Artificial Intelligence (AI) Market Size & Share to Surpass $4.2 Bn by 2028 | Vantage Market Research
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WASHINGTON, Nov. 28, 2022 (GLOBE NEWSWIRE) -- The Global Al in Agriculture Market is valued at $1.1 Billion in 2021 and is projected to reach a value of $4.2 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 25.1% over the forecast period 2022-2028.
The Al in agriculture market is one of the most important economic sectors, and steady growth is anticipated moving forward. Despite the industry's turbulence, a variety of factors could influence its growth or decline. To give a thorough understanding of the industry, this study evaluates both present trends and projected future changes. It also includes information on the major companies in the market and their growth plans.
The report offers a thorough analysis of global suppliers and producers, as well as their present situation and prospects in the future. Additionally, it provides details on factors driving the global need for A.I. in agriculture, such as growing investment requirements, advancing technology, and new laws.
According to Vantage Market Research, some of the key factors anticipated acceleratingthe Al in agriculturemarket growth over the forecast period.The rise in the market for agriculture-related artificial intelligence can be attributed to the expanding use of information management systems and cutting-edge technologies for increasing agricultural yield using deep learning techniques. To meet the growing demand for food on a global scale, increased agricultural output is also necessary.
We forecast that the machine learning category in Al in agriculturemarketsales will account for more than 30% of total sales by 2028. To increase farm productivity and gain a competitive edge in business operations, agricultural organizations and farmers worldwide are embracing machine learning-enabled solutions in significant numbers. The use of machine learning in various agricultural practices is anticipated to grow rapidly in the upcoming years.
North America dominates Al in the agriculture market, and this trend of dominance will continue throughout the projection period. The market is anticipated to expand further due to the region's booming artificial intelligence market and top-tier industrial automation industry. North America is characterized by its expanding purchasing power, ongoing automation, significant IoT investments, and growing government focus on developing domestic A.I. equipment.
Top Players in the Global Al in Agriculture Market
I.B.M. Corporation (U.S.)
Microsoft Corporation (U.S.)
Bayer AG (Germany)
Google L.L.C. (U.S.)
John Deere & Company (U.S.)
A.A.A Taranis Visual Ltd. (Israel)
AgEagle Aerial Systems Ltd. (U.S.)
Gamaya SA (Switzerland)
AGCO Corporation (US)
A.G. Leader Technology (U.S.)
Trimble Inc. (U.S.)
Granular Inc. (U.S.)
Raven Industries Inc. (U.S.)
Market Dynamics
Increased Use of Smart Sensors in Agriculture:
The rising usage of smart sensors in agriculture is a key trend in the A.I. in the agriculture market. Thanks to sensor-based technology, farmers can precisely map their fields, track crop treatment items, and administer them where needed. Farmers gain from the development of various operations explicit sensors, including soil moisture sensors, position sensors, airflow sensors, and weather sensors, which help them monitor and maximize their yields while also allowing them to adjust to changing environmental factors.
Shortage of Labour:
For several reasons, there has been a dramatic decrease in the workforce worldwide. Automated agricultural operations are emerging due to this decline, linked to a lack of skilled workers, elderly farmers, and young people's disinterest in farming as a profession. As a result, governmental and private institutions are being driven by the trend of a declining workforce in agriculture to focus on automating operations by using artificial intelligence technologies in the industry.
Increased Adoption of Agricultural Drones:
Drones with hyperspectral, multispectral, or thermal sensors can spot locations that need their irrigation schedules changed. Once crops have begun to grow, these sensors may use the heat signature of the crop to generate the vegetation index, an AI-based indication of health. Although chemical spraying is unpopular, it is a necessary component of industrial agriculture. Fortunately, intelligent farming drones are minimizing their negative environmental effects. Sprayers and other specialized UAV (Unmanned Aerial Vehicle) technology, including lasers and ultrasonic echoing devices, can measure distance with extreme precision. As a result, there is a significant decrease in the overall amount of spray and chemicals that enter the groundwater.
