AI in agriculture Market Size is projected to reach USD 5.96 billion by 2031, growing at a CAGR of 25%: Straits Research
The global AI in agriculture market was valued at USD 1 billion in 2022. It is projected to reach USD 5.96 billion by 2031, growing at a CAGR of 25% during the forecast period (2023–2031). A shortage of qualified workers, aging farmers, and younger generations who find farming unappealing all contribute to the downturn, driving trends toward automated farming operations.
New York, United States, Sept. 13, 2023 (GLOBE NEWSWIRE) — AI in farming has become widespread due to its apparent benefits in crop yield and quality. Farmers’ focus has shifted from traditional farming methods to refining the product utilizing enhanced farming methods, such as drones, automated systems, and robots, thanks to a growth in research and development of sophisticated robotics technology in the agriculture industry. As a result, farmers have been able to implement more progressive methods. Artificial intelligence applications in agriculture range from driverless tractors and agricultural automation to computerized water system frameworks and facial recognition.
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/ai-in-agriculture-market/request-sample
The Rising Need for Real-Time Livestock Monitoring Drives the Global Market
Developing-world agriculture differs from developed-world regions like the United States and Western Europe. AI in agriculture could be beneficial in some places, but it could be challenging to sell in areas where the practice is not yet widespread. Most farmers will require some assistance to implement it. It is common for farmers to think that artificial intelligence (AI) has little practical use outside of computers. They may not understand how it can improve their ability to cultivate the land. In addition, combining AI and IoT technologies like predictive analysis, machine learning, and computer vision will help farmers assess real-time data about the weather, temperature, crop status, and other factors, which will drive market expansion soon.
Agricultural Labor Force is Steadily Decreasing, Creates Tremendous Opportunities
There has been a structural movement in the occupational choice of rural employees, especially rural agricultural workers, from agriculture to non-agricultural industries over the past three and a half decades. As the number of people working in agriculture continues to drop, governments and private companies are increasingly investing in artificial intelligence technology that automates agricultural processes. Even in the developed world, standards of living are on the decline. The agricultural sector in Europe has also experienced a significant loss of workers, about 12.8% of the total during the same period. As a consequence of what has been said, the demand for AI in agriculture is expected to increase rapidly over the coming years.
Key Highlights
- The global AI in the agriculture market was valued at USD 1 billion in 2022. It is projected to reach USD 5.96 billion by 2031, growing at a CAGR of 25% during the forecast period (2023–2031).
- Based on components, the global AI in the agriculture market is bifurcated into solutions and services. The solution segment is the highest contributor to the market and is expected to grow during the forecast period.
- Based on technology, the global AI in agriculture market is bifurcated into machine learning, computer vision, and predictive analytics. The machine learning segment is the highest contributor to the market and is expected to grow during the forecast period.
- Based on application, the global AI in the agriculture market is bifurcated into precision farming, livestock monitoring, drone analytics, agriculture robots, and others. The precision farming segment is the highest contributor to the market and is expected to grow during the forecast period.
- North America is the most significant shareholder in the global AI in the agriculture market and is expected to grow during the forecast period.
Report Scope
Report Metric | Details |
Market Size by 2031 | USD 5.96 billion |
Market Size in 2022 | USD 1 billion |
CAGR % | 25% (2023-2031) |
Historical Data | 2020-2021 |
Base Year | 2022 |
Forecast Period | 2023-2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Component, By Technology, By Application |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | Thermo Fisher Scientific Inc., GAMAYA, PrecisionHawk, Cainthus Ireland Limited, VineView, Easytosee Agtech, S.L., Vision Robotics Corporation, Inc., Farmers Edge, Granular, Inc., IBM, John Deere, Microsoft Corporation, Trace Genomics, Inc., RESSON, Connecterra, and Harvest Croo |
Key Market Opportunities | Agricultural Labor Force is Steadily Decreasing |
Key Market Drivers | Rising Need for Real-Time Livestock Monitoring |
Buy Now Full Report @ https://straitsresearch.com/buy-now/ai-in-agriculture-market
Regional Analysis
North America is the most significant shareholder in the global AI in the agriculture market and is expected to grow during the forecast period. People in North America have more disposable income than ever before. The region invests heavily in automation, the industrial internet of things (IoT), and artificial intelligence (AI) hardware development. The market is expected to expand at a healthy rate in the coming years as more and more farmers start using cutting-edge tools like the Internet of Things and computer vision in their operations. Additionally, some regional firms are forming relationships with other major players to provide services to consumers in the region. Companies like IBM and Raven Industries compete with other businesses to improve their agricultural products.
