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Applied AI In Agriculture Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Applied AI In Agriculture Market
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According to The Business Research Company's, The applied AI in agriculture market size has grown exponentially in recent years. It will grow from $2.23 billion in 2023 to $2.89 billion in 2024 at a compound annual growth rate (CAGR) of 29.4%. The growth in the historic period can be attributed to data availability and collection, technological advancements, labor shortages, climate change and sustainability, and environmental concerns.
The applied AI in agriculture market size is expected to see exponential growth in the next few years. It will grow to $8.12 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%. The growth in the forecast period can be attributed to increasing demand for precision farming, government initiatives, and subsidies, increasing demand for food security, investment in agritech startups, and data-driven decision-making. Major trends in the forecast period include precision agriculture growth, AI-powered predictive analytics, automation and robotics, smart irrigation systems, and AI-enhanced crop breeding.
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Market Drivers and Trends:
The increasing crop productivity is expected to propel the growth of the applied AI in agriculture market going forward. Crop productivity refers to the measure of the output of crops, typically expressed in terms of yield per unit area of land. Crop productivity is rising due to advancements in agricultural technology and practices, such as improved crop varieties, efficient irrigation methods, and the use of precision farming techniques. Applied AI in agriculture enhances crop productivity by optimizing farming practices through data-driven insights, predictive analytics, and automation. For instance, in January 2024, according to the United States Department of Agriculture, a US-based federal executive department responsible for developing and executing federal laws, the average yield for all United States rice was estimated at 7,649 pounds per acre in 2023, up 264 pounds from the 2022 average yield of 7,385 pounds per acre. Therefore, increasing crop productivity is driving the applied AI in agriculture market.
Major companies operating in the applied AI in agriculture market are increasing their focus on developing innovative solutions, such as AI-based tools, to sustain their position in the market. AI-based tools refer to software and technologies that utilize artificial intelligence to enhance various aspects of farming and agricultural practices. For instance, in July 2024, Google LLC, a US-based technology company, launched an innovative AI-based tool called Agricultural Landscape Understanding (ALU) to enhance agricultural practices in India, with a focus on drought preparedness and irrigation management. This tool uses high-resolution satellite imagery and machine learning to provide customized insights for individual farm fields, addressing the diverse needs of India's agricultural landscape. By defining clear field boundaries, the ALU tool can analyze various factors such as crop type, field size, and proximity to water sources, which are crucial for effective irrigation and drought management strategies. The goal of this initiative is to empower farmers by improving crop yields, facilitating access to capital, and enhancing market access for agricultural products.
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Major Key Players of the Market:
Microsoft Corporation, BASF SE, International Business Machines Corporation, Bayer AG, Deere & Company, SAP SE, CNH Industrial N.V., Kubota Corporation, Corteva Inc., AGCO Corporation, Trimble Inc., Raven Industries Inc., The Climate Corporation, AG Leader Technology, The BAE Systems Taranis, Farmers Edge Inc., PrecisionHawk, AgEagle Aerial Systems, Descartes Labs Inc., Prospera Technologies Ltd., Agribotix, Gamaya
Applied AI In Agriculture Market 2024 Key Insights:
• The applied AI in agriculture market size is expected to see exponential growth in the next few years. It will grow to $8.12 billion in 2028 at a compound annual growth rate (CAGR) of 29.5%.
• Increasing Crop Productivity As A Key Driver For The Growth Of Applied AI In Agriculture Market
• Innovative AI-Based Tools Enhance Agricultural Practices
• North America was the largest region in the applied AI in agriculture market in 2023
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