- The AI in agriculture market was valued at USD 1,643.7 million in 2023, and it will rise to USD 7,854.1 million, growing at a 25.1% compound annual growth rate, by 2030.
- The increasing acceptance of IoT is an important reason for boosting the need for AI solutions in the farming industry.
- With the increasing adoption of cloud computing & mobile devices and the different advantages provided by IoT like the capability to handle an enormous amount of unstructured and structured data, the need for IoT in agriculture is rising.
- IoT sensors in agricultural applications are employed to offer farmers important data regarding crop yields, rainfall, pest infestation, and soil nutrition.
- With the surging populace, the need for innovative technologies in agricultural applications for enhancing crop production is rising globally.
- The increasing utilization of robots in agriculture is a major trend being observed in the industry. With the increasing use of this technology in agriculture, agricultural approaches are progressively becoming more advanced and modern.
- The emphasis of agriculture stakeholders is largely on improving the output and decreasing the amount of carbon footprints in the complete process, via innovative farming procedures.
- Robotics firms are launching products that are armed with AI, to work in unstructured and dynamic farming environments.
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Market Insights
North America was the largest contributor to the industry in 2023, with a 45% share. This can be because of the high acceptance of cutting-edge technologies in the farming industry to boost production.
The U.S. led the industry in North America, and it is likely to advance at more than 25.5% compound annual growth rate during this decade.
APAC will observe the fastest growth, of 25.9%, in the years to come. This is mainly because of the increasing acceptance of smart farming methods, including agronomic robots, precision farming, and drone analytics.
The service category will advance at a higher rate, of 25.3%, in the years to come.
This will be because of the rising need for managed services by farmers for monitoring the activities and operations of sensors and handling enormous data sets regarding crop health.
The machine learning category was the largest contributor to the industry in 2023, with approximately 50% share.
This can be because of the surging acceptance of this technology by different organizations and farmers globally to improve crop yield with a combination of data technologies and agronomic sciences.
The category is further likely to remain the largest throughout this decade, because of the increasing utilization of ML in crop management and field environment management.
Precision farming led the industry in 2023, with approximately 40% share. This can be because of the rising demand for best yield production with limited existing resources, eventually, decreasing crop production expenses.
The drone analytics category will advance at the highest rate, of more than 25.7%, in the years to come.
This is because of the rising venture investment for the improvement of drones, together with the increasing need for high-quality food crops, to cater to the surging population globally.
The AI in agriculture industry is very competitive, because of the existence of various international players.
