Global Artificial Intelligence (AI) in Agriculture Market, Providing Precision Farming Techniques to Reduce Production Cost and Chemicals, is expected to witness CAGR of 24.3%, by 2024

Industry : ICTURPublished Date : March 9th, 2018
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The Global Artificial Intelligence in Agriculture (AIA) Market is expected to grow at a significant CAGR of 24.3% during the forecast period. The factors driving the growth of the global AIA market are rising adoption of information management systems (IMS), automated irrigation, increasing crop productivity by implementing deep learning techniques, and increasing global population. Growing need for better yield of crops and increasing consumption of food further propels the growth of the global AIA market. Furthermore, growing trend of precision farming and increasing adoption of smart sensors are also fueling the demand of the global AIA market. Replacement of human labor is also expected to overcome by AIA, to minimize scarcity of physical labor. However, the high cost of collecting data of agricultural land is a major restraint of the AIA market growth.

An Artificial Intelligence (AI) is a creation of intelligent machines that work and react & respond like humans. It is employed to improve the efficiency of daily tasks. Evolving technology, adoption of robots and drones, driverless tractors, crop health monitoring, and automated irrigation system are some of the applications that attributed to the high growth of the global AIA market. Highly efficient crop monitoring is offered by drone and sophisticated software technologies such as radars and GPS system, enable to reduce pressure on existing strained workforce. Moreover, remote sensing techniques are also used to survey the quality and crop producing ability of an agricultural land.

The global artificial intelligence in agriculture market is segmented into technology, offering, application, and region. Based on technology, the global AIA market is further divided into machine learning, computer vision, and predictive analytics. Predictive Analytics segment is expected to be the fastest growing segment in the global AIA market. On the basis of the offering, the global AIA market is segmented into hardware and software. The AIA market finds its application in precision farming, drone analytics, agriculture robots, livestock monitoring, and others.

Geographically, the AIA market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is expected to hold the major market share in the global AIA market during the forecast period. Adoption of advanced technologies and products is propelling the AIA market growth in the North American region. However, Asia-Pacific is expected to be the fastest growing market in the global AIA market during the forecast period. The factors driving the growth of the Asia-Pacific market are rapid improvement information storage capacity, parallel processing, and high computing power.

Key players operating in the global artificial intelligence in agriculture market are John Deere, Iteris, Agworld, Trimble, Farmlogs, Agworld, AGCO, Cropx, Microsoft, Prospera, Resson, IBM, Frambot, Tule Technologies, Granular, Gamaya, Hortau, Pycno, Agrosmart, Grownetics, and Raven Industries among others.

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Global Artificial Intelligence (AI) in Agriculture Market, Providing Precision Farming Techniques to Reduce Production Cost and Chemicals, is expected to witness CAGR of 24.3%, by 2024