Internet of Things Penetration to Drive Artificial Intelligence Market in Agricultureby navdeep kaurav Research Analyst
The increasing penetration of internet of things (IoT) in the agriculture industry, popularity of cattle facial recognition software, and decreasing price of sensors are instrumental in driving the artificial intelligence (AI) market in agriculture forward. In 2016, the market generated a revenue of $110.3 million and is projected to grow at a CAGR of 23.2% during the forecast period (2017–2023). The substitution of human intelligence and manual efforts by computer-aided technology in gardening and farming applications is referred to as AI in agriculture.
The AI market in agriculture is witnessing the trend of robotics in agricultural practices. Farming has become modernized with the growing research and development activities in the field of robotics. This is being done by agriculture stakeholders, who are focusing on reducing the carbon footprint and maximizing the output productivity. Market players in the robotics market are providing products that can perform in unstructured and dynamic agricultural environments.
A recent research mentioned that IoT device installations in the agriculture sector are projected to reach 75 million in 2020 from 30 million in 2015, attaining a 20.0% CAGR. Presently, the global IoT smart agriculture market is being led by the U.S., which is producing 7,340 kg of cereal, such as wheat, maize, rice, and barley, per hectare of farm compared to the global average of 3,851 kg. The major factor driving these installations is the decreasing price of sensors.
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The AI market in agriculture is segmented by region, solution, and type. Based on solution, the categories are crop monitoring, robotics, AI-guided drone, and automated irrigation. In 2016, accounting for more than 35.0% global revenue, crop monitoring was the largest category. However, AI-guided drone is projected to be the fastest growing category during the forecast period. This is because such drones can go beyond the reach of global positioning systems to monitor the field and crops.
Therefore, the market for AI in agriculture is projected to prosper during the forecast period owing to the amalgamation of technology and farming practices.
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Created on Aug 16th 2019 03:17. Viewed 203 times.