Asia-Pacific is expected to grow during the forecast period. The widespread implementation of AI tools in farming is mainly responsible for its expansion. Artificial intelligence (AI) technologies like remote monitoring technology and predictive analysis are widely adopted in the food business in emerging nations like India and China. Furthermore, the government and numerous MNCs are making a concerted effort to educate Indian farmers on the benefits of using agricultural analytics and data sciences, which has led to a considerable expansion of Indian AI in the agriculture industry.
Artificial intelligence firms in Europe administer the ‘Internet of the Soil,’ a software and hardware solution for monitoring soil characteristics such as humidity, temperature, electrical conductivity, and others. InFarm, located in Berlin, has built a vertical indoor farming system that can be used in supermarkets, restaurants, and local distribution warehouses, allowing companies to grow their fresh harvest on-site to transport clients. The European Union has created an online program to monitor weather and agricultural conditions across the EU in real-time. The European Union has created an online program to monitor weather and farming conditions across the EU in real-time.
It is anticipated that deep learning-powered AI systems will drive moderate growth in LAMEA. The global AI in the agriculture market is expected to expand at a staggering rate due to the increasing prevalence of applications that combine IoT and AI, such as predictive analysis, machine learning, and others. Suppose Latin America and the Caribbean (LAC) continues to be the world’s largest net exporter of food and maintains its role as a critical source of global environmental services, including biodiversity, water, soils, forests, and other ecosystem services. In that case, there will be tremendous potential to pursue novel, concrete, and expansive outcomes in LAC’s rural development and agri-food systems.
Competitive Players
- Thermo Fisher Scientific Inc.
- GAMAYA
- PrecisionHawk
- Cainthus Ireland Limited
- VineView
- Easytosee Agtech S.L.
- Vision Robotics Corporation INC.
- Farmers Edge
- Granular INC.
- IBM
- John Deere
- Microsoft Corporation
- Trace Genomics INC.
- RESSON
- Connecterra
- Harvest Croo.
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/ai-in-agriculture-market/request-sample
Global AI in Agriculture Market: Segmentation
By Component
- Solution
- Service
By Technology
- Machine Learning
- Computer Vision
- Predictive Analytics
By Applications
- Precision Farming
- Livestock Monitoring
- Drone Analytics
- Agriculture Robots
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- EXECUTIVE SUMMARY
- RESEARCH SCOPE & SEGMENTATION
- Research Objectives
- Market Definition
- Limitations & Assumptions
- Market Scope & Segmentation
- Currency & Pricing Considered
- MARKET OPPORTUNITY ASSESSMENT
-
- Emerging Regions / Countries
- Emerging Companies
- Emerging Applications / End Use
- Investment Landscape
- New Business Models / Revenue Streams
- TAM
