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.
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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.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.
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. 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 U.K., Germany, and France are the major markets in Europe; while in Asia-Pacific, Japan, India, China and South Korea are the key markets.
AI in agriculture industry has been thriving on account of growing need for high volumes of agricultural produce. According to United Nations Food and Agriculture Organization (UNFAO), the world will need to produce nearly 70% more food in 2050 than it did in 2006, to feed the growing population. To meet this emerging demand, agricultural companies and farmers are rapidly turning to the benefits of IoT for crop analytics and greater production capabilities.
IBM and Robert Bosch GmbH are the top companies operating in the AI market in agriculture. The other key players in the industry include Intel Corporation, NVIDIA Corporation, Climate Corporation and Microsoft Inc.
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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.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.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. 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 U.K., Germany, and France are the major markets in Europe; while in Asia-Pacific, Japan, India, China and South Korea are the key markets.
AI in agriculture industry has been thriving on account of growing need for high volumes of agricultural produce. According to United Nations Food and Agriculture Organization (UNFAO), the world will need to produce nearly 70% more food in 2050 than it did in 2006, to feed the growing population. To meet this emerging demand, agricultural companies and farmers are rapidly turning to the benefits of IoT for crop analytics and greater production capabilities.
IBM and Robert Bosch GmbH are the top companies operating in the AI market in agriculture. The other key players in the industry include Intel Corporation, NVIDIA Corporation, Climate Corporation and Microsoft Inc.
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