AI in Agriculture Market Insights | Key players: IBM, John Deere, Microsoft
Added: (Wed Feb 27 2019)
Pressbox (Press Release) -
The AI in agriculture market is expected to be valued at USD 2,628.5 million by 2025, growing at a CAGR of 22.5% between 2017 and 2025. The major factors contributing to the growth of the AI in agriculture market are the growing demand for agricultural production owing to the increasing population, rising adoption of information management systems and new, advanced technologies for improving crop productivity, increasing crop productivity by implementing deep learning techniques, and growing initiatives by worldwide governments supporting the adoption of modern agricultural techniques. Moreover, the increasing penetration of AI technology for agriculture and livestock monitoring applications are also expected to fuel the growth of the AI in agriculture market during the forecast period.
The AI in agriculture market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The increasing adoption of deep learning and computer vision technologies for agricultural applications is the major driving factor for the growth of the market in the APAC region. Farmers in countries such as Australia, China, Japan, and India are increasingly adopting machine learning, deep learning, computer vision, and predictive analytics technologies.
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The AI in agriculture market for the drone analytics application is expected to grow at the highest CAGR during the forecast period owing to its extensive use in diagnosing and mapping crop health and making real-time decisions. Further, favorable government mandates for using drones in the agriculture field is expected to fuel the growth of the AI in agriculture market for the drone analytics application.
On the basis of technology, the AI in agriculture market has been segmented into machine learning, computer vision, and predictive analytics. Machine learning accounted for a major share of the AI in agriculture market based on technology. The market for the computer vision technology is expected to grow at the highest CAGR during the forecast period. The increasing use of computer vision technology for agricultural applications, such as plant image recognition, and the rising demand for continuous monitoring and analyzing crop health are the major factors contributing to the growth of the market for the computer vision technology.
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The AI in agriculture market based on offering has been segmented into hardware, software, AI-as-a-Service, and service. The software segment is expected to hold the largest market size during the forecast period. The market for the hardware segment is expected to grow at the highest CAGR during the forecast period. The increasing demand for processors and data storage devices for farm operations is the major factor that is likely to contribute to the high growth rate of the hardware market in the coming years.