DUBLIN--(BUSINESS WIRE)--The "Global Artificial Intelligence (AI) in Agriculture Market: Focus on Product Type (Software, Hardware, AI-as-a-Service), Farming Type (Field Farming, Livestock, Indoor), Application (Crop Protection, Weather Forecasting, Automation), Funding - Analysis and Forecast, 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The Global Artificial Intelligence (AI) in Agriculture Market Analysis projects the market to grow at a significant CAGR of 28.38% during the forecast period from 2019 to 2024.
The reported growth in the market is expected to be driven by the increasing need to optimize farm operation planning, growing demand to derive insights from emerging complexities of data-driven farming and rising development of autonomous equipment in agriculture.
Artificial intelligence has emerged to be a strong driving force behind the growth of data-driven farming. Regions and countries where agriculture is the major source of livelihood and sustenance, artificial intelligence technology has led to greater profitability in the farms of those economies.
The reduction in expenditure and resultant positive RoI with AI's integration in farm equipment and operations has even reached above 30% in a few countries. Such favorable advantages associated with the technology have led to extensive investments by all types of stakeholders including government, private investors, corporations, and academic institutions, from across the world.
Scope of the Global Artificial Intelligence in the Agriculture Industry
The global artificial intelligence in agriculture market research provides a detailed perspective regarding the adoption of AI technology in the agriculture industry, its market size in value, its estimation, and forecast, among others. The purpose of this market analysis is to examine the outlook of artificial intelligence technology in the agriculture industry in terms of factors driving the market, trends, developments, and regulatory landscape, among others.
The report further takes into consideration the funding and investment landscape, government initiatives landscape, market dynamics, and the competitive landscape, along with the detailed financial and product contributions of the key players operating in the market. The artificial intelligence in the agriculture market report is a compilation of different segments including market breakdown by product offering, farming type, application, and region.
The global artificial intelligence in the agriculture market (on the basis of product offering) is segmented into software, hardware, AI-as-a-Service, and support services. The software segment dominated the global artificial intelligence in the agriculture market in 2018 and is anticipated to maintain its dominance in market size throughout the forecast period (2019-2024) with hardware and AI-as-a-Service experiencing higher growth rates.
The global artificial intelligence in the agriculture market (on the basis of farming type) is segmented into field farming, livestock farming, indoor farming, and other farming types such as aquaculture. The field farming segment dominated the global artificial intelligence in the agriculture market in 2018 and is anticipated to maintain its dominance throughout the forecast period (2019-2024).
The global artificial intelligence in the agriculture market (on the basis of application) is segmented into crop protection, weather forecasting, precision farming, farm machinery automation, crop growth assessment, and other applications under the category crop, fruit, and vegetable farming. The market is also segmented into animal growth monitoring, animal health monitoring, and other applications under the category livestock and aquaculture farming. The crop protection segment dominated the global artificial intelligence in agriculture market in 2018. Applications such as farm machinery automation and precision farming (across crop and livestock) are anticipated to experience higher growth rates over the forecast period (2019-2024).
- Growing Need for Precision and Efficiency in Agricultural Operations
- Emerging Complexities in Data-Driven Farming
- Rising Demand for Autonomous Equipment
- Data Privacy Concerns Among Farmers
- Lack of Technical Infrastructure in Developing Countries
- Favorable Government Initiatives to Support AI in Agriculture
- Increase in Implementation of Robots and Drones in Agriculture
- Rise in Adoption of SaaS Business Model in Agriculture
- AGCO Corporation
- Abundant Robotics Inc.
- AgEagle Aerial Systems Inc.
- Alibaba Group Holding Limited
- Aquabyte, Inc.
- aWhere Inc.
- BASF SE
- CNH Industrial N.V.
- Capgemini SE
- Cargill, Inc.
- Ceres Imaging Inc.
- Connecterra B.V.
- Deere & Company
- Descartes Labs, Inc.
- ecoRobotix Ltd.
- Farmers Edge
- Gamaya SA
- Granular Inc.
- Harvest Croo Robotics, LLC
- IBM Corporation
- Iteris, Inc.
- JD.com, Inc.
- Lindsay Corporation
- Microsoft Corporation
- PrecisionHawk Inc.
- Prospera Technologies Ltd.
- Robert Bosch GmbH
- Root AI, Inc.
- SAP SE
- SZ DJI Technology Co. Ltd
- Taranis Ag
- XAG Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/vpiiwc