AI In Agriculture Market
According to the report, the global artificial intelligence (AI) in agriculture market was valued at $2.3 billion in 2023 and is projected to reach $14.6 billion by 2032, growing at a CAGR of 23.2% from 2024 to 2032.
This market growth is driven by advancements in AI and data analytics, increasing adoption of digital farming solutions, and supportive government initiatives. However, high initial development costs remain a key restraint. On the upside, the growing demand for precision farming solutions presents significant opportunities for future expansion.
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By Component:
In 2023, the solution segment held the largest market share, fueled by the rising demand for AI-powered agricultural platforms that leverage IoT, big data, and sensor integration. These solutions assist farmers in crop management, pest control, and resource optimization. Meanwhile, the services segment is expected to witness the fastest growth through 2032, as service providers play a vital role in customizing AI solutions, ensuring seamless integration, and offering ongoing support.
By Technology:
Predictive analytics dominated in 2023, as it helps farmers anticipate outcomes using historical data, current conditions, and forecasting models. However, the machine learning segment is forecast to grow at the fastest rate, given its capability to process vast amounts of data from sensors, drones, satellites, and farm equipment.
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By Application:
Drone analytics led the market in 2023, offering significant benefits such as cost reduction, sustainability, and increased productivity through AI-driven data interpretation. On the other hand, precision farming is poised to be the fastest-growing segment, thanks to its ability to optimize inputs, minimize waste, and boost efficiency through AI, IoT, and analytics.
By Region:
North America accounted for the highest market share in 2023 and is expected to maintain its lead through the forecast period. This is attributed to the widespread adoption of AI technologies, increasing demand for precision agriculture, and the presence of advanced agricultural infrastructure.
Key Industry Players:
Microsoft Corporation
IBM Corporation
Gamaya
Taranis
PrecisionHawk
Corteva
ec2ce
Valmont Industries
Climate LLC
Prospera Technologies, Ltd.
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These companies are actively engaging in product launches, partnerships, expansions, and joint ventures to strengthen their market positions. The report provides a comprehensive overview of their business strategies, product offerings, and market presence.
Recent Industry Developments:
1. April 2024: AGRIST introduced a new harvesting robot named L, designed to address labor shortages. Unlike most ground-operating robots, L moves along a wire inside greenhouses and runs for four hours on a single battery charge.
2. February 2024: Heifer International and FruitPunch AI launched the AI for Women Farmers Challenge in Nepal. The initiative aims to develop AI tools that help rural women farmers analyze and utilize data to enhance their cooperatives’ market access, financial planning, and product traceability.
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