Artificial Intelligence (AI) In Agriculture
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What Will the Artificial Intelligence (AI) In Agriculture Industry Market Size Be by 2025?
In recent times, the market size of artificial intelligence (AI) in agriculture has seen a significant expansion. There is a projected growth from $2.23 billion in 2024 to $2.71 billion in 2025, indicating a compound annual growth rate (CAGR) of 21.6%. Several factors have contributed to this surge in the historical period, including the adoption of precision agriculture, the availability of data, the mechanization of farms, the impact of climate change, and labor shortages.
What’s the Long-Term Growth Forecast for the Artificial Intelligence (AI) In Agriculture Market Size Through 2029?
The market for artificial intelligence (AI) within the agriculture sector is predicted to experience a significant surge in the coming years. The estimated value for 2029 is about $6.58 billion, reflecting a compound annual growth rate (CAGR) of 24.8%. This growth is projected due to the incorporation of IoT, advancements in AI algorithms, prevalent use of drones, global food needs, the rise in digital agricultural platforms, AI-facilitated crop breeding, and AI’s role in pest control. The forecast period also looks at trends like improved satellite imagery, efficient irrigation systems, the use of blockchain in supply chain management, incorporating robots in farming, multi-sensor fusion, and partnerships between tech firms and agricultural bodies.
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What Are the Key Growth Drivers Fueling the Artificial Intelligence (AI) In Agriculture Market Expansion?
The demand for higher food production to ensure food security is predicted to fuel the rise of artificial intelligence (AI) in the agriculture sector in the future. Food security refers to the provision, access, and consumption of food that satisfies individuals’ nutritional requirements and dietary choices for a healthy and active lifestyle and guarantees everyone access to enough safe, nutritious food. With AI, agricultural processes can be optimized, crop yields can be maximized, and large volumes of data like weather patterns, soil conditions, and crop health can be analyzed, providing farmers with immediate insights and precise recommendations. This helps improve irrigation, fertilization, pest management, and harvesting decisions, leading to increased productivity, reduced waste, maximized food output, and ultimately global food security. For example, as per the Food and Agriculture Organization’s report in July 2023, global cereal production in 2023, governed by a Canada-based organization committed to end hunger and enhance nutrition and food security, escalated by 5.9 million tons (0.2 %) in July against the previous month, hitting 2,819 million tons, an increase of 1.1% year on year. Also, world wheat utilization rose from approximately 762 million tons in 2020-2021 to nearly 773 million tons in 2021-2022 and is expected to reach 780 million tons in 2022-2023. Consequently, the requirement for higher food production for ensuring food security is set to steer the artificial intelligence (AI) in the agriculture market.
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What Are the Key Trends Driving Artificial Intelligence (AI) In Agriculture Market Growth?
In the artificial intelligence (AI) in agriculture market, one major trend is the focus on product innovations. The primary companies in this market are taking steps to introduce groundbreaking platforms aimed at improving yield predictions, supporting decision-making, and encouraging sustainable agricultural practices. Groundbreaking platforms in this context can be defined as novel systems or tech that revolutionize field practices, setting new benchmarks and inspiring further progressions. This often involves fulfilling unfulfilled requirements and providing unique solutions. For instance, in September 2024, Helios AI, a US-based software firm, launched CommodiTrack. This advanced platform by Helios AI combines extensive climate risk data with predictive analytics to strengthen the agrifood supply chain’s resilience. This platform provides users with actionable insights, which aids them to rapidly adapt to changes and interruptions in the market.
How Is the Artificial Intelligence (AI) In Agriculture Market Segmented?
The artificial intelligence (AI) in agriculture market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, Predictive Analysis, Computer Vision
3) By Deployment: Cloud, On-Premise, Hybrid
4) By Application: Precision Framing, Agriculture Robots, Livestock Monitoring, Drone Analytics, Labor Management, Other Applications
Subsegments:
1) By Hardware: Sensors, Drones, Imaging Systems, Robotics, Automated Equipment
2) By Software: Data Analytics Platforms, Farm Management Software, AI-Based Prediction Tools, Image Processing Software
3) By Services: Consulting Services, System Integration Services, Maintenance And Support Services
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Which Companies Are Leading the Charge in Artificial Intelligence (AI) In Agriculture Market Innovation?
Major companies operating in the artificial intelligence (AI) in agriculture market include Google LLC, Microsoft Corporation, IBM Corporation, Bayer AG, John Deere, Oracle Corporation, CNH Industrial N.V., Wipro Limited., Valmont Industries Inc., Raven Industries Inc., Climate LLC, Granular Inc., Ag Leader Technology Inc., FarmWise Labs Inc., Taranis, Ceres Imaging, AgEagle Aerial Systems Inc., PrecisionHawk, Descartes Labs Inc., Farmobile LLC, AppHarvest, Farmers Edge Inc., Iron Ox, Prospera Technologies, aWhere Inc., Agribotix, Abundant Robotics, Agworld, Harvest Croo Robotics, Gamaya SA, Tule Technologies
Which Regions Are Leading the Global Artificial Intelligence (AI) In Agriculture Market in Revenue?
North America was the largest region in the artificial intelligence (AI) in agriculture market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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