The AI in Precision Agriculture Market Size was valued at USD 7.2 Bn in 2023 and is predicted to reach USD 20.9 Bn by 2031 at a 14.7% CAGR during the forecast period for 2024-2031.
AI in Precision Agriculture has emerged as a revolutionary approach to modernizing traditional agricultural practices. By leveraging cutting-edge technologies like Artificial Intelligence (AI), the industry has experienced tremendous growth and is continually evolving. One of the key drivers of Al adoption in precision agriculture is its ability to enhance crop yield and quality. By harnessing Al-powered analytics, farmers can gain deeper insights into soil health, weather patterns, and plant growth conditions. This information empowers them to apply targeted treatments, allocate resources more efficiently, and adopt sustainable farming practices. As a result, crop yields are significantly increased while minimizing resource wastage, contributing to a more environmentally friendly approach. Another critical aspect of Al in precision agriculture is its role in automation and robotics. Al-driven robotic systems enable performing tasks like planting, harvesting, and weeding with high precision and consistency.
However, Al-driven robotic systems enable the performance of tasks like planting, harvesting, and weeding with high precision and consistency. It reduces the labor burden on farmers and ensures that agricultural operations are executed accurately and at optimal times, further improving overall crop productivity. One of the most promising segments of Al in precision agriculture is the development of smart sensors and loT devices. These devices collect data on soil moisture, temperature, humidity, and nutrient levels, among other variables.
Competitive Landscape
Some of the Major Key Players in the AI in Precision Agriculture Market are
- IBM Corporation
- Microsoft Corporation
- John Deere
- Monsanto Company
- Syngenta AG
- Trimble Inc.
- Deere & Company
- AGCO Corporation
- Climate Corporation
- Descartes Labs
- Granular Inc.
- Prospera Technologies Ltd.
- Taranis
- Blue River Technology
- PrecisionHawk
- Farmwise
- Gamaya
- The Climate Corporation
- Ceres Imaging
- Awhere Inc.
- Tule Technologies
- AgEagle Aerial Systems Inc.
- Harvest Croo Robotics
- CNH Industrial N.V.
- Others
Market Segmentation:
The AI in the precision agriculture market is segmented by type, application, component, and end user. The market is segmented based on type into machine learning, computer vision, natural language processing, predictive analytics, and remote sensing. The market is segmented by application into crop monitoring, yield prediction, soil analysis, irrigation management, pest and disease detection, and livestock monitoring. The market is segmented into hardware, software, and services based on components. Based on the end-user, the market is segmented into farmers/growers, agricultural cooperatives, agricultural consultants, research and educational institutes, and government bodies.
Based on Type, the Machine Learning Segment is a Major Contributor to the AI in the Precision Agriculture Market.
The machine learning segment is expected to hold a major share in the global AI in precision agriculture market in 2023. Machine learning algorithms are pivotal for analyzing vast amounts of agricultural data, enabling precise predictions and decisions. This technology enhances crop monitoring, soil management, and yield forecasting by learning from historical data and identifying patterns that optimize farming practices. The ability of Machine Learning to continuously improve its models and adapt to new data makes it a significant contributor to the market. Its applications in predictive analytics, pest detection, and resource management drive efficiency and productivity in agriculture, positioning it as a key factor in the growth and advancement of AI-driven precision farming solutions.
The Crop Monitoring Segment Witnessed Rapid Growth.
The crop monitoring segment is projected to grow at a rapid rate in the global AI in precision agriculture market owing to using advanced technologies like drones, satellite imaging, and sensors to collect real-time data on crop health, soil conditions, and growth patterns. This data is analyzed to optimize irrigation, detect pests and diseases early, and enhance overall crop yield. The integration of AI helps in predictive analysis, enabling farmers to make informed decisions and implement targeted interventions. This segment is growing rapidly due to its ability to improve agricultural productivity and sustainability, which is driven by increasing demand for efficient farming practices and technological advancements in AI and data analytics.
In the Region, the North America AI in Precision Agriculture Market Holds Significant Revenue Share.
The North American AI in the precision agriculture market is expected to register the highest market share in terms of revenue in the near future. It can be attributed to the region's advanced technological infrastructure and substantial investment in agricultural innovation. The integration of AI technologies in precision agriculture is supported by the growing adoption of smart farming practices and the increasing demand for high-efficiency farming solutions. North America's dominance is further bolstered by the presence of major technology providers and research institutions that drive advancements in AI applications for crop monitoring, soil analysis, and predictive analytics. The region's robust agricultural sector, combined with a favorable regulatory environment and funding for research and development, enhances its leading position in the global market.
Recent Developments:
- In May 2022, Alliance for a Green Revolution in Africa (AGRA) and Microsoft announced the expansion of their partnership to advance digital agriculture transformation in Africa to improve food security. The partnership of AGRA with Microsoft will support governments, farmers, and small and medium-sized enterprises (SMEs) to build food systems in the region by using digital tools provided by Microsoft.
- In February 2022, Farmers Edge and Deere & Company (US), a manufacturer of agriculture machinery and heavy equipment, entered into an agreement allowing users of Farm Command to integrate their data with the John Deer Operations Center account. This will give users the insights to make decisions that drive yields and profits.
AI in Precision Agriculture Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 7.2 Bn |
|
Revenue Forecast In 2031 |
USD 20.9 Bn |
|
Growth Rate CAGR |
CAGR of 14.7% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, By Application, By Component, By End User and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
IBM Corporation, Microsoft Corporation, John Deere, Monsanto Company, Syngenta AG, Trimble Inc., Deere & Company, AGCO Corporation, Climate Corporation, Descartes Labs, Granular Inc., Prospera Technologies Ltd., Taranis, Blue River Technology, PrecisionHawk, Farmwise, Gamaya, The Climate Corporation, Ceres Imaging, Awhere Inc., Tule Technologies, AgEagle Aerial Systems Inc., Harvest Croo Robotics, CNH Industrial N.V., and Others. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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