An Artificial Intelligence (AI) is a formation of intelligent machines which work and respond & react like humans. It is employed to develop the efficiency of daily tasks. Evolving technology, crop health monitoring, driverless tractors, adoption of robots & drones, and automated irrigation system are some of the key applications which recognize high growth of the market. Highly competent crop monitoring is offered by drone & sophisticated software technologies for instance GPS system and radar, enable to decrease pressure on accessible strained workforce. Furthermore, remote sensing methods are also used to review the quality & crop producing ability of an agricultural land.
According to study, “Global Artificial Intelligence in Agriculture Market Size Study, by Technology (Computer Vision, Predictive Analytics, Machine Learning), by Application (Agriculture Robots, Livestock Monitoring, Drone Analytics, Precision Farming, Others), by Offering (AI-as-a-service, Software, Hardware, Service), and Regional Forecasts, 2017-2025 (USD Billion/Million)” some of the key companies currently working in the global artificial intelligence in agriculture market are John Deere, The Climate Corporation, Agribotix, Spensa Technologies, Tule Technologies, Microsoft, Prospera, Vine Rangers, Resson, Harvest Croo, Vision Robotics, Case IH Agriculture, Trace Genomics, Skysquirrel Technologies, Intel Corp., The Climate Corp., Farmers Edge Inc., Prospera, Resson, Ag Leader Technology, Sentient Technologies, Microsoft, Google Inc., NVIDIA Corp., Iteris, Precision Hawk, Gamaya, Trimble, Mavrx, SST Software, IBM Corp., Bayer CropScience AG, Numenta Inc., Mapshots Inc., Granluar, Farmbot, Raven Industries, Descartes Labs, AGCO, Cropx, Gamaya, Ec2ce, Connecterra, Awhere, Agribotix, Cainthus, Autonomous Tractor Corp.
Based on technology, the global artificial intelligence in agriculture market is segmented into predictive analysis, computer vision and machine learning. Based on offering, market is categorized into software, AI-as-a-service, service (support & maintenance and deployment & integration) and hardware. Software includes AI solution and AI platform. Hardware includes storage device and processor. Furthermore, based on mode of application, market is defined as drone analytics, agriculture robots, precision farming, animal husbandry, livestock monitoring and others (nutrient monitoring, moisture monitoring, smart greenhouse applications, fish farming application and soil management). Precision farming is further sub-segmented into weather tracking & forecasting, field mapping, yield monitoring, irrigation management, crop scouting and other applications.
The global artificial intelligence in agriculture is mainly driven by growing demand for agriculture production due to the rising adoption of information management system (IMS), growing trend of precision farming, increasing penetration of internet of things (IOT), increasing population, increasing adoption of smart sensors, increasing consumption of food, growing need for better yield of crops, and advanced or new technologies for improving crop productivity. Apart from advantages, the key restraint factor includes high cost of gathering precise field data. In addition, some of the major challenges are technological unawareness in farmers about AI, lack of standards and limited availability of historical data. Additionally, some of the new opportunities are increasing use of Unmanned Aerial Vehicles (UAVs) and developing countries to offer significant growth opportunities etc.
Europe and North American regions are the biggest & most mature markets to exploit innovative technologies in the field of agriculture, while Asia-Pacific has the maximum potential for the development. In 2017, the global artificial intelligence in agriculture market size was US$240 million and it is anticipated to reach US$1100 million, by the end of 2025 at a high growth rate of 20.8 % over the forecast period.
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Ankur Gupta, Head Marketing & Communications