Advancements in crop monitoring and yield prediction accuracy through artificial intelligence are significantly impacting the global AI in the agriculture market. AI technologies enhance data collection, analysis, and predictive capabilities, leading to more precise and efficient farming practices. This trend drives market growth as farmers and agribusinesses increasingly adopt AI solutions to meet rising food demands and address environmental challenges. The improved accuracy in yield predictions and crop management highlights AI's critical role in transforming global agricultural practices.
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Data Bridge Market Research analyzes that the Global Artificial Intelligence in Agriculture Market is expected to reach USD 8.57 billion by 2031 from USD 1.75 billion in 2023, growing with a CAGR of 22.4% in the forecast period of 2024 to 2031.
Key Findings of the Study
Increasing Implementation of Better Farming Techniques with AI
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Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Year
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2021 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in Billion
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Segments Covered
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By Offering (Hardware, Software, and Services), Technology [Machine Learning (ML), Computer Vision, Natural Language Processing (NLP), Robotics & Automation), Application (Precision Farming, Livestock Monitoring, Weather Forecasting, Soil Management, Crop Health Monitoring, and Supply Chain Optimization), Deployment Mode (Cloud, and On-Premise), End User (Farms, Agro-Tech Companies, Agrochemical Companies, and Research Institutes)
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Countries Covered
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U.S., Canada, Italy, France, Germany, Spain, Poland, Netherlands, Romania, Denmark, Belgium, Greece, Hungary, Portugal, Ireland, Austria, Czechia, Sweden, Bulgaria, Finland, Croatia, Lithuania, Slovakia, Latvia, Slovenia, Cyprus, Estonia, Luxembourg, Malta and Non-EU Europe. China, Australia, Japan, South Korea, India, New Zealand, Taiwan, Singapore, Malaysia, Thailand, Vietnam, Indonesia, Philippines, and rest of Asia-Pacific. Brazil, Argentina, Mexico, and rest of Latin America. Saudi Arabia, South Africa, Egypt, Bahrain, Oman, Israel, Kuwait, Qatar, U.A.E., and rest of Middle East and Africa
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Market Players Covered
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Open Text Corporation (Canada), VALMONT INDUSTRIES, INC. (U.S.), OpenAI (U.S.), Agco corporation (U.S.), IBM (U.S.), ADM (U.S.), Ageagle Aerial systems Inc (U.S.), Alphabet Inc. (U.S.), Bayer AG (Germany), Bowery Farming Inc. (U.S.), Cisco Systems, Inc. (U.S.), Climate Ai (U.S.), CNh industrial N.V. (U.K.), Corteva (U.S.), Deere & Company (U.S.), DeLaval (Sweden), Gamaya (Switzerland), Harvest CROO Robotics LLC. (U.S.), Kubota corporation (Japan), Lely (The Netherlands), Microsoft (U.S.), Oracle (U.S.), Raven Industries, Inc. (A subsidiary of CNH) (U.S.), Syngenta AG Group (Switzerland), and YANMAR HOLDING CO., LTD. (Japan)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis
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Segment Analysis
The artificial intelligence in agriculture market is segmented into five notable segments, which are based on the basis of offering, technology, application, deployment mode and end user.
- On the basis of offering, the market is segmented into hardware, software and services
In 2024, the hardware segment is expected to dominate the artificial intelligence in agriculture market
In 2024, hardware segment is expected to dominate the market with a market share of 50.95% due to its essential role in integrating sensors, drones, and autonomous machinery for precision farming.
- On the basis of technology, the market is segmented into machine learning (ML), computer vision, natural language processing (NLP), robotics & automation and others
In 2024, Machine Learning (ML) segment is expected to dominate the artificial intelligence in agriculture market
In 2024, Machine Learning (ML) segment is expected to dominate the market with a market share of 37.84% due to its ability to analyze vast amounts of agricultural data for improved decision-making and predictive analytics.
