Artificial intelligence technology brings the concept of cognitive computing to agriculture, where the farm equipment intelligence is modeled on human intelligence. Artificial intelligence technologies help farmers in optimizing their planning to generate profitable crop yields using predictable analytics for agricultural input choices and farm process planning.
Read Report Overview: Artificial Intelligence in Agriculture Market
The capabilities enabled by this technology allow the farm equipment and solutions to interpret, acquire, and react to unpredictable farm situations with enhanced efficiency.
Global Artificial Intelligence in Agriculture Market Overview
The global artificial intelligence in agriculture market is expected to reach $6,655.1 million by 2026, with a CAGR of 30.56% during the forecast period 2021-2026. The growth rate in the market is because of the increased awareness of artificial intelligence-based solutions in some regions of the world.
Impact of COVID-19
The supply chain for the majority of the industries across the globe got impacted due to the COVID-19 pandemic, including the artificial intelligence in agriculture industry. During the COVID-19 outbreak, the supply chain of the agriculture industry was disrupted. During the COVID-19 pandemic, agricultural production was hindered for farmers, which led to a decrease in their revenue generation. This has left the farmers in no position to invest in modern agricultural equipment.
Recent Developments in Artificial Intelligence in Agriculture Market
- In May 2021, Robert Bosch unveiled its new artificial intelligence based IoT platform to keep real time track of energy consumption, electrical parameters in healthcare, agriculture, and other sectors.
- In November 2020, Deere & Company introduced AutoPath for more accurate row guidance throughout the season.
- In November 202, CLAAS KGaA mbH launched the cloud-based Data Connect system that enables the exchange of machinery data between CLAAS, 365FarmNet, and Deere & Company.
- In September 2020, Agrivi launched Agrivi Farm Fleet that enables farmers to have real-time access to their fuel usage and machinery.
AI in Agriculture Market by Farming Type
The farming type segment in the application for artificial intelligence in agriculture market is expected to be dominated by field farming. The majority of the farmers around the world still engage in traditional farming, which is expected to drive artificial intelligence in agriculture market in the forecast period.
AI in Agriculture Market by End Use
The end use segment in the application of artificial intelligence in agriculture market is expected to be dominated by crops, fruits, vegetables, and other plants. The primary focus of all farmers around the world is to increase agricultural production, which is expected to increase the adoption of artificial intelligence products in the agricultural industry.
AI in Agriculture Market by Product
The global artificial intelligence in agriculture market in the product segment is expected to be dominated by software products. The high market share and growth potential associated with software products in the agriculture industry is expected to drive the global artificial intelligence in agriculture market.
AI in Agriculture Market by Region
North America generated the highest revenue of $598.7 million in 2020, which is attributed to the technological advancements in the North America region. In the region, government support along with technological advancement has helped in the growth of the market. The region is expected to witness high growth of CAGR 29.88% during the forecast period 2021-2026.
Key Market Players and Competition Synopsis
Some of the key players operating in the market include Agrivi, Alibaba Group Holding Limited, Ceres Imaging, CNH Industrial N.V., Granular Inc., Harvest Crop Robotics, LLC, IBM Corporation, Microsoft Corporation, Prospera Technologies, Robert Bosch GmbH, The Climate Corporation., among others.
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The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (holding 50-60% of the market), mid-segment players (comprising 30-40% share), and small and emerging companies (holding the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the artificial intelligence in agriculture industry.