Owing to the implementation of smart farming technologies and solutions, the agriculture sector is generating a lot of complex data. Apart from the variables that farmers can control, such as variety selection, seeding time, and fertigation rate, there are many that farmers cannot control, such as environmental factors. Since these variables are multifactorial, finding correlations between an input (e.g., interval time between fertilizer applications) and an output (e.g., expected yield) is a difficult task. Such scenarios precisely depict the ability of artificial intelligence in agriculture. Artificial intelligence (AI) can deal with multidimensional problems with high variance, where randomness also plays a role.
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The integration between technology and farmers’ skills is aimed at producing the best quality and quantity of the commodity. The deployment of technology has resulted in convenient farming activities such as planting, growing, harvesting, and checking. Technological applications have introduced sensors, drones, IoT, and robotics with an aim to optimize and streamline the process.
Global Artificial Intelligence in Agriculture Market Overview
The global artificial intelligence in agriculture market was valued at $1,517.0 million in 2022 and is expected to reach $4,096.1 million in 2027, following a CAGR of 21.98% during 2022-2027. Owing to the growing demand for food and grains, the growth in the artificial intelligence in agriculture market is expected to be driven by the increasing adoption of digital and smart agriculture equipment and technologies.
The agriculture sector is at the epicenter of a series of megatrends that are reshaping the ecosystem and necessitating a review of priorities and operating models. The operating models include the integration of emerging technologies with existing farming methods and the adoption of smart technologies to replace the conventional methods of farm operations.
Recent Developments in the Global Artificial Intelligence in Agriculture Market
- In May 2021, Robert Bosch GmBH unveiled its new Artificial Intelligence based IoT platform to keep real time track of energy consumption, electrical parameters in healthcare, agriculture, and other sectors.
- In February 2019, Ceres Imaging developed and launched its Center-Pivot Analytics Suite, a full-service imagery solution designed specifically for center-pivot irrigated row crops.
- In February 2022, Plantix expanded its market presence in the Asia-Pacific region by launching its product, Plantix Vision API in Bangladesh.
- In February 2021, Microsoft Corporation launched its business expansion in Indonesia to support agricultural sector there in.
- In May 2021, Valmont Industries acquired Prospera Industries for $300 million to establish greater returns for mutual customer farmers.
- In February 2021, DeHaat acquired Farm Guide, a data science start-up to further enhance its advisory and market services.
- In December 2021, Connecterra B.V. collaborated with Lely. With this collaboration, Lely aimed to use Connecterra B.V.’s advancements in machine learning and artificial intelligence to provide more insights to farmers. Also, the technologies aid in integrating farm technologies with sensors enabled with artificial intelligence for developing farm management systems.
- In May 2022, Taranis expanded its partnership with DJI and DroneNerds.com in the United States. To make more intelligent data-driven decisions, the collaboration will take advantage of cutting-edge AI and drone technologies.
Global Artificial Intelligence in Agriculture Market (by Application)
Agriculture technologies are offered for a host of agriculture applications and cover the entire farming cycle, including data management, soil management, yield mapping, as well as monitoring, spraying, harvesting, and planting, among others. The adoption of agriculture technologies across the globe has resulted in the rapid accumulation of a large amount of agricultural data on-farm operations and fields. Management of this big data for increased accuracy, productivity, and reduced manual data feeding has become a pressing requirement. Hence, the advent of artificial intelligence in the agriculture sector is welcomed by growers and other agriculture customers, as AI technology has been critically used to optimize agricultural operations based on this data and has found innovative use cases and applications. Data analytics is one of the most deployed use cases of AI in agriculture, where it aids in efficient farm production with reduced losses.
Global Artificial Intelligence in Agriculture Market (by Mode of Deployment)
The use of AI services and platforms to process data and offer insights for decision-making is referred to as cloud AI deployment software. With this strategy, businesses can take advantage of the scalability of the cloud and the ease of using AI services from any location with an internet connection. The deployment of artificial intelligence models on local hardware as opposed to distant servers is what is meant by this phrase. This means that instead of utilizing a cloud-based service, the AI model is installed and run directly on the hardware within an organization's own facilities.
Global Artificial Intelligence in Agriculture Market (by Region)
The global artificial intelligence in agriculture market is anticipated to witness significant growth over the forecast period 2022-2027, especially in North America, Europe, Asia-Pacific, and other regions. This significant growth is majorly attributed to the increased integration of technology in the agricultural sector along with government initiatives to support the same. The supportive government policies and the economic advantage provided by economies of scale operation have made farm consolidation a common phenomenon around the global nations, especially in developing countries.
Competitive Landscape
The global artificial intelligence in agriculture industry represents a fragmented market in nature and is majorly dominated by agricultural companies that take the lead by acquiring or collaborating with technology-based firms to diversify, innovate, and upgrade their solutions. The companies operating in the industry have developed strong strategies in recent years to survive the competition in the fast-growing IoT-integrated agriculture market. For instance, in August 2021, CropX Inc. acquired Dacom Farm Intelligence with an aim to expand into Europe. This corporate strategy represents a major consolidation of agriculture digital twin capabilities, geographic datasets, and acres serviced.
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With better adoption of alternative farming techniques, such as AI-based technologies, the agriculture sector is expected to flourish in the coming years. Also, with better awareness about alternative farming techniques and the benefits that these entail over conventional farming, artificial intelligence in the market will be well accepted and adopted by growers around the world.
