AI Market in Agriculture Will Reach $4.6 Billion by 2023 and Is Growing at a CAGR 23.2% During 2018 – 2023
The AI market in agriculture is growing at a CAGR of 23.2% during 2018-2023 and will reach $465.6 million by 2023. The market is expected to witness high growth due to high penetration of internet of things (IoT) in agriculture industry and increasing number of IoT device installations in agriculture. The decreasing price of sensors and increasing adoption of cattle facial recognition are facilitating the market growth. Increasing government support for the development of new farming techniques, and surge in global awareness regarding the benefits of AI in agriculture over the years, are expected to boost the growth of the AI market in agriculture during the forecast period.
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Among all solutions, crop monitoring is the largest market throughout the period of analysis, and AI-guided drone will be the fastest growing segment during the forecast period. Hardware based products are growing at higher pace than software in the AI market in agriculture. Due to surge in the adoption of AI based agricultural products, installation is the largest service category throughout the period of analysis. Owing to a rising number of agriculture-based startups in Asia-Pacific, the region is expected to witness the fastest growth during the forecast period.
Geographically, North America is the largest region in the AI market in agriculture with the U.S. alone contributing more than 30% of the revenue to the global market in 2016. The country is also expected to lead the global market during the forecast period. Speech recognition, natural language processing (NLP), and animal facial recognition are some of the applications on which the companies in the U.S. AI industry are focusing.
The AI market in agriculture is presently moderately competitive, where some prominent global level players are enjoying monopoly. Some of the major players operating in this industry are Intel Corporation, Google Inc., International Business Machines Corporation, NVIDIA Corporation, Sentient Technologies, Numenta Inc. and Microsoft Corporation.
Request for a free sample copy of this research report @ https://www.psmarketresearch.com/market-analysis/artificial-intelligence-in-agriculture-market/report-sample
Among all solutions, crop monitoring is the largest market throughout the period of analysis, and AI-guided drone will be the fastest growing segment during the forecast period. Hardware based products are growing at higher pace than software in the AI market in agriculture. Due to surge in the adoption of AI based agricultural products, installation is the largest service category throughout the period of analysis. Owing to a rising number of agriculture-based startups in Asia-Pacific, the region is expected to witness the fastest growth during the forecast period.Geographically, North America is the largest region in the AI market in agriculture with the U.S. alone contributing more than 30% of the revenue to the global market in 2016. The country is also expected to lead the global market during the forecast period. Speech recognition, natural language processing (NLP), and animal facial recognition are some of the applications on which the companies in the U.S. AI industry are focusing.
The AI market in agriculture is presently moderately competitive, where some prominent global level players are enjoying monopoly. Some of the major players operating in this industry are Intel Corporation, Google Inc., International Business Machines Corporation, NVIDIA Corporation, Sentient Technologies, Numenta Inc. and Microsoft Corporation.
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