag Leader Technology
AgEagle Aerial Systems Inc.
Bayer AG
Deere & Company
Gamaya
Granular Inc. (DuPont de Nemours, Inc.)
International Business Machines Corporation
Raven Industries Inc
Trimble Inc.
Oracle Corporation and Wipro Limited.
The report has been segmented the market into following categories:
Breakup by Offering:
Software
Hardware
AI-as-a-Service
Services
Breakup by Technology:
Machine Learning
Computer Vision
Predictive Analytics
Breakup by Application:
Precision Farming
Agriculture Robots
Livestock Monitoring
Drone Analytics
Labor Management
Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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