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Unlocking Growth: Leveraging Product Innovations to Lead the AI Agriculture Market || Google LLC, Microsoft Corporation, IBM Corporation
Artificial Intelligence (AI) In Agriculture Market
The Business Research Company's Artificial Intelligence (AI) In Agriculture Global Market Report 2023 identifies the need for increased food production for food security is the major driver for the artificial intelligence (AI) in the agriculture market's growth in the forecast period. 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.
The global artificial intelligence (AI) in agriculture market is expected to grow from $1.51 billion in 2022 to $1.85 billion in 2023 at a compound annual growth rate (CAGR) of 23%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The artificial intelligence (AI) in agriculture market is expected to reach $4.19 billion in 2027 at a CAGR of 22.7%.
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Major competitors in the artificial intelligence (ai) in agriculture market are Google LLC, Microsoft Corporation, IBM Corporation, Bayer AG, John Deere, Oracle Corporation, CNH Industrial N.V., Wipro Limited., Valmont Industries Inc., Raven Industries Inc., Climate LLC, Granular Inc., Ag Leader Technology Inc., FarmWise Labs Inc.
A key trend in the artificial intelligence (ai) in agriculture market includes product innovation. 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.
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The artificial intelligence (ai) in agriculture market 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
5) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the artificial intelligence (AI) in agriculture market.
The Business Research Company's "Global Artificial Intelligence (AI) In Agriculture Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Artificial Intelligence (AI) In Agriculture Market Include:
1. Executive Summary
2. Artificial Intelligence (AI) In Agriculture Market Characteristic
3. Artificial Intelligence (AI) In Agriculture Market Trends And Strategies
4. Artificial Intelligence (AI) In Agriculture Market - Macro Economic Scenario
5. Artificial Intelligence (AI) In Agriculture Market Size And Growth
……………
27. Artificial Intelligence (AI) In Agriculture Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Artificial Intelligence (AI) In Agriculture Market
29. Artificial Intelligence (AI) In Agriculture Market Future Outlook And Potential Analysis
30. Appendix
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