Artificial Intelligence (AI) in Agriculture Market Size & Scope Will Reach over USD 11.96 Billion By 2032, At 23.7% CAGR Growth: Polaris Market Research
Global artificial intelligence in agriculture market size & share is currently valued at USD 1.44 Billion in 2022 and is anticipated to generate an estimated revenue of USD 11.96 Billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 23.7% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032. Some of the emerging market players are AgEagle Aerial Systems Inc., aWhere Inc., Deere & Company, Descartes Labs, Inc., ec2ce, GAMAYA, Granular, Inc., IBM Corporation and others.
New York, NY, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Artificial Intelligence in Agriculture Market Share, Size, Trends, Industry Analysis Report, By Technology (Computer Vision, Machine Learning & Deep Learning, and Predictive Analytics); By Application; By Component; By Region; Segment Forecast, 2023 - 2032" in its research database.
According to [115+ Pages] research report by Polaris Market Research, the global artificial intelligence (AI) in agriculture market size & share is currently valued at USD 1.44 Billion in 2022 and is anticipated to generate an estimated revenue of USD 11.96 Billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 23.7% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032.
What is Artificial Intelligence (AI) in Agriculture? How Big is Artificial Intelligence (AI) in Agriculture Market Size & Share?
Overview
In the agricultural sector, artificial intelligence (AI) is having a profoundly transformative impact, radically altering the practices used in farming and related procedures. The use of AI technologies, such as data analytics, computer vision, and machine learning, is essential for overcoming these obstacles and realizing agriculture's full potential.
Also, artificial intelligence (AI) in agriculture makes it easier to collect and analyze large amounts of data from several sources, such as weather trends, soil conditions, crop health, and past farming records. AI systems can provide farmers with insightful information by analyzing and interpreting this data, enabling them to make decisions that will increase productivity, cut waste, and have a smaller negative impact on the environment. As a result, the demand for artificial intelligence in agriculture market is increasing.
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Essential Takeaways from the Report
A growing population, technological advancements, rising food prices, data-centric decision-making, robotics and drone technology advancements, increased investment in AgTech startups, growing government initiatives, and the increased use of AI in crop monitoring are some of the factors driving the agriculture AI market.
Increased food requirements are boosting market growth.
The artificial intelligence in agriculture market segmentation is primarily based on application, technology, region, and component.
North America dominated the market with the largest share in 2022.
Leading Players Appeared in the Report
AgEagle Aerial Systems Inc.
aWhere Inc.
Deere & Company
Descartes Labs, Inc.
ec2ce
GAMAYA
Granular, Inc.
IBM Corporation
Microsoft
PrecisionHawk
Prospera Technologies
Taranis
The Climate Corporation
Tule Technologies Inc.
weLLgo Medical Products GmbH
VineView
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Important Growth Aspects of the Market
Increasing Population and Food Requirements: The requirement for food production is increasing due to the world's ongoing population growth. In order to fulfill the world's expanding food demand, farmers may increase crop yields and maximize resource use with the help of AI technology in agriculture. Thus, it is projected that the growing population and rising food needs will propel artificial intelligence in agriculture market growth over the anticipated period.
Major Advantages: One of AI's main benefits for agriculture is that it can automate tedious tasks by using robotics and intelligent gear. Due to these advancements, labor shortages are lessened, and farmers are able to focus on more complex strategic planning and management duties.
Market’s Latest Key Trends
Technological Advancements: Precision farming is made possible by AI-driven agricultural technology, which allows for customized care for individual plants and crops based on their specific needs. This accuracy ensures that resources are used effectively, fewer chemicals are added, and sustainable farming methods are promoted. As a result, the artificial intelligence in agriculture market demand is expanding.
Segmental Overview
The Predictive Analytics Sector Holds the Largest Revenue Share
Predictive analytics is becoming more and more popular in the agriculture sector since it helps farmers adjust their operations, make wise decisions, and manage risks. In an effort to gain insight, these models examine historical data on crop yields, weather patterns, soil quality, and other relevant variables.
Moreover, predictive analytics can be used to track and assess data from various sources, such as insect populations, crop health data, and weather patterns. By seeing early warning signs of impending pest or disease outbreaks, farmers can protect their crops before they become seriously threatened, which reduces the need for the overuse of pesticides. As a result, it is projected that these applications will expand the artificial intelligence in agriculture market size.
The Software Sector Accounts for the Highest Market Share
The simplicity of AI software's integration with farming equipment, which results in labor savings and real-time data collecting, is one of the main factors driving its growth in the agricultural sector. With the help of analytical tools and a large amount of data stored in the cloud, farmers can now fully manage every aspect of farming. This software greatly improves the farmer's ability to adjust to shifting market conditions.
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Artificial Intelligence (AI) in Agriculture Market: Report Scope
Report Attribute | Details |
Revenue Forecast in 2032 | USD 11.96 Billion |
Market size value in 2023 | USD 1.77 Billion |
Expected CAGR Growth | 23.7% from 2023 – 2032 |
Forecast Year | 2023 – 2032 |
Segments Covered | By Technology, By Application, By Component, By Region |
Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Outlook
North America: The agriculture industry in North America is fully adopting AI technology in order to increase productivity, improve resource management, and hone decision-making procedures. Precision farming, crop monitoring, remote sensing, automated farming systems, and predictive analytics are just a few of the AI applications in agriculture that the region has to offer. By utilizing this technology, farmers may reduce costs, increase crop yields, reduce risks, and make decisions based on informed data-driven insights.
Asia Pacific: This expansion is fueled by a number of variables, such as population growth, the effects of climate change, and worries about water scarcity. The artificial intelligence in agriculture market in the Asia Pacific region is growing as a result of numerous factors, including a rise in automation, the usage of new technologies like AI and ML, a loss in soil quality, and more.
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Market’s Common Questions Answered in the Report
What would be the expected CAGR of the market during the forecast period?
How big is artificial intelligence in agriculture market?
What factors are driving the market growth?
Which is the fastest growing region in the market?
What segments are holding the highest artificial intelligence in agriculture market share?
Which are the major companies dealing in the market?
Which market trends and opportunities are affecting the industry?
Polaris Market Research has segmented the Artificial Intelligence in Agriculture market report based on technology, application, component, and region:
By Technology Outlook
Computer Vision
Machine Learning & Deep Learning
Predictive Analytics
By Component Outlook
Services
Software
Hardware
By Application Outlook
Precision Farming
Agriculture Robots
Livestock Monitoring
Drone Analytics
By Region Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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