AI for Agriculture Market - Forecasts from 2024 to 2029

AI for Agriculture Market - Forecasts from 2024 to 2029

The AI for agriculture market is expected to grow at a CAGR of 24.57%, reaching a market size of US$6,062.706 million in 2029 from US$2,021.502 million in 2024.

Variables on temperature, soil, water use, weather, etc., are generated daily by farms. Artificial intelligence (AI) and machine learning models use this data in real-time to derive insightful conclusions, including determining the optimal time for planting seeds, selecting crops, choosing hybrid seeds for higher yields, and other agricultural decisions. Precision farming, also called intelligent systems, helps improve the general value and precision of yields. AI helps to identify infestations, plant diseases, and malnourishment in farms. AI sensors can detect and target weeds before choosing which herbicide to apply in a region.

Many technical firms created robots that accurately monitor weeds with spray guns using image processing techniques and artificial intelligence. These robots can lower the price of herbicides by eliminating large amounts of the chemicals that are often sprayed on crops. By dramatically reducing the number of pesticides required in the fields, these sophisticated AI sprayers can raise the standard of agricultural output.

AI for Agriculture Market Drivers:

Increased globalization and adoption of new technology is anticipated to propel the market growth

Rising customer demand for agricultural products is expected to drive market value growth. Contemporary agricultural technologies, government initiatives, and regulations are also promoting industrialization. The shifting costs of research and development, as well as the increasing use of drones and changes in form, have contributed to the product implications, thus expanding the market. To boost agricultural output, the government is encouraging research and development (R&D) in the field through the State Agricultural Universities (SAUs) and the Indian Council of Agricultural Research (ICAR). In 2023–24, the Department of Agricultural Research & Education (DARE) will have a budget of Rs. 9504 crores, up from Rs. 7846.17 crores in 2019–20. This budget is aimed at developing new techniques demonstrating these in farmers’ fields and equipping them with the knowledge to adopt modern methods.

AI for Agriculture Market Geographical Outlook
North America is witnessing exponential growth during the forecast period

The North American economy is characterized by rising disposable income, continuous investments in automation, large bets on the Internet of Things, and an increasing focus from governments on developing domestic AI equipment. Several agricultural technology vendors' research into artificial intelligence solutions benefits the market as well. In farming, there is a technological revolution coming, as predicted by AI. As drones, robots, and intelligent monitoring systems are used in research and field experiments, it is expected that this will increase significantly in years to come. Regional markets also expect rapid growth with increased use of AI-powered technologies within the agricultural sector.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The AI for agriculture market is segmented and analyzed as follows:

By Technology

Machine Learning
Computer Vision
Predictive Analytics

By Application

Agricultural Robots
Precision Farming
Drone Analytics
Livestock Monitoring
Weather Tracking
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
UAE
Other
Asia Pacific
China
Japan
India
South Korea
Indonesia
Vietnam
Thailand
Others