Artificial Intelligence in Agriculture Market, By Application (Weather Tracking, Precision Farming, Drone Analytics), Deployment (Cloud, On-Premise, Hybrid), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026

Artificial Intelligence in Agriculture Market Analysis:

Artificial intelligence in agriculture provides the farmers with vital data/information related to climate, temperature, water consumption, and soil quality and is also capable of detecting weeds. Artificial intelligence helps farmers in decision making by providing all kind of data regarding which crop would bear the most fruitful results in present soil and weather conditions, or which seed and other inputs would produce high yields. Artificial intelligence incorporation has become of vital use in the agriculture sector owing to the growing demand for food. Due to the availability of scarce land resources, it is necessary to produce crops at maximum capacity to fulfill global demands and this is where artificial intelligence has proven to be beneficial by providing vital data.

Rising population, technological breakthrough, and government participation are the key factors driving the growth of artificial intelligence in agriculture market

The human population globally has crossed 7.7 billion and has created an alarming state for various governments across the globe. According to the UN, global hunger will rise by 50% by 2050, and to meet these needs the agriculture sector needs to step up by adopting the use of artificial intelligence technology. This will create a huge demand for artificial intelligence in agriculture market, which will eventually boost the growth of the global market. In addition, governments worldwide are promoting the usage of AI in agriculture by providing free of cost training programs, subsidized loans for investment in AI, and various other beneficial schemes. This has promoted the overall usage of AI in agriculture globally and is facilitating the sector’s growth. Furthermore, the latest technological innovations such as UAVs (unmanned aerial vehicles), drones, and satellite imaging have all positively impacted the agriculture sector and helped overall in producing high yields.

High investment costs and lack of awareness are negatively impacting the growth of artificial intelligence in agriculture market

Artificial intelligence is a high-cost technology to acquire and requires high investments to purchase, install, and maintain. Furthermore, lack of skills and knowledge required to operate, study, and understand this technology and unawareness regarding such methods of agriculture are the main factors negatively affecting AI in agriculture market.

Recent Hi-tech breakthroughs have huge potential to create lucrative opportunities for AI in agriculture market

Recent developments and upgradations in the AI sector have been groundbreaking in terms of their utility. With the availability of fewer resources and increased food demand, the agriculture market is incorporating AI technology. These technological advancements help farmers to keep a complete track of their produce and improve harvest quality. Some of the recent technological advancements in AI for agriculture include the “See and Spray” robot by blue river technology for weed detection and elimination and drone, and computer vision technology by SkySquirrel Technologies. These hi-tech breakthroughs may create significant opportunities in the global artificial intelligence in agriculture market, in the coming years.

Artificial Intelligence in Agriculture market, by application:

Drone analytics sector will be most lucrative till 2026

Drone analytics will have exponential growth in the global market and is expected to register a significant revenue during the forecast timeframe. Drones are a powerful tool in agriculture because of their capacity to monitor and map the agricultural land. These images and data provided via drones facilitate in smooth decision making and eliminating weeds from the fields. Governments across the globe are providing such drone-related technologies to farmers and promoting their extensive use.

Artificial Intelligence in Agriculture market, by Deployment:

Cloud segment will register a significant growth till 2026, in the global marketplace

The Cloud segment shall have a rapid growth in the global market and is projected to generate considerable revenue during the analysis period. Cloud offers its users to store, study, analyze the data/information related to self and other agricultural activities. This helps in decision making as the shared information and various other suggestions by the cloud facilitate in making correct decisions. It offers past, current, and upcoming trends related to climate, weather changes, soil conditions with the utmost accuracy. Cloud has helped farmers to choose the right crops, cultivation process, and other minute activities related to agriculture which has proven to be beneficial for high-quality yields.

Artificial Intelligence in Agriculture Market, by Region:

Europe is the fastest-growing region in artificial intelligence in agriculture market

Europe artificial intelligence in agriculture market will have substantial growth in the forecast period and is expected to generate extensive revenue, in the global market. The growing emphasis on adoption & acceptance of intelligent systems to improvise gross output and focus on the integration of agriculture methods and highly advanced technology are expected to drive the growth of the global market. Moreover, several large-scale farmers in this region have more purchasing power/investment capacity as compared to any other regions. Europe has the most land coverage used for agriculture-related activities. Significant AgTech ventures such as CropX inc. across Europe have developed a software, 'Internet of the Soil', used for monitoring soil quality, temperature, and weather conditions. It can be accessed by anyone using a cloud-based platform that is connected via wireless sensors. The availability of such technologies and better knowledge and skills regarding AI have contributed to the exponential growth of AI in agriculture market for Europe.

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Key Participants in the Global Artificial Intelligence in Agriculture Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

The leading artificial intelligence in agriculture market players include The Climate Corporation,  Deere & Company, Granular, Inc., Microsoft, Farmers Edge Inc., Descartes Labs, Inc., INTERNATIONAL BUSINESS MACHINES CORPORATION, AgEagle Aerial Systems Inc., aWhere Inc., and GAMAYA, Inc. 

Artificial intelligence in agriculture market players are emphasizing more on advanced product development and mergers & acquisitions. These are the frequent strategies followed by established organizations. To emphasize more on the competitor analysis of market players, the porter’s five force model is explained in the report.

Source: Research Dive Analysis