PUNE, India, December 14, 2017 /PRNewswire
According to the new research report on the "AI in Agriculture Market by Technology (Machine Learning, Computer Vision, Predictive Analytics), Offering, Application (Precision Farming, Drone Analytics, Agriculture Robots, Livestock Monitoring), Offering, and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the market is expected to grow at a CAGR of 22.5% to reach USD 2,628.5 Million by 2025 from USD 518.7 Million in 2017.
The rapid growth of the AI in agriculture market can be attributed to various factors including 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. Machine learning-enabled solutions are being significantly adopted by agricultural organizations and farmers to enhance farm productivity and to gain a competitive edge in business operations. Moreover, in the coming years, the application of machine learning and computer vision in various agricultural practices is expected to rise exponentially.
Machine learning AI technology expected to hold the largest market share during the forecast period
Among various technologies, machine learning technology is estimated to lead the AI in agriculture market during the forecast period. The increasing adoption of machine learning technology by farmers across the world is the major factor fueling the demand for this technology in the agriculture industry. Machine learning allows farmers and agribusinesses to make better decisions based on findings in real time.
Precision farming application accounted for the largest share of the AI in agriculture market in 2016
The major factors driving the growth of the AI in agriculture market for precision farming application include the increasing focus on farm productivity due to rising population and need for improving food quality. Precision farming technologies help in making traditional agricultural activities more efficient and predictable. The increasing adoption of agriculture robots in farming applications for increasing productivity and crop health monitoring are the major factors contributing to the demand for AI in precision farming applications.
The Americas expected to hold the largest market size during the forecast period
The Americas is a major market for AI in agriculture. The increasing demand for advanced agricultural solutions is expected to drive the growth of the AI in agriculture market in this region. The Americas is expected to continue to hold the largest share of the AI in agriculture market in the coming years because large-scale agriculture players in the region are already using the AI technology to dramatically improve the speed and accuracy of their planting and crop management techniques. For instance, Raizen, Brazil's leading sugar and ethanol producer, recently announced a partnership with Space Time Analytics (Brazil) to use AI to forecast the size of sugarcane harvest.
Illustration Photo: The ATV is equipped with sonar reading sensors that measure pasture growth. The data is ran through a computer that allows producers to manage nutrient applications. (credits: Kyle Spradley | © 2014 - Curators of the University of Missouri / Flickr Creative Commons Attribution-NonCommercial 2.0 Generic (CC BY-NC 2.0))