AI Market in Agriculture Share, Strategies, Emerging Technologies, Growth Rate Analysis, Trends and Forecast
Jul 04, 2019 (AB Digital via COMTEX) —
The increasing penetration of internet of things (IoT) in the agriculture industry, popularity of cattle facial recognition software, and decreasing price of sensors are instrumental in driving the artificial intelligence (AI) market in agriculture forward. In 2016, the market generated a revenue of $110.3 million and is projected to grow at a CAGR of 23.2% during the forecast period (2017–2023). The substitution of human intelligence and manual efforts by computer-aided technology in gardening and farming applications is referred to as AI in agriculture.
The AI market in agriculture is witnessing the trend of robotics in agricultural practices. Farming has become modernized with the growing research and development activities in the field of robotics. This is being done by agriculture stakeholders, who are focusing on reducing the carbon footprint and maximizing the output productivity. Market players in the robotics market are providing products that can perform in unstructured and dynamic agricultural environments.
Another trend in the AI market in agriculture is precision agriculture, which makes use of sensors to follow smart agriculture practices. From the past few years, agriculture stakeholders are inclining toward this type of farming. The overall impact on the environment is reduced when precision agriculture is followed, as it utilizes minimal resources, such as fertilizers, seeds, and water, to produce maximum yield, thereby helping farmers conserve the resources and grow crops in an eco-friendly manner.
The key factor driving the AI market in agriculture is the increasing penetration of IoT in the sector. The integration of technology with agricultural practices is revolutionizing the way crops are grown. This provides farmers with information in real time as well as future predictions regarding crop yield estimation, soil nutrition, rainfall, and pest infestation for better monitoring of the overall crop production. Besides monitoring the crops heading toward the harvesting period, these technologies also help farmers in improving their practices.
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A recent research mentioned that IoT device installations in the agriculture sector are projected to reach 75 million in 2020 from 30 million in 2015, attaining a 20.0% CAGR. Presently, the global IoT smart agriculture market is being led by the U.S., which is producing 7,340 kg of cereal, such as wheat, maize, rice, and barley, per hectare of farm compared to the global average of 3,851 kg. The major factor driving these installations is the decreasing price of sensors.
The AI market in agriculture is segmented by region, solution, and type. Based on solution, the categories are crop monitoring, robotics, AI-guided drone, and automated irrigation. In 2016, accounting for more than 35.0% global revenue, crop monitoring was the largest category. However, AI-guided drone is projected to be the fastest growing category during the forecast period. This is because such drones can go beyond the reach of global positioning systems to monitor the field and crops.
On the basis of region, in 2016, North America was the largest market for AI in agriculture, with the U.S. accounting for over 30.0% of the total revenue. It is also expected to be the market leader during the forecast period. Companies operating in the U.S. are focusing on application areas, such as animal face recognition, speech recognition, and natural language processing, which use the AI technology. Adding to the growth of the North American region is the rising number of start-ups, bringing advanced AI-based technologies in the agriculture sector.
Therefore, the market for AI in agriculture is projected to prosper during the forecast period owing to the amalgamation of technology and farming practices.
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