Published On : 11 Dec 2018
The global agricultural AI market is witnessing significant growth owing to the rapid adoption of technological advancements by key players. At the same time, agricultural production is increasing at a rapid rate, which results in driving the global market. AI is an automated program that adapts itself to efficiently execute tasks in real-time by using mental processing as a human brain. As the program can adapt itself and perform functions effectively, it does not need continuous monitoring. Farmers have shifted their focus more on automation to yield a better and superior quality crop.
The software market accounts for the majority of market share mainly attributed to the integration of mobile technologies with several farming methods. Besides, increasing use of AI software to enhance farm efficiency is expected to fuel the growth of the software market. Hardware market as well is likely to exhibit growth during the forecast period. The rising demand for data storage and processors for farm operations is one of the factors responsible for the high growth rate of the hardware market.
Global Agricultural AI Market by Region
The global agricultural AI market is bifurcated into different regions such as Europe, Asia Pacific, North America, and other parts of the world. Of these, Asia Pacific is likely to lead the market regarding growth rate. The primary factor driving this region is the rising adoption for computer vision technologies and deep learning methods for agricultural applications. Several farmers in countries such as China, Australia, India, and Japan are progressively adopting machine learning, algorithms, predictive analysis, and deep learning. Other regions are also growing significantly and increasing their market share.
Drivers and Restraints Affecting the Agricultural AI Market
The agricultural AI market is projected to expand and offer massive opportunities during the forecast period. Some of the major factors fuelling the market growth include growing adoption of information management systems, increasing demand for agricultural production. In addition, the use of improved technologies to ensure better crop productivity drives the market. The government in various regions is investing in agrarian AI to support the implementation of advanced agricultural methods. With the advent of IoT and AI technologies, farmers can evaluate data on a real-time basis. They can analyze the temperature, weather conditions, crop prices, plant health, and soil moisture with these technologies. Majority of the farmers and agricultural organizations are adopting machine learning to gain a competitive edge and improve their farm productivity. Machine learning technology accounted for the largest market size because of its growing adoption. This technology is used in various agricultural applications such as drone analytics, precision farming, livestock monitoring, and agriculture robots.
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However, some restraints may hamper the growth of agricultural AI Market in the upcoming years. One of the significant challenges faced by this market is the high cost involved in gathering the filed data. However, AI is an advanced technology and provides data with precision, but it requires high investment and efficient farming tools. Also, the lack of skilled farmers and experts may hinder the development of agricultural AI market. Not all farmers are experienced enough to understand the intricacies of AI, thereby makes difficult for farmers to adopt it in their agricultural land.
IBM, Microsoft, Precision Hawk, Skysquirrel Technologies, Awhere, Descartes Labs, Gamaya, and Agribotix are some of the leading players operating in the global agricultural AI market.
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