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AI Market in Agriculture Is Expected to Witness High Growth Due to High Penetration of Internet of Things (IoT) In Agriculture Industry
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Geographically, North America is the largest region in the AI market in agriculture with the U.S. alone contributing more than 30% of the revenue to the global market in 2016. The country is also expected to lead the global market during the forecast period. Speech recognition, natural language processing (NLP), and animal facial recognition are some of the applications on which the companies in the U.S. AI industry are focusing. The U.K., Germany, and France are the major markets in Europe; while in Asia-Pacific, Japan, India, China, and South Korea are the key markets.
AI in agriculture industry has been thriving on account of growing need for high volumes of agricultural produce. According to United Nations Food and Agriculture Organization (UNFAO), the world will need to produce nearly 70% more food in 2050 than it did in 2006, to feed the growing population. To meet this emerging demand, agricultural companies and farmers are rapidly turning to the benefits of IoT for crop analytics and greater production capabilities. There has been an increased number of product launches from these players in the recent past. For instance, in October 2017, Climate Corporation announced the launch of the Climate FieldView digital agriculture platform in western Canada for the 2018 growing season. Through the new launch’s analytics-based digital tools, Canadian farmers will now be able to harness their data in one connected platform.
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IBM and Robert Bosch GmbH are the top companies operating in the AI market in agriculture. The other key players in the industry include Intel Corporation, NVIDIA Corporation, Climate Corporation, and Microsoft Inc.
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