AI in Agriculture Market – Increasing Crop Productivity through Deep-Learning Technology to Lead the Market Growth – Growing at a CAGR (Compound Annual Growth Rate) 25.1% from 2022 to 2028

AI in Agriculture
  • AI in Agriculture Market

As stated in our extensive report; the Global AI in Agriculture Market accounted forUSD 1.1 Billionin 2021.

The primary growth drivers for the market will be increasing globalization and the increased adoption of more advanced technologies in the agricultural sector. The broad adoption of industrial practices, the rising demand for high-quality agricultural output, and the encouragement of cutting-edge agricultural equipment and practices are all factors that will drive up prices. In addition, increased investment in R&D capabilities and growing adoption of drones for use in agricultural operations will fuel market expansion.

Key Developments in the Industry:

· Prospera Technologies and Bayer formed a partnership in July of 2020 with the goal of increasing greenhouse output through the use of big data and machine intelligence.

· At least three million acres of farmland in Brazil will be digitised by 2023 according to a three-year exclusive cooperation established in March 2020 between Farmers Edge and Nufarm Brasil, a leading crop protection company. By combining their resources, Farmers Edge and Nufarm will offer superior crop protection and the cutting-edge tools that farmers need to make educated agronomic decisions that will increase their yields and income.

· To improve the efficacy, openness, and sustainability of global food production, IBM and Yara International (Norway), a leader in crop nutrition and digital farming solutions, have invited farmer associations, industry players, academia, and NGOs from the food and agriculture industry to join a movement to develop an open data exchange that facilitates collaboration around farm and field data by January 2020.

· Deere & Company revealed the selected startups for its startup collaborator programme in January of 2020. Included are the up-and-coming companies DataFarm (Brazil), FaunaPhotonics (Denmark), Fieldin (Israel), and EarthSense (India) (US). The corporation will be able to take advantage of the startups' technological resources through this initiative.

Market Dynamics

Robots, unmanned aerial vehicles (UAVs), and wireless sensors installed on the ground are all part of the growing trend of using artificial intelligence in farming. For instance, Microsoft and the International Crop Research Institute for the Semi-Arid Tropics (ICRISAT) developed the AI Sowing App in November 2017. In addition, the American tech firm NatureFresh Farms is creating an artificial intelligence tool to evaluate plant information at scale to generate reliable harvest and yield predictions. With the help of an AI system, this technology can estimate how long it will take for the blossom to fully mature.

Artificial intelligence solutions are in high demand since automation in agriculture helps allocate resources like fertilizers and water, as well as calculate the best time to sow crops and identify weeds. It can also recommend an appropriate seed-planting rate using inputs like long-term weather forecasts, production numbers, commodity price forecasts, and seed data. Several tech behemoths and startups are developing IoT-enabled devices to facilitate the widespread adoption of AI applications in agriculture due to the numerous advantages these applications provide.

North America Region to Take Over the Market

North AmericaAI in Agriculture Market is likely to expand in the forecast period. Greater disposable income, ongoing expenditures in automation, significant investments in IoT, and a growing emphasis from governments on domestically produced AI equipment are all features of the North America market. In addition, market growth is also being aided by the many agricultural technology companies like IBM, Deere, Microsoft, Granular, Inc., and The Climate Corporation that are actively looking into AI solutions.

Conclusion

As per our recent study report, the Increasing Crop Productivity through Deep-Learning Technology and government support in adoption of modern agriculture techniques will positively influence the overall AI in Agriculture market.

Some of the key players in the Global AI in Agriculture Market include- IBM Corporation (US), Microsoft Corporation (US), Bayer AG (Germany), Google LLC (US), John Deere & Company (US), A.A.A Taranis Visual Ltd. (Israel), AgEagle Aerial Systems Ltd. (US), Gamaya SA (Switzerland), AGCO Corporation (US), AG Leader Technology (US), Trimble Inc. (US), Granular Inc. (US), Raven Industries Inc. (US) and others.