AI Market in Agriculture is expected to attain a size of $465.6 million by 2023, P&S Intelligence.
The market is expected to witness high growth due to high penetration of internet of things (IoT) in agriculture industry and increasing number of IoT device installations in agriculture. The decreasing price of sensors and increasing adoption of cattle facial recognition are facilitating the market growth. Increasing government support for the development of new farming techniques, and surge in global awareness regarding the benefits of AI in agriculture over the years, are expected to boost the growth of the AI market in agriculture during the forecast period.
Insights on market segment
Among all solutions, crop monitoring is the largest market throughout the period of analysis, and AI-guided drone will be the fastest growing segment during the forecast period. Hardware based products are growing at higher pace than software in the AI market in agriculture. Due to surge in the adoption of AI based agricultural products, installation is the largest service category throughout the period of analysis. Owing to a rising number of agriculture-based startups in Asia-Pacific, the region is expected to witness the fastest growth during the forecast period.
Report Sample - AI Market in Agriculture Size, Global Industry Report, 2023
How is the market growing, geographically?
Geographically, North America is the largest region in the AI market in agriculture with the U.S. alone contributing more than 30% of the revenue to the global market in 2016. The country is also expected to lead the global market during the forecast period. Speech recognition, natural language processing (NLP), and animal facial recognition are some of the applications on which the companies in the U.S. AI industry are focusing.
The U.K., Germany, and France are the major markets in Europe; while in Asia-Pacific, Japan, India, China, and South Korea are the key markets.
What are the factors impacting the growth of this market?
High penetration of IoT in agriculture industry is the key growth driver
Increasing number of product launches
IBM and Robert Bosch GmbH are the top companies operating in the AI market in agriculture. The other key players in the industry include Intel Corporation, NVIDIA Corporation, Climate Corporation, and Microsoft Inc. There has been an increased number of product launches from these players in the recent past. For instance, in October 2017, Climate Corporation announced the launch of the Climate FieldView digital agriculture platform in western Canada for the 2018 growing season. Through the new launch’s analytics-based digital tools, Canadian farmers will now be able to harness their data in one connected platform.
Explore Report Description@ Artificial Intelligence in Agricuture Market