One trend that Vantage Market Research (V.M.R.) expects to see in the Al in the agriculture industryis yield production. A further area in which A.I. can benefit farmers is yield prediction. Artificial intelligence algorithms can forecast future yields for farmers by examining previous data and the current environment. Farmers who plan their production with the aid of this knowledge can make sure they have the right resources available when they're needed.
Another trend that V.M.R. predicts will continue in the Al agriculture industryis rising precision farming. Precision farming is a method of farming that uses cutting-edge technology to maximize harvests. This entails using sensors and data analysis to understand better and manage crops, soil, water, and other resources. Precision farming is greatly aided by artificial intelligence (A.I.), which may provide farmers access to real-time data about their crops and fields.
Top Report Findings
Based on type, most of the Al in the agricultureMarket's revenue is controlled by the product category.A significant portion is anticipated to be allocated for agricultural input/output software (AISO) providers in the products, which is dominated by machine learning for crop scouting and yield prediction.
Based on technology, the machine learning category dominated Al in the agriculture market, and this trend is anticipated to continue. Agricultural organizations and farmers widely use machine learning-enabled solutions worldwide to increase farm production and gain a competitive edge in market operations.
Based on application, the precision farmingcategory dominated Al in the agriculture market, and this trend is anticipated to continue. Due to the growing demand for optimum yield from the limited resources available and for lowering crop production costs, the precision farming technique is becoming more and more well-known among farmers.
Top 10 Players Generates More Than 45% of the Global Al in Agriculture Market Revenue
The report also found that the largest players in the Al in agriculturemarket are technology providers such as I.B.M. Corporation (U.S.), Microsoft Corporation (U.S.), Bayer AG (Germany), Google L.L.C. (U.S.) and John Deere & Company (U.S.). These companies are expected to benefit from increased demand for their products and services and growing investments in new mines. Other major players include I.B.M. Corporation (U.S.), Microsoft Corporation (U.S.), Bayer AG (Germany), Google L.L.C. (U.S.), John Deere & Company (U.S.), A.A.A Taranis Visual Ltd. (Israel), AgEagle Aerial Systems Ltd. (U.S.), Gamaya SA (Switzerland), AGCO Corporation (U.S.), A.G. Leader Technology (U.S.), Trimble Inc. (U.S.), Granular Inc. (U.S.), Raven Industries Inc. (U.S.) and others. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Machine LearningCategory inAl in Agriculture Market to Generate Over 30% Revenue
Al in agriculture is an expensive investment. Vantage Market Research has analyzed the market for Al in agriculture to understand its current state and potential future growth factors. For better understanding, based on technologyAl in agriculturemarketis divided into:machine learning, predictive&analytics and computer vision.
During the forecast period, the market for Al in agriculture is anticipated to experience the highest CAGR for the machine learningcategory. Machine learning is pervasive throughout the entire growing and harvesting cycle. A seed is planted in the ground, the soil is prepared, seeds are bred, water feed is measured, and the harvest is picked up by robots that use computer vision to assess ripeness.
On the other hand, the predictive& analyticscategory is anticipated to grow significantly over the forecast period.Predictive analytics is one of the most intriguing technologies being utilised, modified, and developed right now. Predictive &analytics comprise numerous statistical methods, including modeling, machine learning, and data mining.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Al in Agriculture Market Forecast Report (2022-2028).
Global Al in Agriculture Market Segmentation
By Type
Product
Service
By Application
Machine Learning
Predictive Analytics
Computer Vision
By Application
Precision Farming
Agricultural Robots
Livestock Monitoring
Drone Analytics
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Scope of the Report:
Report Attributes
Details
Market Size in 2021
USD 1.1 Billion
Revenue Forecast by 2028
USD 4.2 Billion
CAGR
25.1% from 2022 to 2028
Base Year
2021
Forecast Year
2022 to 2028
Key Players
IBM Corporation (US), Microsoft Corporation (US), Bayer AG (Germany), Google LLC (US), John Deere & Company (US), A.A.A Taranis Visual Ltd. (Israel), AgEagle Aerial Systems Ltd. (US), Gamaya SA (Switzerland), AGCO Corporation (US), AG Leader Technology (US), Trimble Inc. (US), Granular Inc. (US), Raven Industries Inc. (US) and others.
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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