- MARKET TRENDS
-
- Drivers
- Market Warning Factors
- Latest Macro Economic Indicators
- Geopolitical Impact
- Human Factors
- Technology Factors
- MARKET ASSESSMENT
-
- Porters Five Forces Analysis
- Value Chain Analysis
- Sales And Distribution Channel Analysis
- Case Study Analysis
- Patent Analysis
- M & A Agreements & Collabration Analysis
- ESG TRENDS
- GLOBAL AI IN AGRICULTURE MARKET SIZE ANALYSIS
-
- Global AI In Agriculture Market Introduction
- By Component
-
-
- Introduction
-
-
-
-
- Component By Value
-
-
-
-
- Solution
-
-
-
-
- By Value
-
-
-
-
- Service
-
-
-
-
- By Value
-
-
-
- By Technology
-
-
- Introduction
-
-
-
-
- Technology By Value
-
-
-
-
- Machine Learning
-
-
-
-
- By Value
-
-
-
-
- Computer Vision
-
-
-
-
- By Value
-
-
-
-
- Predictive Analytics
-
-
-
-
- By Value
-
-
-
- By Applications
-
-
- Introduction
-
-
-
-
- Applications By Value
-
-
-
-
- Precision Farming
-
-
-
-
- By Value
-
-
-
-
- Livestock Monitoring
-
-
-
-
- By Value
-
-
-
-
- Drone Analytics
-
-
-
-
- By Value
-
-
-
-
- Agriculture Robots
-
-
-
-
- By Value
-
-
-
-
- Others
-
-
-
-
- By Value
-
-
- NORTH AMERICA MARKET ANALYSIS
-
- Introduction
- By Component
-
-
- Introduction
-
-
-
-
- Component By Value
-
-
-
-
- Solution
-
-
-
-
- By Value
-
-
-
-
- Service
-
-
-
-
- By Value
-
-
-
- By Technology
-
-
- Introduction
-
-
-
-
- Technology By Value
-
-
-
-
- Machine Learning
-
-
-
-
- By Value
-
-
-
-
- Computer Vision
-
-
-
-
- By Value
-
-
-
-
- Predictive Analytics
-
-
-
-
- By Value
-
-
-
- By Applications
- Introduction
- By Applications
-
-
-
- Applications By Value
-
-
-
-
- Precision Farming
-
-
-
-
- By Value
-
-
-
-
- Livestock Monitoring
-
-
-
-
- By Value
-
-
-
-
- Drone Analytics
-
-
-
-
- By Value
-
-
-
-
- Agriculture Robots
-
-
-
-
- By Value
-
-
-
-
- Others
-
-
-
-
- By Value
-
-
-
- U.S.
-
-
- By Component
-
-
-
-
- Introduction
- Component By Value
- Solution
- By Value
- Service
- By Value
- Introduction
-
-
-
-
- By Technology
-
-
-
-
- Introduction
- Technology By Value
- Machine Learning
- By Value
- Computer Vision
- By Value
- Predictive Analytics
- By Value
- Introduction
-
-
-
-
- By Applications
-
-
-
-
- Introduction
- Applications By Value
- Precision Farming
- By Value
- Livestock Monitoring
- By Value
- Drone Analytics
- By Value
- Agriculture Robots
- By Value
- Others
- By Value
- Introduction
-
-
-
- Canada
- EUROPE MARKET ANALYSIS
-
- Introduction
- By Component
-
-
- Introduction
-
-
-
-
- Component By Value
-
-
-
-
- Solution
-
-
-
-
- By Value
-
-
-
-
- Service
-
-
-
-
- By Value
-
-
-
- By Technology
-
-
- Introduction
-
-
-
-
- Technology By Value
-
-
-
-
- Machine Learning
-
-
-
-
- By Value
-
-
-
-
- Computer Vision
-
-
-
-
- By Value
-
-
-
-
- Predictive Analytics
-
-
-
-
- By Value
-
-
-
- By Applications
-
-
- Introduction
-
-
-
-
- Applications By Value
-
-
-
-
- Precision Farming
-
-
-
-
- By Value
-
-
-
-
- Livestock Monitoring
-
-
-
-
- By Value
-
-
-
-
- Drone Analytics
-
-
-
-
- By Value
-
-
-
-
- Agriculture Robots
-
-
-
-
- By Value
-
-
-
-
- Others
-
-
-
-
- By Value
-
-
-
- U.K.
