AI in Agriculture Market Size Projected to Garner USD 10.9 Billion by 2032 growing at 22.8% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

The Global AI in Agriculture Market Size is predicted to reach USD 10.9 Billion by 2032 from USD 1.7 Billion in 2023, at a CAGR of 22.8% between 2024 and 2032, as per the Acumen Research and Consulting

AI in agriculture has seen significant adoption in recent years, revolutionizing traditional farming practices and optimizing various aspects of agricultural operations. One of the key areas where AI has made substantial strides is in precision farming. Through the integration of sensors, drones, and satellite imagery, AI can analyze vast amounts of data to provide farmers with insights into crop health, soil conditions, and weather patterns. This enables farmers to make data-driven decisions, such as adjusting irrigation schedules, applying fertilizers more efficiently, and identifying areas with potential pest infestations or diseases before they spread.

Another area where AI is increasingly utilized in agriculture is in autonomous farming equipment. These advanced machines, equipped with AI algorithms and machine learning capabilities, can perform tasks such as planting, spraying pesticides, and harvesting with a level of precision and efficiency unmatched by traditional methods. By reducing the need for manual labor and optimizing resource usage, autonomous farming equipment not only increases productivity but also reduces operational costs and minimizes environmental impact. Moreover, AI-powered predictive analytics are becoming integral to crop management and yield forecasting. By analyzing historical data alongside real-time information, AI algorithms can predict crop yields, market demand, and optimal planting times. This empowers farmers to plan their crops more effectively, mitigate risks, and maximize profitability.

AI in Agriculture Market Value

AI in Agriculture Market Statistics

  • Global AI in agriculture market value was worth USD 1.7 Billion in 2023, with a 22.8% CAGR from 2024 to 2032
  • North America AI in agriculture market share occupied around 38% in 2023
  • By components, the software segment captured the majority share of the market in 2022
  • By application, the precision farming segment is expected to show noticeable growth during the predicted period
  • Advancements in AI technologies like edge computing and IoT, propel the AI in agriculture market revenue

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AI in Agriculture Market Trends

The AI in agriculture market has experienced remarkable growth in recent years and is projected to continue expanding at a rapid pace. Factors driving this growth include the rising global population, increasing demand for food production, and the need to optimize agricultural processes for efficiency and sustainability. According to the market reports, the AI in agriculture market was valued at several billion dollars in recent years, and it is expected to reach even higher valuation in the coming years.

Several key factors contribute to the growth of the AI in agriculture market. These include advancements in AI technologies such as machine learning, computer vision, and predictive analytics, which enable farmers to make data-driven decisions and optimize various aspects of their operations. Additionally, the proliferation of IoT devices, drones, and satellite imaging technologies provides a wealth of data that can be leveraged by AI algorithms to monitor crop health, soil conditions, and weather patterns in real-time. Furthermore, government initiatives and investments in precision agriculture and sustainable farming practices also fuel market growth by encouraging adoption of AI solutions among farmers. The market for AI in agriculture is characterized by a diverse range of players, including tech companies, agricultural equipment manufacturers, and startups specializing in AI-driven solutions for agriculture. These players are continually innovating and introducing new products and services to meet the evolving needs of farmers and address challenges such as climate change, resource scarcity, and food security.

AI in Agriculture Market Segmentation

Acumen Research and Consulting has segmented the global AI in agriculture market by components, technology, application, and region.

  • By components, the industry is categorized into hardware, services, and software.
  • By technology, the market is divided into machine learning & deep learning, computer vision, and predictive analytics.
  • By application, the market is bifurcated into precision farming, livestock monitoring, agriculture robots, drone analytics, and others.
  • By region, the market is classified into Asia-Pacific, Latin America, North America, Europe, and the MEA.

AI in Agriculture Market Regional Overview

According to the AI in agriculture industry analysis, the Asia-Pacific region is emerging as a significant growth market for AI in agriculture, driven by several factors including increasing population, rising demand for food, and the need to modernize agricultural practices to ensure food security and sustainability. Countries like China, India, and Japan are leading the way in adopting AI technologies to address challenges faced by the agriculture sector. With a large portion of the global population residing in the Asia-Pacific region, there is immense pressure to enhance agricultural productivity and efficiency to meet the growing demand for food. In countries like China and India, where agriculture plays a crucial role in the economy, government initiatives and investments are driving the adoption of AI in agriculture.

AI in Agriculture Market Players

Some of the prominent AI in agriculture market companies are Ag Leader Technology, A.A.A Taranis Visual Ltd., AgEagle Aerial Systems Inc., Deere & Company, Bayer AG, Wipro Limited, Gamaya, International Business Machines Corporation, Granular Inc. (DuPont de Nemours, Inc.), Raven Industries Inc., Oracle Corporation, and Trimble Inc.

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Acumen Research and Consulting

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