The global AI in agriculture market size reached US$ 1.46 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.33 Billion by 2028, exhibiting a growth rate (CAGR) of 23.49% during 2023-2028.
Artificial intelligence (AI) in agriculture is used to detect diseases in plants, pests, and poor nutrition in farms. It assists in providing real-time monitoring of the conditions of water, ambient air and crops, water usage, temperature and harvesting time. It also facilitates farmers in reducing the use of pesticides, herbicides, and fertilizers, increasing farm production, minimizing farm drudgery, and lowering crop production costs. At present, due to the increasing awareness among individuals about food safety, AI is finding application in agriculture across the globe.
AI in Agriculture Market Trends:
At present, the increasing number of farming activities is resulting in the growing adoption of AI in agriculture to enhance crop production. This represents one of the major factors augmenting the growth of the market around the world. Moreover, there is a shift towards the automation of farming activities, such as plowing, harrowing, planting, harvesting, and tilling. Additionally, the integration of AI in agricultural applications, including livestock monitoring, smart greenhouse, and precision farming for ensuring minimal manual intervention and constant monitoring of crops, is contributing to the market growth. In addition, the rising usage of farming robots helps farmers handle equipment and increase the accuracy of farming. They also help improve the quality and efficiency of yield and minimize reliance on manual labor. Apart from this, various financial institutions are providing credit to farmers at low-interest rates for purchasing smart agricultural machinery incorporated with AI, which is offering lucrative growth opportunities to market players operating in the industry. Furthermore, extensive investments by governing authorities of numerous countries for establishing digital farming infrastructure in rural areas are anticipated to strengthen the growth of the market in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global AI in agriculture market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on offering, technology and application.
Breakup by Offering:
Breakup by Technology:
- Machine Learning
- Computer Vision
- Predictive Analytics
Breakup by Application:
- Precision Farming
- Agriculture Robots
- Livestock Monitoring
- Drone Analytics
- Labor Management
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being A.A.A Taranis Visual Ltd., Ag Leader Technology, AgEagle Aerial Systems Inc., Bayer AG, Deere & Company, Gamaya, Granular Inc. (DuPont de Nemours, Inc.), International Business Machines Corporation, Raven Industries Inc., Trimble Inc., Oracle Corporation and Wipro Limited. Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
| Historical Period
||Offering, Technology, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||A.A.A Taranis Visual Ltd., Ag Leader Technology, AgEagle Aerial Systems Inc., Bayer AG, Deere & Company, Gamaya, Granular Inc. (DuPont de Nemours, Inc.), International Business Machines Corporation, Raven Industries Inc., Trimble Inc., Oracle Corporation and Wipro Limited.
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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the AI in agriculture market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global AI in agriculture market.
- The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the AI in agriculture industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.