- On the basis of application, the market is segmented into precision farming, livestock monitoring, weather forecasting, soil management, crop health monitoring, supply chain optimization and others. In 2024, precision farming segment is expected to dominate the market with a market share of 33.26%
- On the basis of deployment mode, the market is segmented into cloud and on-premises. In 2024, the cloud segment is expected to dominate the market with a market share of 62.61%
- On the basis of end user, the market is segmented into farms, agro-tech companies, agrochemical companies, research institutes and others. In 2024, farms segment is expected to dominate the market with a market share of 39.91%
Major Players
Data Bridge Market Research analyzes Open Text Corporation (Canada), VALMONT INDUSTRIES, INC. (U.S.), OpenAI (U.S.), Agco corporation (U.S.), and IBM (U.S.), as the major players in the global artificial intelligence in agriculture market.
Recent Developments
- In July 2024, AGCO Corporation transformed its Ohio dealership network by expanding Lowe & Young, Mayer Farm Equipment, and North Star Hardware and adding AgRevolution. This boosted AGCO's market reach and enhanced customer service in Ohio
- In May 2024, IBM launched the IBM Environmental Intelligence platform, offering curated global environmental data and geospatial APIs. This platform, in public preview, aids data scientists and developers in integrating environmental data into crucial software and operations. By leveraging advanced technologies, IBM helped customers mitigate the financial impacts of climate disruptions. This innovation also boosted IBM's market position by enhancing customer resilience and promoting sustainable business practices
- In February 2024, OpenText Corporation received notable ESG recognitions, including its second consecutive qualification as a Dow Jones Sustainability North America Index (DJSI) constituent and an "AAA" rating from MSCI. These accolades highlighted the company's dedication to sustainability. The recognitions enhanced OpenText's reputation in the industry, attracting more clients and investors who prioritized environmental responsibility, thereby strengthening its market position and driving further growth
- In December 2022, OpenAI’s ChatGPT was introduced as a transformative tool in agriculture, enhancing how farmers acquire and understand complex information. The language model facilitated faster learning across diverse topics, from machinery and finances to biology and marketing. This advanced technology proved invaluable for farmers needing quick, efficient knowledge. The adoption of ChatGPT led to improved operational efficiency and informed decision-making in farming practices. By leveraging such AI advancements, OpenAI positioned itself as a key innovator in agricultural technology, driving significant growth and industry influence
- In May 2021, VALMONT INDUSTRIES, INC. announced the acquisition of Prospera Technologies, a leading Israeli AI company in agricultural ML and CV, for approximately USD 300 million. This strategic move aimed to enhance farm efficiency, productivity, and sustainability. The acquisition underscored Valmont's dedication to improving customer services and community well-being while boosting crop yields with reduced resource use. This acquisition significantly strengthened Valmont’s market position and accelerated its commitment to innovative agricultural solutions, ultimately benefiting the company by enhancing its service offerings and operational efficiency
Regional Analysis
Based on geography, the market is segmented into U.S., Canada, Italy, France, Germany, Spain, Poland, Netherlands, Romania, Denmark, Belgium, Greece, Hungary, Portugal, Ireland, Austria, Czechia, Sweden, Bulgaria, Finland, Croatia, Lithuania, Slovakia, Latvia, Slovenia, Cyprus, Estonia, Luxembourg, Malta and Non-EU Europe. China, Australia, Japan, South Korea, India, New Zealand, Taiwan, Singapore, Malaysia, Thailand, Vietnam, Indonesia, Philippines, and rest of Asia-Pacific. Brazil, Argentina, Mexico, and rest of Latin America. Saudi Arabia, South Africa, Egypt, Bahrain, Oman, Israel, Kuwait, Qatar, U.A.E., and rest of Middle East and Africa.
As per Data Bridge Market Research Analysis:
North America is dominating the market globally.
North America is expected to dominate the artificial intelligence in agriculture market due to its advanced technological infrastructure, significant investments in agricultural innovation, and early adoption of AI solutions.
Europe is expected as fastest growing region for artificial intelligence in agriculture market due to its robust investment in smart farming technologies and strong government support for agricultural innovation. Additionally, the region's focus on sustainable farming practices and increasing adoption of precision agriculture drive the rapid growth.
For more detailed information about the global artificial intelligence in agriculture market report, click here – https://www.databridgemarketresearch.com/reports/global-ai-agriculture-market