-
-
- By Component
-
-
-
-
- Introduction
- Component By Value
- Solution
- By Value
- Service
- By Value
- Introduction
-
-
-
-
- By Technology
-
-
-
-
- Introduction
- Technology By Value
- Machine Learning
- By Value
- Computer Vision
- By Value
- Predictive Analytics
- By Value
- Introduction
-
-
-
-
- By Applications
-
-
-
-
- Introduction
- Applications By Value
- Precision Farming
- By Value
- Livestock Monitoring
- By Value
- Drone Analytics
- By Value
- Agriculture Robots
- By Value
- Others
- By Value
- Introduction
-
-
-
- Germany
- France
- Spain
- Italy
- Russia
- Nordic
- Benelux
- Rest Of Europe
- APAC MARKET ANALYSIS
-
- Introduction
- By Component
-
-
- Introduction
-
-
-
-
- Component By Value
-
-
-
-
- Solution
-
-
-
-
- By Value
-
-
-
-
- Service
-
-
-
-
- By Value
-
-
-
- By Technology
-
-
- Introduction
-
-
-
-
- Technology By Value
-
-
-
-
- Machine Learning
-
-
-
-
- By Value
-
-
-
-
- Computer Vision
-
-
-
-
- By Value
-
-
-
-
- Predictive Analytics
-
-
-
-
- By Value
-
-
-
- By Applications
-
-
- Introduction
-
-
-
-
- Applications By Value
-
-
-
-
- Precision Farming
-
-
-
-
- By Value
-
-
-
-
- Livestock Monitoring
-
-
-
-
- By Value
-
-
-
-
- Drone Analytics
-
-
-
-
- By Value
-
-
-
-
- Agriculture Robots
-
-
-
-
- By Value
-
-
-
-
- Others
-
-
-
-
- By Value
-
-
-
- China
-
-
- By Component
-
-
-
-
- Introduction
- Component By Value
- Solution
- By Value
- Service
- By Value
- Introduction
-
-
-
-
- By Technology
-
-
-
-
- Introduction
- Technology By Value
- Machine Learning
- By Value
- Computer Vision
- By Value
- Predictive Analytics
- By Value
- Introduction
-
-
-
-
- By Applications
-
-
-
-
- Introduction
- Applications By Value
- Precision Farming
- By Value
- Livestock Monitoring
- By Value
- Drone Analytics
- By Value
- Agriculture Robots
- By Value
- Others
- By Value
- Introduction
-
-
-
- Korea
- Japan
- India
- Australia
- Taiwan
- South East Asia
- Rest Of Asia-Pacific
- MIDDLE EAST AND AFRICA MARKET ANALYSIS
-
- Introduction
- By Component
-
-
- Introduction
-
-
-
-
- Component By Value
-
-
-
-
- Solution
-
-
-
-
- By Value
-
-
-
-
- Service
-
-
-
-
- By Value
-
-
-
- By Technology
-
-
- Introduction
-
-
-
-
- Technology By Value
-
-
-
-
- Machine Learning
-
-
-
-
- By Value
-
-
-
-
- Computer Vision
-
-
-
-
- By Value
-
-
-
-
- Predictive Analytics
-
-
-
-
- By Value
-
-
-
- By Applications
-
-
- Introduction
-
-
-
-
- Applications By Value
-
-
-
-
- Precision Farming
-
-
-
-
- By Value
-
-
-
-
- Livestock Monitoring
-
-
-
-
- By Value
-
-
-
-
- Drone Analytics
-
-
-
-
- By Value
-
-
-
-
- Agriculture Robots
-
-
-
-
- By Value
-
-
-
-
- Others
-
-
-
-
- By Value
-
-
-
- UAE
-
-
- By Component
-
-
-
-
- Introduction
- Component By Value
- Solution
- By Value
- Service
- By Value
- Introduction
-
-
-
-
- By Technology
-
-
-
-
- Introduction
- Technology By Value
- Machine Learning
- By Value
- Computer Vision
- By Value
- Predictive Analytics
- By Value
- Introduction
-
-
-
-
- By Applications
-
-
-
-
- Introduction
- Applications By Value
- Precision Farming
- By Value
- Livestock Monitoring
- By Value
- Drone Analytics
- By Value
- Agriculture Robots
- By Value
- Others
- By Value
- Introduction
-
-
-
- Turkey
- Saudi Arabia
- South Africa
- Egypt
- Nigeria
- Rest Of MEA
- LATAM MARKET ANALYSIS
-
- Introduction
- By Component
-
-
- Introduction
-
-
-
-
- Component By Value
-
-
-
-
- Solution
-
-
-
-
- By Value
-
-
-
-
- Service
-
-
-
-
- By Value
-
-
-
- By Technology
-
-
- Introduction
-
-
-
-
- Technology By Value
-
-
-
-
- Machine Learning
-
-
-
-
- By Value
-
-
-
-
- Computer Vision
-
-
-
-
- By Value
-
-
-
-
- Predictive Analytics
-
-
-
-
- By Value
-
-
-
- By Applications
-
-
- Introduction
-
-
-
-
- Applications By Value
-
-
-
-
- Precision Farming
-
-
-
-
- By Value
-
-
-
-
- Livestock Monitoring
-
-
-
-
- By Value
-
-
-
-
- Drone Analytics
-
-
-
-
- By Value
-
-
-
-
- Agriculture Robots
-
-
-
-
- By Value
-
-
-
-
- Others
-
-
-
-
- By Value
-
-
-
- Brazil
-
-
- By Component
-
-
-
-
- Introduction
- Component By Value
- Solution
- By Value
- Service
- By Value
- Introduction
-
-
-
-
- By Technology
-
-
-
-
- Introduction
- Technology By Value
- Machine Learning
- By Value
- Computer Vision
- By Value
- Predictive Analytics
- By Value
- Introduction
-
-
-
-
- By Applications
-
-
-
-
- Introduction
- Applications By Value
- Precision Farming
- By Value
- Livestock Monitoring
- By Value
- Drone Analytics
- By Value
- Agriculture Robots
- By Value
- Others
- By Value
- Introduction
-
-
-
- Mexico
- Argentina
- Chile
- Colombia
- Rest Of LATAM
- COMPETITIVE ASSESSMENT
-
- Adoption Matrix
- AI In Agriculture Market Share By Manufacturers
- AI In Agriculture Market Ranking By Revenue For Manufacturers
- Average Price By Manufacturers
- Vendor Footprint Analysis
- MARKET PLAYERS ASSESSMENT
-
- Thermo Fisher Scientific Inc.
