Artificial Intelligence in Agriculture Market Opportunity and Key Trends 2020-2026

The global agriculture industry is witnessing a rapid change of rising urbanization and modernization in the present decade. As the global population is growing and international trade policies are changing rapidly, the pricing and supply chain of agricultural products are adversely affected. Consumer preferences led by the North American and European nations are inclining toward adopting sustainably and organically produced agricultural food products.

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The increased demand for fresh crop-produce and animal protein due to the rising standard of living across the world has led to the requirement of more data and labor. Rising demand for global food production, along with the pressure of providing a continuous supply of high-quality farm produce, has created an alarming situation for the growers across the world, who are struggling to increase produce per hectare. Furthermore, shrinking agricultural lands and scarcity of availability of natural resources raise the urgency to resolve the concern.

These macroeconomic trends listed in the preceding figure are severely impacting the changing demands and dynamics of the global agriculture industry. The concerns and pressure on the agriculture industry factored by the increasing demand for global food production prompt the farmers to enhance farm profitability despite decline in the yield trends in several staple crops. In the face of these challenges, the growers and the global agriculture industry is turning toward technology to turn modern farming into an efficient and automated crop production process. The introduction of automation and precision in farming is recognized as precision agriculture, an emerging phenomenon to improve farm productivity.

Precision agriculture encompasses several technologies such as guidance technologies, sensing technologies, analytics, and other precision technologies that reduce the misutilization of agri-inputs and enable efficient farming with profitability. The introduction of precision agriculture technologies has also resulted in the creation of hundreds of thousands of data points on farms. The rise in these data points has enabled data-driven farming, aiding the growers and consumers of agriculture products with insight-backed decision-making.

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However, the abundance of these data points has also left the agriculture industry plagued with massive amounts of data. To navigate through these big data in farms and to attain efficient farming solutions, the industry is bringing about significant product innovations in farm data analysis using artificial intelligence technology.

Artificial intelligence technology brings the concept of cognitive computing to agriculture, where the farm equipment intelligence is modeled on human intelligence. The capabilities enabled by this technology allow the farm equipment and solutions to interpret, acquire, and react to unpredictable farm situations with enhanced efficiency.

Artificial intelligence technologies help farmers in optimizing their planning to generate profitable crop yields using predictable analytics for agri-input choices and farm process planning. For instance, AI technology has found use cases in crop disease detection, crop growth assessment, and crop yield prediction, preventing the over-application of fertilizers and other agri-inputs. The forecast of results for these agricultural processes in the market is powered by AI sensors and imaging equipment. The presence of these AI-based software and hardware products and services in the agriculture market has led to an optimistic growth of the precision agriculture market.

Bis Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.