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(IT-NEWSWIRE.COM, March 03, 2023 ) The AI in agriculture market is projected to grow from USD 1.7 billion in 2023 to USD 4.7 billion in 2028; it is expected to grow at a CAGR of 23.1% from 2023 to 2028. Use of AI solutions to manage small farms and use of drones is expected to create growth opportunities for the market. Increasing population and pressure on farmland demanding adoption of technology to fulfill the food supply driving the demand of AI in agriculture.
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AI in agriculture is used in a wide range of applications, including precision farming, agriculture robots, livestock monitoring, drone analytics, labor management and others, etc. Use of AI in drone analytics is expected to hold high growth opportunities for the AI in agriculture market. AI in agriculture industry is prominently used for yield monitoring, weather tracking & forecasting, field mapping, irrigation management and crop scouting.
The market is segmented in three types of technologies used in AI in agriculture products such as machine vision, computer vision and predictive analysis. During the forecasted period the products using machine learning are expected to contribute more in the AI in agriculture market. Deere & Company (John Deere) (US), IBM (US), Microsoft (US), The Climate Corporation (US), Farmers Edge Inc. (Canada), Granular Inc. (Canada), AgEagle Aerial Syatems Inc. (US), Descartes Labs, Inc. (US) are some of the major companies providing AI solutions and AI platforms for agriculture industry.
AI in agriculture can be offered by hardware, software, AI-as-a-service, and service. AI-as-a-service is expected to have high growth opportunities in the market. AI in agriculture market for software as AI platform is expected to have high compound annual growth rate. The North America region is expected to contribute highest in the AI in agriculture market. Increasing implementation of data generation through sensors and aerial images for crops is expected to drive the demand for drone analytics in AI in agriculture market.
News Also Covered: https://www.prnewswire.com/news-releases/artificial-intelligence-in-agriculture-market-worth-4-7-billion-in-2028---exclusive-report-by-marketsandmarkets-301759328.html
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