Artificial Intelligence (AI) in agriculture is expected to increase the efficiency of farming operating systems. Rise in demand for advanced agricultural solutions is expected to boost market growth. Further AI is on the verge of becoming the integral part of farming methods improving quality of the crops being produced. Deployment of robotics in the field of agriculture has shifted the focus of farmers from traditional practices to adopt the advance farming operating systems integrated with AI technology. This is attributed to drive the AI in agriculture market during the forecast period 2019–2026. High penetration of Internet of things (IoT) in agriculture sector is expected to boost the market growth positively.
The artificial intelligence in agriculture market is segmented by component, technology, application, and region.
By component, the artificial intelligence in agriculture market is segmented into solution and services. Automated systems, drones, and robots using AI solutions and services is expected to impel the market growth in this segment.
On the basis of technology, artificial intelligence in agriculture market is segmented into machine learning, computer vision, and predictive analytics. Machine learning technology is expected to drive the AI in agriculture market during the forecast period in the technology segment owing to increase in adoption of advanced innovative technology in agriculture industry by farmers.
Based on application, the artificial intelligence in agriculture market is segmented into precision farming, livestock monitoring, agriculture robots, drone analytics, and others. Precision farming allows farmers to shift their focus from traditional farming methods to adopt modernized techniques making the agricultural activities more efficient and convenient. Usage of robots in farming increases productivity and helps in monitoring crop health contributing to rise the demand for AI in precision farming applications.
North America along with Europe is expected to dominate the global AI in agriculture market during the forecast period, 2019–2026. This is attributed to early adoption of innovative technologies in the region. Growing initiatives by governments across the globe supporting the adoption of modernization in the field of agriculture is likely to drive the market growth in the region. For example, Joint Research Centre (JRC) in European Union (EU) on September 2017 launched an EU-wide crop and weather monitoring e-service. The aim of this launch was to view weather and crop conditions in real-time across Europe.
Asia Pacific is expected to witness significant growth in global AI in agriculture market during the forecast period. This is attributed to increasing adoption of deep learning, predictive analysis, and computer vision technologies for agricultural applications among the farmers that further drive the market growth.
LAMEA is expected to witness considerable growth in global AI in agriculture market during the forecast period. Depending upon the increasing adoption of new technologies for sustainable agriculture and food production integrated with AI solutions is expected to foster the market growth in the region.
Some of the prominent players in artificial intelligence in agriculture market are Thermo Fisher Scientific Inc. (U.S.), GAMAYA (Switzerland), PrecisionHawk (U.S.), and others.