DUBLIN--(BUSINESS WIRE)--The "Artificial Intelligence in Agriculture Market Research Report: By Type, Technology, Application - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The revenue generated in the global AI in agriculture market share is expected to increase to $11,200.1 million in 2030 from $671.6 million in 2019, at a 30.5% CAGR during 2020-2030.
Service, based on type, is projected to be the faster-growing category during the forecast period. With an increasing number of farmers wanting to implement AI in their practices, the demand for training and equipment installation and maintenance services is also rising.
The highest CAGR, under the application segment of the AI in agriculture market, would be experienced by the drone analytics division. With the surging requirement for high-quality crops by the continuously growing population, heavy investments are being put into agricultural drones. The demand for such devices is rising rapidly in China and the U.S., which is driving the advance of the drone analytics division.
The most important factor leading to the growth of the AI in agriculture market is the increasing demand for food. The United Nations Department of Economic and Social Affairs (UN-DESA) claims that the worldwide population would rise from 7.7 billion currently to 8.6 billion by 2030. Additionally, with the changing consumption pattern of the populace, increasing disposable income, and high rate of urbanization, the demand for agricultural products is burgeoning.
Developing regions are expected to offer ample opportunities to the players in the AI in agriculture market in the coming years. In emerging economies such as Brazil, India, and South Africa, the usage of AI in the agricultural domain is quite low; however, with the governments in these countries extending their support for the adoption of advanced technologies to grow crops, market players can hope to augment their revenue substantially here. For instance, the Maharashtra government began a partnership with the World Economic Forum in January 2019, to use drones for collecting insights on farmlands.
Software is expected to witness the fastest advance in the AI in agriculture market, on the basis of product type, in the coming years. This is attributed to the fact that the use of AI for smart greenhouse management, soil management, and livestock monitoring necessitates advanced software to control and operate the complex devices and instruments. In 2019, machine learning was the largest technology category in the market, as farmers are rapidly adopting it to augment their yield, by combining data technologies with advanced agricultural science.
Market Dynamics
Trends
- Increasing use of robotics in agriculture
- Increasing use of smart sensors in agriculture
Drivers
- Growing demand for agricultural production
- Rising adoption of internet of things (IoT)
- Increasing demand for monitoring of livestock
- Increasing demand for drones in agricultural farms
- Impact analysis of drivers on market forecast
Restraints
- Lack of awareness and high cost of AI solutions
- Impact analysis of restraints on market forecast
Opportunities
- Growth opportunities from developing countries
- AI powered chatbots
Companies Mentioned
- International Business Machines (IBM) Corporation
- Microsoft Corporation
- Bayer AG
- Deere & Company
- A.A.A Taranis Visual Ltd.
- AgEagle Aerial Systems Inc.
- AGCO Corporation
- Raven Industries Inc.
- Ag Leader Technology
- Trimble Inc.
- Google LLC
- Gamaya SA
- Granular Inc.
For more information about this report visit https://www.researchandmarkets.com/r/foyqeg
