Global Statistics Representing AI in Agriculture Market Scenario
Artificial intelligence (AI) in agriculture is deployment of cognitive technologies that assists in learning, reasoning, understanding & interacting, and increases the efficiency of farming operational systems. AI in agriculture has become integral part of farming practices as it is improving quality production of crops. Additionally, increase in research and development of advanced robotics technology in the agriculture sector has led to shift the focus of farmers from traditional farming practices to refining the product using enhanced farming methods such as drones, automated systems, and robots. This has attributed to more sophisticated and modernized farming practices. Rise in consumption and intense requirement of better yield of crops motivates farmers to opt for better farming operations that results to the requirement of automated farming operations/systems. Implementation of AI in agriculture is expected to bring in opportunities for yield management including planting, fertilizing, harvesting and other functionalities required in farming operations.
Artificial Intelligence in agriculture market was valued at USD 509.06 million in 2017 and expected to grow at CAGR 19.9% over the forecast period 2019–2026.
Artificial intelligence in agriculture is expected to witness significant growth during the forecast period, 2019—2026. This is attributed growing adoption of information management systems, and new technologies for improving crop productivity using deep learning techniques has resulted to drive the growth of the AI in agriculture market. Additionally, increasing global population projects to the need of increased productivity in agriculture industry to meet rising global demand for food. According to United Nations report, the current world population is 7.6 billion which is expected to reach 8.6 billion in 2030, 9.8 billion in 2050 and 11.2 billion by 2100. Moreover, the integration of AI technology with IoT such as predictive analysis, machine learning, and computer vision enable farmers to analyze real-time data of weather circumstances, temperature, condition of crop, and others is expected to boost the market growth in near future.
New technologies being introduced by the companies for enhancing crop productivity using different decision making and analytical techniques to overcome the global demand for food. For instance, Thermo Fisher Scientific Inc. one of the key players in the market launched global customer solution centers on September 2018, focusing to support scientists in food, beverages, pharmaceutical and biotech industries to overcome key challenges such as global food security.
Prolific increase in the penetration of Internet of Things (IoT) in the agriculture industry is expected to be one of the major driving factors in growth of AI in agriculture market. Apart from this, robotics being a current trend in the technology, robotics along with AI in agriculture is expected to propel the market growth. Furthermore, increasing adoption of robots in agriculture sector while AI being the backbone of robotics is expected to boost the market growth during the forecast period, 2019—2026.
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, the 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. This is attributed to increase in adoption of advanced innovative technology in agriculture industry by farmers. Additionally, embracing machine learning technology by farmers across the globe are projected to propel the market growth in this segment. Machine learning provides farmers and businesses in agriculture in better decision-making and understanding to analyze real-time data of weather circumstances, temperature, condition of crop, and others. These features of machine learning technology are expected to foster the growth of AI in agriculture market in near future.
Based on application, the artificial intelligence in agriculture market is segmented into precision farming, livestock monitoring, drone analytics, agriculture robots, and others. One of the major driving factors in AI in agriculture market is precision farming. Precision farming application focuses on farm productivity owing to growing population and the requirement of improved food quality. Precision farming allows farmers to shift their focus from traditional methods of farming to adopt modernized techniques making the agricultural activities more efficient and convenient. Agriculture robots in farming increases productivity and also helps in monitoring crop health contributing to rise the demand for AI in precision farming applications.
Geographically, the global AI in agriculture market is segmented by North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
North America as well as Europe are expected to dominate the global AI in agriculture market during the forecast period, 2019—2026. This is attributed to rapid adoption of advanced AI-enabled technologies in the region. With drones, robots, and intelligent monitoring systems being used in research and field trials AI is expected to bring in technological revolution in the future of farming practices in the region. According to the ‘How to feed the world in 2050’ report of United Nations Food and Agriculture Organization (FAO), the global population is expected to reach 9.1 billion by 2050. This results to the need of more food products owing to the expected increase in food consumption rate that can be acquired by greater efficiency with current farming methods. Furthermore, adoption of AI-power tools in agriculture sector is likely to propel the market growth in the region. Moreover, embracing IoT products are emerging in the field of agriculture are expected to drive the global AI in agriculture market in the region. Additionally, the growing initiatives by the government to adopt modernized techniques in agriculture are likely to propel the market growth in the region, for example, On September 2017 the Joint Research Centre (JRC) in European Union launched an EU-wide crop and weather monitoring e-service to view weather and crop conditions in real-time across Europe.
However, Asia Pacific is expected to witness significant growth in artificial intelligence in agriculture market during the forecast period, 2019—2026.
LAMEA is expected to witness moderate growth owing to the growing adoption of AI powered systems using deep learning techniques. Furthermore, integration of AI technology with IoT such as predictive analysis, machine learning, and other techniques are likely to witness exponential growth of global AI in agriculture market 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.), Cainthus Ireland Limited (Ireland), VineView (U.S.), Easytosee Agtech, S.L. (Spain), Vision Robotics Corporation (U.S.), Trace Genomics, Inc. (U.S.), RESSON (Canada), Connecterra (Netherlands), Harvest Croo (U.S.).
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