AI Market in Agriculture Latest Innovations, Drivers, Dynamics And Strategic Analysis
by Rahul Gautam ManagerAI market in agriculture is expected to attain a size of $465.6
million by 2023.
The market is expected to witness high growth due to high penetration of internet of things (IoT) in agriculture industry and increasing number of IoT device installations in agriculture. The decreasing price of sensors and increasing adoption of cattle facial recognition are facilitating the market growth. Increasing government support for the development of new farming techniques, and surge in global awareness regarding the benefits of AI in agriculture over the years, are expected to boost the growth of the AI market in agriculture during the forecast period.
Among all
solutions, crop monitoring is the largest market throughout the period of
analysis, and AI-guided drone will be the fastest growing segment during the
forecast period. Hardware based products are growing at higher pace than
software in the AI market in agriculture. Due to surge in the adoption of AI
based agricultural products, installation is the largest service category
throughout the period of analysis. Owing to a rising number of
agriculture-based startups in Asia-Pacific, the region is expected to witness
the fastest growth during the forecast period.
Geographically,
North America is the largest region in the AI market in agriculture with the
U.S. alone contributing more than 30% of the revenue to the global market in
2016. The country is also expected to lead the global market during the
forecast period. Speech recognition, natural language processing (NLP), and
animal facial recognition are some of the applications on which the companies
in the U.S. AI industry are focusing.
The U.K., Germany, and France are the major markets in Europe; while in Asia-Pacific, Japan, India, China, and South Korea are the key markets.
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IBM and Robert
Bosch GmbH are the top companies operating in the AI market in agriculture. The
other key players in the industry include Intel Corporation, NVIDIA Corporation,
Climate Corporation, and Microsoft Inc. There has been an increased number of
product launches from these players in the recent past. For instance, in
October 2017, Climate Corporation announced the launch of the Climate FieldView
digital agriculture platform in western Canada for the 2018 growing season.
Through the new launch’s analytics-based digital tools, Canadian farmers will
now be able to harness their data in one connected platform.
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Created on Jul 3rd 2019 03:53. Viewed 282 times.