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. The growth of the market is attributed to the benefits of the AI in agriculture over traditional practices. During the forecast period, development of artificial intelligence in agriculture application such as drone analytics, precision farming, agriculture robots, livestock monitoring and labor management are expected to create growth opportunities for the market.
Key players operating in the market includes 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). Major strategies adopted by top players to enhance their product portfolios, increase their market share, and expand their presence in the market mainly include new product launches with latest technology and innovation and deals, such as acquisitions and partnerships.
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Deere & Company is one of the key players providing efficient AI solutions for agriculture. It has a strong brand name and a well-established distribution network. It offers technologically advanced precision farming software solutions, such as VRA, data management solutions, and remote management solutions, to its customers. The company is continuously investing in artificial intelligence to boost its expertise in solutions integrated with AI. For instance, in May 2022, the company acquired patents and intellectual property from AI startup Light, an expert in depth perception technology and engaged in creating technology with a human-like vision.
IBM renders basic and applied research in machine learning, deep question answering, search and planning, and cognitive architecture for farming and crop monitoring in AI in agriculture market. The company provides agriculture solutions globally by using its Watson Decision Platform in combination with data acquired from The Weather Company to help farmers with planning, plowing, planting, and harvesting. The company has 12 laboratories across six continents to meet the R&D needs of the AI in agriculture market. IBM is among the leading companies in the AI in agriculture market. The company’s Watson technology-based AI solutions are widely adopted for cognitive computing and data-driven applications. The platform meets the requirements of customers from the agriculture market and leverages weather, geospatial, and IoT data to provide farmers with insights into managing farm operations.
Microsoft is another key player in the AI in agriculture market. The company significantly invests in R&D, which has helped improve its product portfolio and position in the market. ML, deep learning, NLP, and speech processing are the companys key focus areas in the AI market. The company has adopted a key business strategy that focuses on upgrading its products based on technological advancements and changing demands of customers., and the company significantly invests in sales, marketing, product support infrastructure, and existing and advanced areas of technology. Its continuous acquisition of technology improves its product portfolio and position in the market.
Artificial Intelligence in Agriculture Market by Technology (Machine Learning, Computer Vision, and Predictive Analytics), Offering (Software, AI-as-a-Service), Application (Drone Analytics, Precision Farming) and Region - Global Forecast to 2028
Mr. Aashish Mehra
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