Global Artificial Intelligence in Agriculture Market Size, Share & Trends Analysis Report, By Offering, By Deployment, By Technology, Application, By Region Forecasts, 2024 - 2032

Global Artificial Intelligence in Agriculture Market Size, Share & Trends Analysis Report, By Offering, By Deployment, By Technology, Application, By Region Forecasts, 2024 - 2032

Global Artificial Intelligence in Agriculture Market was valued at US $ 1.52 Billion in 2023 and is expected to reach US $ 10.9 Billion by 2032 growing at a CAGR of 24.5% during the forecast period 2024 – 2032.

The industry that deals with applying artificial intelligence (AI) technologies and solutions to different aspects of farming and agriculture is known as the ""AI in agriculture market."" In order to help farmers and agricultural businesses make data-driven decisions, optimise resource allocation, automate tasks, and increase overall productivity in crop cultivation, livestock management, and other agricultural activities, this market includes the development and implementation of AI-driven tools, software, and hardware. Artificial Intelligence (AI) in agriculture seeks to transform conventional farming methods by enhancing productivity, sustainability, and yield. It also tackles issues like resource optimisation, labour scarcity, and environmental consequences in the agricultural industry.

The increasing use of Unmanned Aerial Vehicles (UAVs) in farming operations is a significant factor propelling market expansion. UAVs with cutting-edge sensors and cameras effectively gather vital information about crops, field characteristics, and soil conditions. With the use of this data, farmers are better equipped to allocate resources efficiently and improve crop health. UAVs provide focused and precise interventions, such as the application of pesticides, fertilisers, and irrigation, which improves resource efficiency and boosts crop yields. Precision agriculture techniques are made possible by these technologies. Also, by automating jobs, lowering the need for human labour, and lowering operating costs, the use of UAVs results in significant cost savings. UAVs that monitor agricultural areas in a timely manner can identify problems quickly and take action to mitigate crop damage and losses. This reduces waste and increases yields. The information gathered by UAVs allows for data-driven decision-making, which boosts production and supports sustainable agriculture practices when combined with AI and analytics.

“Software segment, by offering, to be dominating market from 2023 to 2030.”

With a market share of more than 52.43%, the software category leads the AI in agricultural industry. As the foundation of AI-powered solutions, software is essential for data gathering, analysis, well-informed decision-making, and task automation. The software market is expected to increase at a significant rate, with a compound annual growth rate (CAGR) of more than 22.45% predicted between 2024 and 2032.

“Cloud Based segment, by deployment, to be dominating market from 2023 to 2030.”

Cloud-based deployment is the most popular approach in the AI for agricultural market, holding a market share of more than 56%. Cloud-based deployment is more advantageous than on-premises alternatives in several ways, including scalability, flexibility, and cost-effectiveness.

“Predictive Analytics segment, by technology, to be dominating market from 2023 to 2030.”

Leading the AI in agriculture market with a market share of more than 44.56% is predictive analytics. Predictive analytics, which uses AI to analyse data and predict future events, enables farmers to make well-informed decisions about important agricultural tasks including planting, irrigation, and harvesting schedules.

“Agriculture Robots segment, by application, to be dominating market from 2023 to 2030.”

Drone analytics and AI integration in agriculture has a 37.53% market share, indicating significant potential. Farmers benefit from increased production, better resource allocation, and data-driven decision-making because to AI's capacity to evaluate data collected by drones. As a result, drone analytics has the potential to significantly contribute to the growth of the AI market in agriculture.

“North America to be largest region in Artificial Intelligence in Agriculture market.”

Within the larger agricultural technology industry, the North American artificial intelligence (AI) market for agriculture is a significantly leading region with a 24.45% market share, exhibiting robust growth. In the upcoming years, a notable expansion is anticipated due to the growing implementation of AI technology in the agricultural sector. The necessity for increased production, the rising demand for precise agricultural techniques, and the availability of cutting-edge infrastructure are some of the factors driving this expansion. AI technologies are being enthusiastically adopted by farmers and agricultural organisations in North America in order to improve productivity, resource allocation, and decision-making processes. Precision farming, automated farming systems, crop monitoring, remote sensing, and predictive analytics are some of the AI applications used in the region's agriculture. These technologies support yield, lower costs, enable data-driven decision-making, and efficiently manage hazards.

Artificial Intelligence in Agriculture Competitive Landscape

The competitive landscape of the Artificial Intelligence in Agriculture market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Artificial Intelligence in Agriculture technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Artificial Intelligence in Agriculture market is highly competitive, with numerous companies vying for market share. Prominent companies in the Artificial Intelligence in Agriculture Market include:

Deere & Company, BASF SE, CNH Industrial N.V., Bayer AG, Agco Corporation, The Mosaic Company, Nutrien Limited, Yara International ASA, Corteva Agriscience, Bunge Limited, Archer Daniels Midland Company, Cargill Incorporated, Louis Dreyfus Company, Wilmar International Limited, Olam International Limited, COFCO Corporation, Oils and Foodstuffs Corporation, China National Cereals, Elanco Animal Health Incorporated, Merck & Co., Inc. Zoetis Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Microsof, Amazon Web Services Inc, Cisco Systems, Inc., Oracle, Descartes Labs, Inc., aWhere Inc., Wipro Limited.

Recent Developments in the market:

DJI Agriculture debuted the Mavic 3 Multispectral in November 2022; it is equipped with a multispectral imaging system that allows for the quick collection of agricultural growth data. Precision farming and environmental monitoring are about to undergo a revolutionary change thanks to this invention, which will assist farmers everywhere by increasing productivity and profitability.

Microsoft unveiled FarmVibes, an open-source initiative from Microsoft Research, in October 2022.AI, which provides machine learning models and agricultural technology that is sustainable. Weather data, satellite and drone photography, and other spatiotemporal and geographic data sources are integrated by FarmVibes.AI through the use of data processing algorithms.