Growing adoption of drones & automated tractors and increasing practice of precision farming is expected to drive the Global AI in Agriculture Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “AI in Agriculture Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Global AI in Agriculture Market stood at USD 1.15 Billion in 2023 and is anticipated to grow with a CAGR of 22.54% in the forecast period through 2029. The key drivers of the Global AI in Agriculture Market include the rising demand for agricultural production due to population growth, increasing adoption of Information Management Systems and new advanced technologies for improving crop productivity, the need for climate change modeling, and the adoption of drones and robots in agriculture.
AI plays a crucial role in managing and monitoring crop health, predictive analytics, and livestock monitoring, which contributes to market growth. Further, governments around the world are encouraging the adoption of modern agricultural techniques, which include AI-based farming, boosting the market potential.
The Global AI in Agriculture Market is poised to witness remarkable growth in the coming years. This growth can be attributed to several factors, including the increasing adoption of advanced technologies and AI-powered equipment in farming practices. With the rising demand for sustainable agriculture practices, AI tools are being leveraged for precision farming, livestock monitoring, drone analytics, and agricultural robots, thereby enhancing efficiency, productivity, and yield.
In addition to these benefits, the integration of AI in agriculture is becoming increasingly necessary due to the challenges posed by climate change and population growth. As climate change continues to impact weather patterns and soil conditions, AI solutions can provide real-time data that enables farmers to make informed decisions regarding irrigation, fertilizers, and crop protection. By optimizing resource allocation and minimizing waste, AI can help address the global food security challenge in the face of a rapidly growing population.
Despite the immense potential of AI in the agriculture sector, there are certain challenges that need to be addressed. One such challenge is the high initial investment required for implementing AI technologies on farms. This investment includes the cost of AI-powered equipment, software development, and infrastructure setup. Also, there is a shortage of skilled AI professionals in the agriculture sector, which poses a hurdle in the widespread adoption and implementation of AI solutions.
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However, with the increasing awareness about the benefits of AI in agriculture and the ongoing advancements in technology, the market is expected to overcome these challenges and witness significant growth in the coming years. The integration of AI in agriculture holds great promise for improving farming practices, increasing sustainability, and addressing the global food security challenge. By harnessing the power of AI, farmers can optimize their operations, reduce environmental impact, and ensure a more secure and prosperous future for the agricultural industry.
The Global AI in Agriculture Market is segmented into technology, offering, application, regional distribution, and company.
Based on offering, the software segment is expected to dominate the market over the projected period. One of the primary factors fueling the growth of software in AI within the agriculture sector is its seamless integration into agricultural machinery, coupled with cost savings on labor and the ability to collect real-time data. This integration allows farmers to streamline their operations and make data-driven decisions for better productivity and efficiency. The vast quantity of data being produced and saved in the cloud, together with the use of analytical tools, aids the farmer in identifying and managing every part of farming. With advanced software solutions, farmers can analyze data on crop health, weather patterns, soil conditions, and more to optimize their farming practices. This level of precision and insight greatly improves farmers’ ability to make the necessary adjustments to the changing requirements of the industry.
For instance, the ‘Farm Assist’ application, developed by NTT Docomo, Inc. (a major telecommunications company in Japan) and released in April 2022, showcases the potential of software in agriculture. This application gathers data from sensors installed in farms via access points to a company’s cloud, enabling users to monitor and manage farm conditions using smartphones and PCs. By leveraging AI capabilities and real-time data, farmers can remotely monitor crop growth, irrigation systems, and other vital aspects of their operations, enhancing overall productivity and yield. During the projection period, such innovations in software and AI will continue to shape and boost the growth of the agriculture market. The ability to harness the power of advanced technologies will empower farmers to overcome challenges, optimize resources, and achieve sustainable and efficient agricultural practices.
Based on region, North America is projected to maintain its market dominance and hold the largest share throughout the forecast period. In North America, farmers and agricultural enterprises are embracing AI technology to enhance productivity, optimize resource allocation, and strengthen decision-making processes. AI is being utilized in precision agriculture, remote sensing, crop monitoring, predictive analytics, and automated farming systems, enabling farmers to increase yields, reduce costs, mitigate risks, and make data-driven decisions. Governments in North America are also implementing supportive policies and programs in response to the potential of AI in agriculture.
These initiatives include financing schemes, research grants, and legislative frameworks, aiming to encourage the adoption and innovation of AI in the agricultural industry. By fostering a conducive environment, these efforts promote the development of resilient and sustainable agricultural practices while facilitating the growth of the AI industry. For instance, in January 2023, the United States and the European Union formed a partnership leveraging artificial intelligence (AI) to enhance agriculture, climate forecasting, emergency response, and the electrical grid. The collaboration between the White House, representing the executive branch of the European Union, and the European Commission is expected to drive market growth in the region.
Major companies operating in Global AI in Agriculture Market are:
- IBM Corporation
- Granular Inc.
- Microsoft Corporation
- Deere & Company
- Climate LLC
- Agribotix LLC
- Descartes Labs Inc.
- Prospera Technologies
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“The increasing global population necessitates higher food production, leading farmers to adopt AI-powered solutions to enhance crop yields and efficiency. This, coupled with growing food security concerns, is expected to drive the growth of the AI in agriculture market during the forecast period. Likewise, the rising need for sustainable farming practices amid environmental challenges has accelerated the adoption of AI for precise resource management, waste reduction, and promotion of eco-friendly agriculture.
Also, the improving accessibility of advanced technologies such as Internet of Things (IoT) sensors, drones, and AI algorithms empowers farmers to make data-driven decisions easily, thereby propelling market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“AI in Agriculture Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Technology (Machine Learning, Predictive Analytics and Computer Vision), By Offering (Hardware, Software and AI-As-A-Service), By Application (Precision Farming, Livestock Monitoring, Agriculture Robots, Drone and Others), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global AI in Agriculture Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global AI in Agriculture Market.
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