Global Artificial Intelligence (AI) in agriculture market to reach $2,015.7 Million by 2024
FREMONT, California, Dec. 5, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled 'Global Artificial Intelligence (AI) in Agriculture Market − Analysis and Forecast, 2019-2024', the artificial intelligence in agriculture market is estimated at $578.0 million in 2019 and is projected to reach $2,015.7 million by 2024. The market is expected to grow at a CAGR of 28.38% 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 need to derive insights from emerging complexities of data-driven farming, and rising development of autonomous equipment in agriculture.
Precision agriculture is a rising phenomenon in the farming industry since the past decade and has been adapted to improve crop yield to meet the global food demand. It involves the application of emerging smart technologies such as artificial intelligence in farming operations to reduce the wastage of resources with precise and variable application of agri-inputs. With the establishment of technical infrastructure and availability of internet in farms across the world, there has been a rise in the data points on these farms, leading to large amounts of data, and associated complexities for human intelligence. In this scenario, artificial intelligence, a family of technologies consisting of computer vision and machine learning, among others, is gradually implemented to achieve insight-driven profitable farming.
Artificial intelligence capabilities have been traditionally experienced by the growers with the employment of a combination of software and hardware as a product or service. However, with the rise in customized requirements across various sizes and dynamics of farms, AI-as-a-Service as a product offering has risen in popularity over the past several years. While the growers still require support services to comprehend and optimally utilize AI products, the adoption of AI-as-a-Service is presently limited to the B2B customers, due to the inherent complexity in its application that requires technical knowledge and training.
BIS Research Report: https://bisresearch.com/industry-report/artificial-intelligence-agriculture-market.html
Some of the popular use cases of AI in agriculture include predictive analytics, robotics, unmanned aerial vehicles, and autonomous farm vehicles. As per agricultural applications, crop protection, weather forecasting, farm machinery automation, and livestock growth monitoring are the areas where AI has been successfully implemented.
According to Rakhi Tanwar, Principal Analyst at BIS Research, "The governments of all leading agricultural economies are currently developing AI strategies at national levels. Across the supply chain, all stakeholders have realized the true potential of this technology, further leading to the rising investments and growing number of start-ups. AI has brought about significant changes in the agriculture industry with an unprecedented pace of developments. The integration of artificial intelligence in farm operations has been establishing an era of precision agriculture in the agriculture industry."
Some of the most prominent players in the global artificial intelligence in agriculture market are Alibaba Group Holding Limited, AgEagle Aerial Systems Inc., BASF SE, The Climate Corporation (A Bayer AG Company), Deere & Company, IBM Corporation, JD.com Inc., Microsoft Corporation, Robert Bosch GmbH, SAP SE, Connecterra B.V., Descartes Labs, Gamaya SA, Granular Inc., Harvest Croo Robotics, PrecisionHawk, Prospera Technologies Ltd., Root AI Inc., SZ DJI Technology Co. Ltd., Vineview, AGCO Corporation, Capgemini SE, Cargill Inc., CNH Industrial N.V., Iteris Inc., Lindsay Corporation, Abundant Robotics Inc., aWhere Inc., Aquabyte Inc., Ceres Imaging, Delair, ecoRobotix Ltd., Farmers Edge, Taranis, and XAG Co. Ltd.
The competitive landscape for the artificial intelligence in agriculture market demonstrates an inclination toward companies adopting strategies such as product launch and development and partnerships, collaborations, and joint ventures. The major established players in the market are focusing on product launches and developments to introduce new technologies or further developing the existing product portfolio.
For instance, in January 2019, John Deere displayed an S770 combine — part of its S700 Series featuring artificial intelligence technology which helps automate certain settings on the machine – at the Consumer Electronics Show, Las Vegas. To support the governments of developing nations, corporations have also established several partnerships. For instance, in July 2019, Government of India has setup a collaboration with IBM Corporation, as a pilot project to integrate AI in Indian farms.
This report is a meticulous compilation of research on more than 100 players in the artificial intelligence in agriculture ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 30+ leading companies across the supply chain.
Key Questions Answered in the Report:
What is the estimated global artificial intelligence in agriculture market size in terms of value during the period 2019-2024?
What are the market dynamics, including drivers, restraints, and opportunities influencing the market?
What is the funding and investment landscape in the global artificial intelligence in agriculture market?
Which are the leading consortiums and associations in the global artificial intelligence in agriculture market, and what are their roles in the market?
What is the technology ecosystem of the global artificial intelligence in agriculture market constituted of?
How much revenue is projected to be generated by the several segments of the market during the forecast period from 2019 to 2024, on the basis of product offering, including software, hardware, artificial intelligence-as-a-service, and support services farming type, including field, indoor, livestock farming, and others application, including crop, fruit, and vegetable farming along with livestock and aquaculture farming region, including North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW)
What is the competitive strength of the key players operating in the market on the basis of the analysis of the recent developments, product offerings, and regional presence?
Where do the key agricultural AI analytics companies lie in their competitive benchmarking graph on the basis of their market coverage and market potential?
What is the SWOT analysis for leading companies in the artificial intelligence in agriculture market?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
SOURCE BIS Research
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