New York, NY, July 11, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “AI in Agriculture Market by Technology (Machine Learning and Computer Vision), by Component (Hardware, Software, and Services), and by Application(Agriculture Robots, Agricultural Drones, Driverless Tractors, Facial Recognition, Crop Health Monitoring, and Automated Irrigation Systems): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024’’.
According to the report, global AI in agriculture market was valued at around USD 545 million in 2017 and is expected to reach approximately USD 2,075 million by 2024, at a CAGR of slightly above 21% between 2018 and 2024.
Availability of numerous equipment and modern day technologies such as intelligent monitoring system, drones, and robots has made agriculture industry a cusp of technological revolution.
Browse through 84 Tables & 28 Figures spread over 144 Pages and in-depth TOC on “Global AI in Agriculture Market 2017: By Technology, Size, Share, Trends, Applications, Analysis and Forecast to 2024”.
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The agriculture sector is experiencing a rapid adoption of advanced technologies in order to improve the overall yield of the crops. Artificial Intelligence (AI) is one such important technology in today’s digital agriculture that is being implemented and deployed for more sustainable use of available resources.
Various government and private research organizations globally are consistently working to enhance the productivity and efficiency of agricultural land by means of automation, pesticides, and several other measures. Implementation of artificial intelligence in agriculture offers various advantages such as maximizing the crop yield using machine learning and image processing techniques. For instance, International Crops Research Institute for the Semi-Arid Tropics (ICRISAT)collaborated with Microsoft to develop an AI-based sowing App that sends sowing advisories to farmers mentioning the date following. It helped the number of farmers in Andhra Pradesh, India where the practice was carried out as a pilot program by Microsoft and ICRISAT. According to the participating farmers, by using AI-based sowing advisories the yield was increased up to 30% without incurring any capital expenses or installing any sensor on the field.
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Increasing investments in artificial intelligence and robotics are primarily driving the growth of the global AI in the agriculture market. This can be supported by the fact that agriculture tech startups have raised more than USD 800 million in the past five years, owing to rising interest in AI and robotics in the field. For instance, Indigo Agriculture raised around USD 165 million to focus on crop/soil health analysis by using artificial intelligence in agriculture. Artificial intelligence in agriculture offers various advantages such as yield monitoring, field mapping, croup scouting, and soil monitoring. A major factor that can restrain market growth is the high initial cost associated with the implementation of AI in agriculture. However, favorable government policies to promote AI startups in agriculture are expected to unlock new growth avenues for global AI in the agriculture market.
The global AI in the agriculture market is segmented on the basis of technology, component, application, and region. Technology segment is further divided into machine learning and computer vision. Machine learning sub-segment is anticipated to have a substantial share in the technology segment of AI in the agriculture market. Hardware, software, and services are the components in the global AI in the agriculture market. Applications of the AI in agriculture market include agriculture robots, agricultural drones, driverless tractors, crop health monitoring, facial recognition, and automated irrigation systems. Agricultural drones segment is expected to witness substantial growth during the forecast period.
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North America is anticipated to hold significant share in the global AI in agriculture market, owing to a high adoption rate of modern day technologies for yielding maximum productivity. Various global players are offering services to regional consumers by engaging in a partnership with other leading players. In 2017, Climate Corporation, a subsidiary of Monsanto Company, launched Climate FieldView ag data platform in Western Canada for 2018 growing season. The Climate Corp. and Deveron UAS Corp., announced a strategic partnership that will deliver advanced aerial imagery data integrated with powerful analytics through Climate FieldView™ digital agriculture platform of the Climate Corporation.
Asia Pacific AI in agriculture market is predicted to demonstrate a lucrative growth over the coming years. The growth can be attributed to high adoption of AI in agriculture sector by major countries such as China, South Korea, India, Australia, and Japan. Recently, the global e-commerce giant Alibaba got into farming activity in China by deploying artificial intelligence in farming to assist farmers increase crop yield, while reducing costs. By using Alibaba’s digitally recorded information on their smartphones, the farmers can monitor whether grapes are ready to be plucked or bugs are munching on their apple fields. In order to increase the productivity and yield of agriculture products in Japan, The Kyushu University and Fujitsu Limited agreed to conduct joint research program for a period of next two years commencing from April 2018.
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To promote technological advancements in agriculture, India has recently unveiled country’s first drone policy which is expected to drive the growth of AI in agriculture in the country. For instance, recently, NITI Aayog partnered with IBM to use AI for developing crop yield prediction model. The main objective of the partnership is to work jointly towards use of AI technology for providing insights to farmers for enhancing crop output, soil yield, and control agriculture inputs along with increasing farmer income. Also, the Maharashtra government in India is planning to use drones in agriculture and the first pilot project will be launched in two districts Yavatmal and Latur in October-November 2018 for rabi crops.
Europe is expected to show a strong growth during the forecast period, owing to massive automation activities witnessed in agriculture across the countries such as Germany, the UK, Spain, and France. The olive growers in Italy and Spain have signed agreements to use AI techniques in agriculture. For instance, the Ministry of Agriculture, Fisheries and Rural Development of Spain in Spain have launched a pilot project in order to study the evolution of the plague of the olive fly using AI techniques.
Major players operating in the global AI in agriculture market are Microsoft Corporation, aWhere, Granular, Agribotix LLC, IBM, Mavrx Inc., Prospera Technologies, Resson, Spensa Technologies Inc., The Climate Corporation, and Precision Hawk. Investing in AI-based start-ups is emerging as the new strategy followed by global players.
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The report segments the global AI in the agriculture market as follows:
AI in AgricultureMarket: TechnologySegment Analysis
- Machine Learning
- Computer Vision
AI in AgricultureMarket: ComponentSegment Analysis
- Hardware
- Software
- Services
AI in AgricultureMarket: ApplicationSegment Analysis
- Agriculture Robots
- Agricultural Drones
- Driverless Tractors
- Facial Recognition
- Crop Health Monitoring
- Automated Irrigation Systems
AI in AgricultureMarket: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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