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Artificial Intelligence (AI) In Agriculture Market Report By Key Companies, Regional Analysis And Forecast 2033
Artificial Intelligence (AI) In Agriculture Market
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According to The Business Research Company's, The artificial intelligence (ai) in agriculture market size has grown exponentially in recent years. It will grow from $1.85 billion in 2023 to $2.27 billion in 2024 at a compound annual growth rate (CAGR) of 22.9%. The growth in the historic period can be attributed to precision agriculture adoption, data availability, farm mechanization, climate change impact, labor shortages.
The artificial intelligence (ai) in agriculture market size is expected to see exponential growth in the next few years. It will grow to $5.2 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. The growth in the forecast period can be attributed to iot integration, enhanced ai algorithms, increased adoption of drones, global food demand, digital agriculture platforms, ai-driven crop breeding, ai in pest control. Major trends in the forecast period include advancements in satellite imaging, smart irrigation systems, blockchain for supply chain, farm robot integration, multi-sensor fusion, collaborations between technology companies and agricultural organizations.
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Market Drivers and Trends:
The need for increased food production for food security is expected to propel the growth of artificial intelligence (AI) in the agriculture market going forward. 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. Further, global wheat utilization increased from around 762 million tons in 2020-2021 to about 773 million tons in 2021-2022, and it is anticipated to increase to 780 million tons in 2022-2023. Therefore, the need for increased food production for food security will drive artificial intelligence (AI) in agriculture market.
Product innovations are a key trend for gaining popularity in artificial intelligence (AI) in the agriculture market. 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. This new product is designed to operate in various greenhouse environments and withstand harsh conditions such as extreme temperatures and humidity.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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., Taranis, Ceres Imaging, AgEagle Aerial Systems Inc., PrecisionHawk, Descartes Labs Inc., Farmobile LLC, AppHarvest, Farmers Edge Inc., Iron Ox, Prospera Technologies, aWhere Inc., Agribotix, Abundant Robotics, Agworld, Harvest Croo Robotics, Gamaya SA, Tule Technologies
Artificial Intelligence (AI) In Agriculture Market 2024 Key Insights:
• The artificial intelligence (ai) in agriculture market size is expected to see exponential growth in the next few years. It will grow to $5.2 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%.
• Harnessing Artificial Intelligence For Agricultural Advancements In Pursuit Of Global Food Security
• Advanced Autonomous Mobile Robot Redefining Agriculture
• North America was the largest region in the artificial intelligence (AI) in agriculture market in 2023
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