-
-
- Overview
- Business Information
- Revenue
- ASP
- Gross Margin
- Swot Analysis
- Recent Developmments
-
-
- GAMAYA
- PrecisionHawk
- Cainthus Ireland Limited
- VineView
- Easytosee Agtech S.L.
- Vision Robotics Corporation INC.
- Farmers Edge
- Granular INC.
- IBM
- John Deere
- Microsoft Corporation
- Trace Genomics INC.
- RESSON
- Connecterra
- Harvest Croo.
- RESEARCH METHODOLOGY
-
- Research Data
-
-
- Secondary Data
-
-
-
-
- Major Secondary Sources
- Key Data From Secondary Sources
-
-
-
-
- Primary Data
-
-
-
-
- Key Data From Primary Sources
- Breakdown Of Primaries
-
-
-
-
- Secondary And Primary Research
-
-
-
-
- Key Industry Insights
-
-
-
- Market Size Estimation
-
-
- Bottom-Up Approach
- Top-Down Approach
- Market Projection
-
-
- Research Assumptions
-
-
- Assumptions
-
-
- Limitations
- Risk Assessment
- APPENDIX
-
- Discussion Guide
- Customization Options
- Related Reports
- DISCLAIMER
Table of Content and Figure @ https://straitsresearch.com/report/ai-in-agriculture-market/toc
Market News
- In February 2022, a 15-year strategic collaboration deal between Moderna, Inc. and Thermo Fisher Scientific, Inc. was announced to facilitate dedicated, large-scale manufacturing in the United States.
- In January 2022, Descartes Labs Introduced the World’s First Cloud-Based Geospatial Data Refinery and Modeling Platform
- In October 2022, Thermo Fisher Scientific Inc., the world’s largest provider of scientific instruments and services, has announced a definitive deal to purchase The Binding Site Consortium, a market leader in specialty diagnostics, from an investor group led by Nordic Capital.
- In August 2022, A controlling stake in Descartes Labs was acquired by an affiliate of the multinational private equity firm Antarctica Capital.
News Media
Global Agriculture Drones and Robots Market Grows at a Staggering CAGR of 22.1%
Global Robot Software Market to Expand CAGR of 27.31% by 2030
Have a Look at the Related Research Report
Agriculture Technology-as-a-Service Market: Information by Service Type (Software-as-a-Service, Equipment-as-a Service), Technology (Data Analytics, Guidance), Farm Produce, and Region – Forecast till 2031
Hyperspectral Imaging in Agriculture Market: Information by Product (Camera, Artificial Light Source), Application (Vegetation Mapping, Crop Disease Monitoring, Stress Detection), and Region—Forecast Till 2031
Farm Management Software Market: Information by Agriculture Type (Precision Farming), Deployment Model (Web-based, Cloud-based), Services (System Integration & Consulting, Maintenance & Support), and Regions-Forecast till 2031
AR in Agriculture Market: Information by Application (Outdoor Farming, Indoor Farming), Solution (Hardware, Software, Services), and Region—Forecast till 2031
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 905 0080 (the U.S.)
+91 8087085354 (APAC)
+44 203 695 0070 (the U.K.)
Email: sales@straitsresearch.com
Follow Us: LinkedIn | Facebook | Instagram | Twitter
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.