Top Companies in AI in Agriculture Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research Market
AI in Agriculture Market is projected to reach USD 4.2 billion by 2028 at a CAGR of 25.1% over the forecast period.
Global AI in Agriculture Market is valued at USD 1.1 billion in 2021 and is projected to reach USD 4.2 billion by 2028 at a CAGR of 25.1% over the forecast period. The primary market growth driving drivers will emerge as increasing globalization and an increase in the use of new cutting-edge technology by the agricultural industry. Increased demand for high-quality agricultural products, encouraging government programs and policies to encourage sophisticated agricultural tools and techniques, and expanding industrialization will worsen the market value. The market will continue to expand due to rising costs associated with conducting research & development activities and rising drone usage in agricultural farms.
The growing use of information management systems and innovative technologies for enhancing agricultural yield utilizing deep learning techniques have contributed to the market's rise in agriculture-related artificial intelligence (AI). The growing world population also implies a need for higher agricultural production to meet the rising worldwide need for food.
However, the market's ability to grow will be constrained by a lack of technological know-how and understanding. The AI in Agriculture market development pace will be further slowed by technical difficulties, interoperability problems, and a lack of standardization. The developing economies' extensive technological restrictions and the significant expenses involved in precise field data gathering will make the AI in Agriculture market development rate even more difficult to achieve.
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Amidst Exponential Growth in AI in Agriculture Adoption, What Trends Should We Look Forward to?
- The global population has surpassed 7.7 billion people, which has put the world's governments in an unsettling situation. The agriculture industry must advance by using artificial intelligence technologies to meet the food demand for such a vast population. As a result, there will be a huge market need for artificial intelligence in the agriculture sector, which will eventually drive up global market growth.
- The rising usage of smart sensors in agriculture is a key trend in AI in the agriculture market. Due to sensor-based technology, farmers can now precisely map their fields, track crop treatment items, and administer them just where they are needed resulting in the market's expansion.
- There has been a significant reduction in the workforce globally for a variety of causes. This decline is attributed to a shortage of qualified labor, aging farmers, and young people's disinterest in farming as a career, which is why automated agricultural operations are arising. Therefore, the trend of a shrinking workforce in agriculture is motivating public and commercial institutions to concentrate on automating processes by implementing artificial intelligence technology in the field.
- IoT device adoption and deployment are both expanding rapidly on a global scale. In the agriculture industry, proximity sensing and distant sensing are two technologies mostly employed for intelligent data fusion. By offering data on past weather trends, soil reports, fresh research, rainfall, insect infestation, photos from drones and cameras, and more, IoT has accelerated the agriculture industry. These significant discoveries are enhancing output and caliber, which is propelling the market for AI in Agriculture.
The AI in Agriculture market is dominated by globally established players such as IBM Corporation, Microsoft Corporation, Bayer AG, Google LLC, Deere & Company, A.A.A Taranis Visual Ltd., AgEagle Aerial Systems Ltd., Gamaya SA, AGCO Corporation, AG Leader Technology, Trimble Inc., Granular Inc, and Raven Industries Inc.These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth AI in the agriculture market.
Let's Look at the Top 5 Companies That are Taking the AI in Agriculture Market by Storm
The AI in the Agriculture Market is expected to grow from USD 1.1billion in 2021 to USD 4.2billion in 2028due to the internet of things (IoT) escalating penetration in the agriculture sector, the demand for higher crop yields, the focus on better crop management, and the usage of drones for pesticide spraying.
- IBM Corporation
As a global company, IBM has established a thorough, all-encompassing approach to corporate responsibility that it believes maximizes its potential effect. Growers and food firm IBM are working to match expectations while increasing output due to the demand for food with higher standards of quality, nutritional value, and sustainability.
- Microsoft Corporation
The purpose of Microsoft Corporation is to make data-driven farming or AI in Agriculture possible. It is thought that data can help boost agricultural output while lowering costs when combined with the farmer's expertise and intuition about their particular farm. Several innovative solutions are being developed as part of the FarmBeats project to address these issues using low-cost sensors, drones, and vision and machine learning algorithms.
- Bayer AG
Bayer AG is a leader in the application of artificial intelligence (AI) and machine learning to assist farmers in achieving greater harvests because we think that digitization is the key to farming's future. This, in addition to employing data science to speed up our research and development procedures, and create efficiency in production, operations, and supply chains, all while enhancing customer satisfaction, is the key to unlocking next-generation agricultural solutions, according to the company.
- Google LLC
An American multinational technology company called Google LLC focuses on consumer electronics, cloud computing, computer software, quantum computing, e-commerce, and search engine technology. It also engages in cloud computing, artificial intelligence in agriculture, online advertising, cloud computing, computer software, and computer software.
- AgEagle Aerial Systems Ltd.
AgEagle is a leader in the global unmanned aerial vehicle (UAV) market, offering a unified range of high-performance flying hardware, sensors, and software that has gained the enduring confidence and loyalty of clients all over the world over the past ten years. Drone-captured data is used by agronomists, agricultural engineers, researchers, service providers, and farmers to obtain deeper crop insights and, more precisely, plan and manage their operations throughout the growing season.
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