PUBLISHER: BIS Research | PRODUCT CODE: 1252627
PUBLISHER: BIS Research | PRODUCT CODE: 1252627
Global Artificial Intelligence in Agriculture Market to Reach $4,096.1 Million by 2027
Artificial Intelligence in Agriculture Market Industry Overview
The global artificial intelligence in agriculture market was valued at $1,517.0 million in 2022 and is expected to reach $4,096.1 million in 2027, following a CAGR of 21.98% during 2022-2027. Owing to the growing demand for food and grains, the growth in the artificial intelligence in agriculture market is expected to be driven by the increasing adoption of digital and smart agriculture equipment and technologies.
Market Lifecycle Stage
The artificial intelligence in agriculture market is in a growing phase. Immense corporate investments and research and development activities are underway to develop artificial intelligence in agriculture, which are expected to increase due to the growing need for agriculture optimization backed by the incorporation of emerging technologies.
New entrants are penetrating the market backed up by government funding and corporate investments, which is one of the major opportunities in the global artificial intelligence in agriculture market. Moreover, artificial intelligence in agriculture also help in enhancing yield quality due to the timely detection of pest infestation and diseases. Artificial intelligence in agriculture also facilitates the safe and quality harvesting and picking of harvests, thus preventing crop losses and damages.
Impact
Impact of Ukraine-Russia Crisis
The market for technologies in the agriculture sector, including AI-enabled, is facing a negative impact due to Ukraine-Russia tensions. The two countries are blessed with extensive technological and agricultural benefits. The tensions are leading the AI-technology providers and start-ups to reach out to markets other than the two countries. Many start-ups in the global artificial intelligence in agriculture market have staged their pilot projects in Ukraine and Russia before commercially launching their products. Similarly, many companies find Ukraine and Russia suitable for agricultural technology testing and trials owing to the presence of different varieties of crops and high adoption rates among farmers.
Market Segmentation:
Segmentation 1: by Application
Segmentation 2: by Mode of Deployment
Segmentation 3: by Product Type
Segmentation 4: by Region
Recent Developments in the Global Artificial Intelligence in Agriculture Market
Demand - Drivers and Limitations
Following are the demand drivers for the global artificial intelligence in agriculture market:
The market is expected to face some limitations as well due to the following challenges:
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of artificial intelligence modes of deployment and product types available for deployment in the agriculture sector and their potential globally.
Growth/Marketing Strategy: The artificial intelligence in agriculture market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favoured strategy for the companies has been product partnerships, joint ventures, and product launches to strengthen their position in the global artificial intelligence in agriculture market. For instance, in February 2019, CNH Industrial N.V. launched an Advanced Farming Systems (AFS) Connect platform for farm, fleet, and data management.
Competitive Strategy: Key players in the artificial intelligence in agriculture market analyzed and profiled in the study involve artificial intelligence in agriculture manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the artificial intelligence in agriculture market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration.
Some manufacturing companies with a global presence include Microsoft Corporation, Climate LLC, CNH Industrial N.V., Deere & Company, and IBM Corporation among others. Collectively these companies account for approximately 42.90% of the total global artificial intelligence in agriculture market. Other 57.10% of the market share is dominated by Aquabyte, Ceres Imaging, Taranis, and CropIn Technology Solutions Pvt Ltd. among others.
Key Companies Profiled
List of Figures
List of Tables