The global agriculture industry is witnessing a rapid change of rising urbanization and modernization in the present decade. As the global population is growing and global trade policies are changing rapidly, pricing and supply chain of agricultural products are adversely affected. Consumer preferences led by the North American and European nations are inclining toward adopting sustainably and organically produced agricultural food products. The increased demand for fresh crop-produce and animal protein due to rising standard of living across the world has led to the requirement of more data and labor. A rising demand for global food production along with the pressure of providing continuous supply of high-quality farm produce has created an alarming situation for the growers across the world, who are struggling to increase produce per hectare. Furthermore, shrinking agricultural lands and scarcity of availability of natural resources raise the urgency to resolve the concern.
Artificial intelligence technology brings the concept of cognitive computing to agriculture where the farm equipment intelligence is modeled on human intelligence. The capabilities enabled by this technology allow the farm equipment and solutions to interpret, acquire, and react to unpredictable farm situations with enhanced efficiency. Artificial intelligence technologies help farmers in optimizing their planning to generate profitable crop yields using predictable analytics for agri-input choices and farm process planning. For instance, AI technology has found use cases in crop disease detection, crop growth assessment, and crop yield prediction, preventing over-application of fertilizers and other agri-inputs. The forecast of results for these agricultural processes in the market are powered by AI sensors and imaging equipment. The presence of these AI-based software and hardware products and services in the agriculture market has led to an optimistic growth of the precision agriculture market.
However, there are certain challenges which prove to be a restraint in the growth of the global artificial intelligence in agriculture market. The awareness and knowledge about newer technological advancements in the agriculture technologies such as artificial intelligence is yet to spread extensively amongst the growers, especially amongst those of the emerging countries. The lack of technical infrastructure in agriculture of developing countries and data privacy concerns among growers also act as a restraint in the market.
The artificial intelligence in agriculture market is projected to grow from $1,091.9 million in 2019 to $3,807.3 million by 2024, at a CAGR 28.38% from 2019 to 2024. High growth in the market is expected to be driven by the increasing need to optimize farm operation planning, growing demand to derive insights from emerging complexities of data-driven farming, and rising development of autonomous equipment in agriculture.
Growth of AI technology in the agriculture industry has led to an emergence of the AI start-up ecosystem in the global agriculture industry which has witnessed a rapid expansion. Emerging start-ups from across the world such as Descartes Labs, Blue River Technologies, Resson, Abundant Robotics, and Farmbot are some of the prominent companies in the market. These companies have deployed their AI solutions, majorly for several use cases such as satellite and drone imagery analysis, in-field monitoring, crop/soil health assessment, predictive analytics, and agricultural robots. These start-ups and emerging AI companies have also stirred an optimistic wave in the agricultural investment-funding community by raising investment and funding of $332.5 million during January 2016 to July 2019. The funding was generated by companies working on different products, solutions, and services. Most of the investment and funding of companies in the artificial intelligence in agriculture market were recorded for the segment of drone technology providers. i.e., 32% of the total investment and funding for the segment recorded for the period January 2016-July 2019. Key companies in this category with high investments are PrecisionHawk and Connecterra. Some of the other categories under which the funding was raised and investments were made included farm data analytics, crop health, robotics, satellites, and aquaculture. Some of the other AI companies which contributed to this funding and investment landscape includes Gamaya, Trace Genomics, Resson, Maxar Technologies, ecoRobotix, Root AI, and the Small Robot Company.
Key Questions Answered in the Report
• What is the estimated global artificial intelligence in agriculture market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
• What are the key trends, market drivers, and opportunities in the market pertaining to artificial intelligence in agriculture?
• What are the major restraints inhibiting the growth of global artificial intelligence in agriculture market?
• What kinds of new strategies are being adopted by the existing market players to strengthen their market position in the industry?
• What is the competitive strength of the key players in the artificial intelligence in agriculture market based on an analysis of their recent developments, product offerings, and regional presence?
• How is the competitive benchmarking of the key artificial intelligence in agriculture companies in the agriculture market based on the analysis of their market coverage and market potential?
• How much revenue is each segment expected to record during the forecast period, along with the growth percentage?
• What is the type of players and stakeholders operating in the market ecosystem of artificial intelligence in agriculture, and what is their significance in the global market?
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 developing further on the existing product portfolio. AgEagle Aerial Systems Inc., Gamaya SA, Granular Inc., IBM Corporation, Microsoft Corporation, PrecisionHawk Inc., The Climate Corporation, VineView, Root AI Inc., Prospera Technologies, Robert Bosch GmbH, Deere and Company, Harvest Croo Robotics LLC, BASF SE, and SAP SE are some of the prominent players in the artificial intelligence in agriculture market. The market is highly fragmented with the presence of a large number of small- to medium-sized companies that compete with each other and the large enterprises.
In order to generate public awareness about their existing and new products and technologies and compete with the competitors’ product portfolio, key players operating in this market have ramped up their product launch activities over the recent years. This has been one of the most widely adopted strategies by the players in this market. For instance, in March 2019, CropMetrics, announced its Virtual Predictor technology that may allow growers working with a CropMetrics Partner to create a custom irrigation plan. It also may forecast irrigation requirements for the week ahead. Similarly, in March 2019, Root AI unveiled a tomato-picking robot that has been claimed to be more efficient and accurate than human.
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