The key factors supporting the adoption of artificial intelligence (AI) solutions in agriculture include the demand for high agricultural production, focus on the utilization of internet of things (IoT), growing need for real-time livestock monitoring, and surging adoption of drones in farms. Owing to these factors, the global AI in agriculture market is expected to reach $8,379.5 million by 2030, registering a CAGR of 24.8% during the forecast period (2020–2030).
COVID-19 Impact Analysis
The COVID-19 outbreak has badly disrupted the agriculture industry across the globe. The non-stop spread of COVID-19 has also impelled laborers to shift to their native places, which has further resulted in delays in the agriculture supply chain management and wastage of crops. Moreover, the complete and partial lockdown situations in numerous countries have resulted in a shortage of agricultural inputs, such as fertilizers and pesticides, thereby creating disruptions in the food supply chain.
Product Category Held Larger Revenue Share in Market
On the basis of type, the market is categorized into product and service. Between the two, the product category held the larger share in the market in 2019. The increasing use of AI-based software would drive the market growth in the product category in the coming years. The category is further split into hardware and software, of which the hardware category held the larger share in the market in 2019. This is primarily attributed to the increasing demand for sensing systems, data storage devices, and automation and control systems, for farm operations.
Based on technology, the machine learning (ML) category accounted for the largest market size in 2019. This can be ascribed to the increasing adoption of ML by government organizations and farmers across the globe, to enhance the crop productivity with a combination of agronomic sciences and data technologies. The rising deployment of the technology in agriculture applications, such as field condition management, crop management, and livestock management, is contributing to the enhanced market growth prospects.
Geographically, the fastest growth in the adoption of AI-supported agricultural solutions is projected in the Asia-Pacific (APAC) region during the forecast period. The rate of adoption of smart agriculture techniques, such as drone analytics, agricultural robots, and precision farming, is likely to grow at a high pace in the region, mainly led by emerging economies, such as India, China, Indonesia, and Thailand. Thus, the increasing awareness and government support, through subsidies, would drive the adoption of the AI technology in the agriculture sector in APAC.
Market Players Are Strongly Focusing on Introducing Next-Generation Solutions
The players in the global AI in agriculture market are emphasizing on the launch of solutions which would result in an improved reputation of the company. For instance, in July 2019, Raven Industries Inc. introduced the Connected Workflow solution, an integrated suite of AgSync, Slingshot, and Viper 4+ software and hardware, for agricultural retailers, which allows users to wirelessly connect to their fields and offices in a better way. Moreover, it creates visibility, control, and accuracy for all the functions across the entire operational flow.
Similarly, in May 2019, IBM Corporation announced the global expansion of the Watson Decision platform for agriculture, for new crop models and specific regions, to increase crop production. The platform, which has been combined with historical weather data and forecasts, along with crop models, such as soy, cotton, potato, and corn, is available in numerous countries, including the U.S., Canada, Mexico, Australia, and Brazil.
Browse report overview with detailed TOC on "AI in Agriculture Market Research Report: By Type (Product, Service), Technology (Machine Learning, Predictive Analytics, Computer Vision), Application (Precision Farming, Agricultural Robots, Livestock Monitoring, Drone Analytics) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/artificial-intelligence-in-agriculture-market
Some of the key players operating in the AI in agriculture market are Bayer AG, IBM Corporation, Microsoft Corporation, Deere & Company, A.A.A Taranis Visual Ltd., AgEagle Aerial Systems Inc., AGCO Corporation, Raven Industries Inc., Ag Leader Technology, Trimble Inc., Google LLC, Gamaya SA, and Granular Inc.