The global AI in agriculture market size is expected to reach at $186 billion by 2025, a new study by Adroit Market Research has found. The increasing demand for agricultural production due to the growing population, advanced technologies for enhancing crop productivity, and increasing adoption of data management systems, are the factors responsible for the growth of AI in agriculture market. Furthermore, the evolution of Internet of Things (IoT) has also fueled the growth momentum of the industry with its various applications in the advancements of the interactive software platform.
Moreover, increasing initiatives by various governments promoting the implementation of modern agriculture methods, along with enhancing crop productivity by adopting deep learning techniques, are other predominant factors fueling the industry growth.
AI techniques for farming, such as predictive analytics, computer vision, and machine learning,
enable enhanced yield and productivity. Thus, agribusiness organizations adopt AI technologies in the form of predictive analytics-based solutions. These techniques help yield healthier crops, control pests, enhance agriculture related tasks within the complete food supply chain, and monitor the soil.
AI is progressively being implemented in the farming industry for the development of accuracy and harvest quality as it enables analyze farm data. Based on the application segment, the market is bifurcated into agriculture robots, drone analytics, livestock monitoring, precision farming, and others. In 2019, the precision farming segment gathered the largest market revenue and it is anticipated to dominate the market throughout the forecast period.
Precision farming uses artificial intelligence for data interpretation, collection, and analysis of digital information. For example, GPS-enabled combine harvesters use AI to monitor the harvest produce for field unpredictability analysis that includes differences in soil makeup, water, or fungus, to generate georeferenced information.
The adoption of AI in agriculture is substantially higher in the developed nations such as the U.S., Canada, Germany, UK, among others, owing to the presence of key agriculture technology providers within the region.
However, the Asia Pacific region is expected to be the prominent region with India as the largest AI in agriculture market. Countries such as Japan, China, and South Korea are anticipated to be at the forefront in the adoption of AI in agriculture owing to increased technological investment in the countries. Moreover, rising trend of cloud-based solution in medium and large industries propels the demand for AI in agriculture in the region.
On the downside, heavy implementation costs and requirement of skilled personnel is likely to hinder the AI in agriculture market growth.
The AI in agriculture solution market is fragmented with the existence of well-established global and new domestic players across the globe. The industry players are investing significant resources to continuous product development in order to keep up with the market dynamics.
These are the findings of the study “Artificial Intelligence (AI) in Agriculture Market by Component (hardware, software, services), Technology (computer vision, machine learning, predictive analytics), Application (precision farming, agriculture robots, drone analytics, livestock monitoring, others), and Region, Global Forecast 2018 to 2025” by Adroit Market Research, a global business analytics and consulting company.