AI in Agriculture market is projected to reach US$ 3013 million during the forecast period 2020- 2026
Global AI in Agriculture market is projected to restrain due to frequent price fluctuation, arising due to variation in raw material prices. During past few years price fluctuation is posing a challenge for small manufacturers and suppliers of the market which is further decelerating growth. Although, the demand for global AI in Agriculture is increasing owing to increasing application in end-user industries and growing application in paper and pulp industry thereby positively influencing the global demand in the forecast periods.
Global AI in Agriculture market is projected to reach the valuation of US$ 3013 million by the year 2026 by growing at a CAGR of 21.6%. This can be attributed to factors such as rising demand for agricultural production, increased adoption of advanced technologies and smart sensors, rapid demand for drones in farms, and increased need for monitoring of livestock.
Using AI in agriculture provides various focal points, such as maximizing product yields using machine learning and Image recognition methods. For example, the International Crops Research Institute for Semi-Arid Tropics (ICRISAT) partnered with Microsoft to develop an AI-based sowing app that sends sowing alerts to ranchers indicating the following date. Earlier technological innovations and the modernization of GPS make ranchers and agricultural specialist cooperatives expect that further changes would increase profitability. For example, in addition to the present non-military benefits offered by GPS, nations are preparing to upgrade a second and a third signal on GPS satellites. This execution of new flags will improve the quality and, in addition, the ability of farming activities, and in the coming years will increase the overall productivity.
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Driverless tractor is trending in agriculture global market
Driverless tractor is a technological development as these tractors can automatically steer using GPS-based technology, raise tools from the ground, identify a farm's boundaries and can be remotely operated using a smartphone. A smaller fleet of automated tractors could increase farmers ' incomes by more than 10 per cent and increased farm labor costs. The market is driven by a rise in the adoption of cattle face recognition technology. Through applying advanced metrics including facial recognition systems for cattle and image classification combined with body condition score and feeding habits, dairy farms are now able to monitor all behavioral factors in a cattle group individually. Increasing use of Unmanned Aerial Vehicles (UAVs) across agricultural farms is driving the market as the use of drones in the agricultural industry can be used in crop field scanning with compact multi-spectral imaging sensors, GPS map production through on-board cameras, heavy payload transport and monitoring of livestock with thermal camera-equipped drones, which increases the demand for UAVs.
Agricultural Drones to Drive the Growth of AI in Agriculture global market
Drones fitted with hyperspectral, multispectral, or thermal sensors can locate areas that require irrigation changes. When crops have begun to develop, these sensors can measure their vegetation index and health indicator via AI by measuring the heat signature of the crop. As the global population is projected to exceed XX billion by 2050, it is expected that agricultural consumption will increase by a massive ratio, where drones have now been mainstreamed for smart farming to assist farmers in a range of tasks from analysis and planning to actual crop planting, and subsequent field monitoring to determine health and growth. AgEagle Aerial Systems (company that acquired Agrobotix LLC) plans to develop new products with new technologies, such as weather data, advanced image recognition and precise analysis, to give farmers / consumers better recommendations.
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Asia-Pacific expected to witness significant growth in the market in upcoming years
Followed by North America, high growth rates in Asia Pacific are expected in the coming years due to growing demand from developing nations such as India and China. In addition, increasing adoption of mechanical technology and IoT gadgets in agriculture is also evaluated in order to drive the AI in the agricultural industry. In addition, Europe is leading in the agricultural sector with a lucrative pace in global AI. Farmers are managing nearly half of the European land area, making agriculture a dominant sector in Europe. The trend in monitoring and reporting tools for indoor and outdoor farms, and providing a visualization of the entire farmer's production using computer vision and artificial intelligence, is increasing the agricultural AI market. Row cultivation is performed by AI in various European countries, where the robot uses 20x less herbicide due to its high accuracy in row crop weeding.
AI In Agriculture: Competitive Landscape
Artificial intelligence in Agriculture market is fragmented owing to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that provide artificial intelligence in Agriculture industry. However, the companies that hold the majority share of artificial intelligence in Agriculture market are IBM Corporation, Microsoft Corporation, Bayer AG, Deere & Company, A.A.A. Taranis Visual Ltd, AgEagle Aerial Systems Inc., AGCO Corporation, Raven Industries, Ag Leader Technology, Trimble Inc., Google LLC, Gamaya SA, Granular Inc., PrecisionHawk, SAP and Other Prominent Players
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