AI In Precision Farming Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global AI In Precision Farming Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The AI in precision farming market size has grown rapidly in recent years. It will grow from $0.66 billion in 2023 to $0.78 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth in the historic period can be attributed to the evolution of AI algorithms, increased demand for food production, cost reduction, environmental sustainability, and government support and subsidies.

The AI in precision farming market size is expected to see exponential growth in the next few years. It will grow to $1.63 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. The growth in the forecast period can be attributed to the adoption of IoT devices, rising environmental concerns, increasing demand for sustainable agriculture, a shift towards smart farming systems, and demand for quality and traceability. Major trends in the forecast period include integration with robotics, tools for crop monitoring, adoption of AI for supply chain optimization, technology-driven precision irrigation systems, and the emergence of decision support systems.

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Market Drivers and Trends:

The limited availability of arable land is expected to propel the growth of the AI in precision farming market going forward. Arable land refers to land that is suitable for agricultural cultivation, specifically for growing crops. There is limited availability of arable land due to several factors, including urbanization, soil degradation, and climate change pressures. AI in precision farming addresses the challenges of limited arable land by optimizing resource usage and enhancing crop productivity through data-driven decisions and targeted interventions. For instance, in February 2022, according to the United States Department of Agriculture, a US-based federal agency, the United States had an estimated 2,012,050 farms in 2021, reflecting a decrease of 6,950 farms from the previous year. Additionally, the total land in farms amounted to 895,300,000 acres, marking a decline of 1,300,000 acres compared to 2020. Therefore, the limited availability of arable land is driving the growth of the AI in precision farming market.

Major companies operating in AI in the precision farming market are focused on forming strategic partnerships to gain a competitive edge in the market. These partnerships play a crucial role in advancing AI in precision farming by leveraging the strengths and resources of multiple organizations to develop innovative solutions, scale adoption, and address key challenges in agriculture. For instance, in March 2022, Sway AI, a US-based developer of no-code artificial intelligence applications, partnered with Trilogy Networks, a US-based agriculture technology company, to enable AI technology for precision farming. Through this partnership, Sway AI joined the Rural Cloud Initiative (RCI), a network and edge innovation group dedicated to supporting and accelerating rural America's digital transformation. This collaboration will result in a comprehensive AI-enabled precision agriculture solution for farmers. To address the rising industry issue of data fragmentation, Sway AI and Trilogy Networks formed a collaboration to combine information and improve decision-making throughout the whole production process.

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Major Key Players of the Market:

Microsoft Corporation, Robert Bosch GmbH, Intel Corporation, International Business Machines Corporation, Bayer AG, Deere & Company, SAP SE, Yara International ASA, DTN LLC, FarmWise Labs Inc., Taranis Visual Ltd., Blue River Technology Inc., Agworld Inc., Ceres Imaging Inc., PrecisionHawk Inc., FarmLogs Inc., Prospera Technologies Ltd., Arable Labs Inc., Agribotix LLC, Resson Aerospace Corporation

AI In Precision Farming Market 2024 Key Insights:

• The AI in precision farming market size is expected to see exponential growth in the next few years. It will grow to $1.63 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%.
• The Growth Of The AI In Precision Farming Market Is Being Propelled By The Limited Availability Of Arable Land
• Strategic Partnerships Driving AI In Precision Farming
• North America was the largest region in the AI in precision farming market in 2023

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