Press release
Artificial Intelligence (AI) In Agriculture market - Future of Farming & Reduce Production Cost
Rising demand from increasing population, adoption of advance technologies and Information Management System (IMS) for crop productivity and government initiatives for modern agro-techniques adoption are the probable reasons to foster the market over the forecast period. Moreover, the application of machine learning enabled solutions and predictive analysis in various agricultural practices are anticipated to rise exponentially.
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Other factor driving the market is raising demand for improved food quality along with focused farm productivity. Precision farming technologies help in creating traditional agricultural activities more predictable & efficient. Raising implementation of AgriBots in farming applications for improving crop health and monitoring productivity will also benefit the industry growth.
However, high cost involved for gathering accurate field data acts as a barrier for the market. In addition, lack of standards, unawareness of farmers for AI technology and limited historical data availability may also hinder the growth of the market. Although, increasing demand for Unmanned Aerial Vehicles (UAVs) and growth opportunities offered by various emerging countries in North America and APAC have paved a steady path for the growth of AI in agriculture industry.
Global AI in agricultural market has been segmented by technology and application. Based on technology, the market is segregated into Predictive Analysis, Computer Vision, and Machine Learning. Application segment includes Drone Analytics, Livestock Monitoring, Precision Farming, and Agriculture Robots. The rapid usage of Computer Vision Technology including plant image recognition, and the increasing demand for crop health analyses and continuous monitoring are the key factors contributing to the growth of this segment. Also, market for drone analytics is estimated to grow owing to the extensive application for making real-time decisions as well as for diagnosing and mapping of crop health. Furthermore, satisfactory government rules and regulations for drones in agricultural sector is anticipated to fuel the growth of drone analytics application.
North America has been witnessed as the largest market for AI in agriculture. The rising demand for advanced agricultural technologies among the large-scale market players is anticipated to spur the market growth in this region. AI technology application aims to improve the productivity and crop management techniques. The rising adoption of computer vision technologies and deep learning for AI applications is one of the key drivers for the market expansion in the APAC countries such as China, and India over the forecast period.
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Major market players are Iteris, Trimble, Agrosmart, Farmlogs, AGCO Corporation, Agworld, Granular, Gamaya, Hortau, aWhere, Grownetics, John Deere, Scicorp, Pycno, and Raven Industries. These key players are adopting marketing strategies including merger & acquisitions, R&D, collaboration, product launch, and global expansion.
Companies such as Blue River Technology are using robotics and automation to support farmers finding more effective ways to protect their crops from weeds. The company has manufactured a robot called See & Spray which controls via computer vision to monitor and precision spray on cotton plants. In September 2017, chief manufacturing company, John Deere acquired the Blue River Technology and the company is supposedly investing $305 million to complete this transition.
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