AI Market in Agriculture Opportunity Assessment Study
Posted: Jul 06, 2019
AI market in agriculture is expected to attain a size of $465.6 million by 2023.
The market is expected to witness high growth due to high penetration of internet of things (IoT) in agriculture industry and increasing number of IoT device installations in agriculture. The decreasing price of sensors and increasing adoption of cattle facial recognition are facilitating the market growth. Increasing government support for the development of new farming techniques, and surge in global awareness regarding the benefits of AI in agriculture over the years, are expected to boost the growth of the AI market in agriculture during the forecast period.
Among all solutions, crop monitoring is the largest market throughout the period of analysis, and AI-guided drone will be the fastest growing segment during the forecast period. Hardware based products are growing at higher pace than software in the AI market in agriculture. Due to surge in the adoption of AI based agricultural products, installation is the largest service category throughout the period of analysis. Owing to a rising number of agriculture-based startups in Asia-Pacific, the region is expected to witness the fastest growth during the forecast period.
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AI in agriculture industry has been thriving on account of growing need for high volumes of agricultural produce. According to United Nations Food and Agriculture Organization (UNFAO), the world will need to produce nearly 70% more food in 2050 than it did in 2006, to feed the growing population. To meet this emerging demand, agricultural companies and farmers are rapidly turning to the benefits of IoT for crop analytics and greater production capabilities.
The inclusion of IoT sensors in agriculture practices are capable of providing farmers with critical information about rainfall, crop yields, soil nutrition, and pest infestation. Such information is valuable to overall farm production and offers the most precise data to be used for improving farming techniques, thereby boosting the growth of the market. With smart agriculture and precision farming already taking off high, greater use of IoT in farming is propelling the growth of the AI market in agriculture globally.
Geographically, North America is the largest region in the AI market in agriculture with the U.S. alone contributing more than 30% of the revenue to the global market in 2016. The country is also expected to lead the global market during the forecast period. Speech recognition, natural language processing (NLP), and animal facial recognition are some of the applications on which the companies in the U.S. AI industry are focusing.
The U.K., Germany, and France are the major markets in Europe; while in Asia-Pacific, Japan, India, China, and South Korea are the key markets.
IBM and Robert Bosch GmbH are the top companies operating in the AI market in agriculture. The other key players in the industry include Intel Corporation, NVIDIA Corporation, Climate Corporation, and Microsoft Inc. There has been an increased number of product launches from these players in the recent past. For instance, in October 2017, Climate Corporation announced the launch of the Climate FieldView digital agriculture platform in western Canada for the 2018 growing season. Through the new launch’s analytics-based digital tools, Canadian farmers will now be able to harness their data in one connected platform.
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