Artificial Intelligence (AI) in Agriculture Market is expected to reach US$ 7.97 billion by 2030

Growing Technology Adoption in Agriculture Sector Drives Artificial Intelligence (AI) in Agriculture Market Growth

According to our latest study on “Artificial Intelligence (AI) in Agriculture Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component and Application,” the market was valued at US$ 1.63 billion in 2022 and is expected to reach US$ 7.97 billion by 2030; it is estimated to record a CAGR of 21.9% from 2022 to 2030. AI-powered agricultural technology enables precision farming practices, allowing each crop or even every plant to be handled precisely based on its specific requirements. This level of precision improves resource efficiency, lowers chemical inputs, and encourages long-term farming practices. The artificial intelligence (AI) in agriculture market growth is being driven by a number of factors, including a growing population and increasing demand for food, technological advancements, rising government initiatives, advancements in robotics and drones, augmented investment in Agtech Startups, growing need for data-driven decision-making, and increasing use of AI in crop monitoring.

The report includes growth prospects in light of current artificial intelligence (AI) in agriculture market trends and driving factors influencing market development. Robotics and automation have become essential components of farming and food production processes as the agricultural industry is constantly looking for ways to boost output, enhance efficiency, and decrease waste. Robots have a wide range of applications in agriculture, from complicated jobs such as crop monitoring and soil pH measurement to simpler chores such as harvesting and packing fruits and vegetables and planting seeds. Farmers have begun to experiment with self-contained systems that automate or supplement tasks such as pruning, harvesting, spraying, mowing, and weed eradication. Various committees are conducting research on robotics and automation in agriculture. For example, the Technical Committee for Agricultural Robotics and Automation (AgRA) promotes R&D, standardization, and innovation in robotics and automation to enable efficient, safe, and cost-effective agricultural production. The incorporation of AI technologies into robotic and automation systems improves their capabilities and empowers them to do more complicated jobs. AI offers robots a computer vision to sense, navigate, and calculate their reaction accordingly. Thus, the increasing deployment of AI in robotics and automation is anticipated to remain a trend in the artificial intelligence (AI) in agriculture Market. The artificial intelligence (AI) in agriculture market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases.

Artificial Intelligence (AI) in Agriculture Market – by Region, 2022 and 2030

Source: The Insight Partners Analysis

Based on geography, the Artificial Intelligence (AI) in Agriculture Market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is segmented into the US, Canada, and Mexico. The US accounts for the largest artificial intelligence (AI) in agriculture market share. The AI in agriculture market in the US fragmented, with large competitors across the US, such as Microsoft Corporation and IBM Corporation. These players are involved in several inorganic and organic marketing strategies, such as mergers & acquisitions, collaboration, and partnership. For example, in April 2023, IBM and Texas A&M AgriLife joined forces to provide farmers with water consumption insights, which can enhance agricultural output while minimizing economic and environmental costs. Texas A&M AgriLife and IBM will deploy and expand Liquid Prep, a technological solution that assists farmers in determining "when to water" in dry regions of the US.

Artificial Intelligence (AI) in Agriculture Market Report Segmentation and Scope:

The “Artificial Intelligence (AI) in Agriculture Market analysis” has been carried out by considering the following segments: component, application, and geography.

By component, the market is segmented into hardware, software, and services. The hardware segment held the largest artificial intelligence (AI) in agriculture market share in 2022. The hardware components used in AI in agriculture are Unmanned Aerial Vehicles (UVA), sensors, and others. AI-powered technology, such as sensors and image recognition tools, can assist farmers in identifying and tracking crop changes and making precise forecasts about when crops will attain optimal maturity. Various companies are launching hardware components for artificial intelligence (AI) in agriculture Market. For example, in September 2022, AgroCares, an ag-tech company that provides data-driven nutrient testing solutions, and trinamiX GmbH, a provider of mobile spectroscopy, collaborated to incorporate trinamiX's high-performance hardware into Agrocares next-generation Nutrient Scanner solution. Such product launches propel the market for the hardware segment.

Tule Technologies Inc, Precisionhawk Inc, Easytosee Agtech Sl, Deere & Co, Climate LLC, Gamaya Sa, International Business Machines Corp, Microsoft Corp, Prospera Technologies Ltd, and Taranis are among the prominent players profiled in the artificial intelligence (AI) in agriculture market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem.

Artificial Intelligence (AI) in Agriculture Market Recent Developments: 

Companies operating in the artificial intelligence (AI) in agriculture market highly adopt inorganic and organic strategies such as mergers and acquisitions. As per company press releases, below are a few recent key developments:

• In 2021, IBM introduced an environmental intelligence software suite that uses AI to assist organizations in preparing for and responding to climate risks, assessing the environmental impact, and reducing regulatory compliance.
• In 2023, IBM and Texas A&M AgriLife joined forces to provide farmers with water consumption insights, which can enhance agricultural output while minimizing economic and environmental costs. Texas A&M AgriLife and IBM will deploy and expand Liquid Prep, a technological solution that assists farmers in determining "when to water" in dry regions of the US.
• In 2022, Sway Al, a provider of no-code Al technologies and services, announced a collaboration with Trilogy Networks to join the Rural Cloud Initiative (RCI). The RCI is a unique coalition of network and edge innovation partners committed to accelerating rural America's digital transformation. This alliance will offer farmers a comprehensive Al-enabled precision agriculture solution.
• In 2022, Microsoft's research wing, in collaboration with Oxford University, Artificial Technology and Climate Change, Atal Incubation Center, and Agricultural Development Trust, launched Microsoft Farmvibes.ai. It will focus on sustainable and cost-effective agricultural practices, utilizing precise scientific techniques.

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