The AI in agriculture market is estimated to be USD 1.0 billion in 2020 and is projected to reach USD 4.0 billion by 2026, at a CAGR of 25.5% between 2020 and 2026. The major factors driving the growth of this market include the increasing implementation of data generation through sensors and aerial images for crops, increasing crop productivity through deep-learning technology, and government support for the adoption of modern agricultural techniques.
International Business Machines Corp. (IBM) (US), Deere & Company (John Deere) (US), Microsoft Corporation (Microsoft) (US), Farmers Edge Inc. (Farmers Edge) (Canada), The Climate Corporation (Climate Corp.) (US), ec2ce (ec2ce) (Spain), Descartes Labs, Inc. (Descartes Labs) (US), AgEagle Aerial Systems (AgEagle) (US), and aWhere Inc. (aWhere) (US) are the prominent players in the AI in agriculture market.
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Top 2 players in the AI in agriculture market:
Deere & Company (US)
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. The company has adopted acquisition as a key business strategy for its growth. For example, in September 2017, it acquired an artificial intelligence startup Blue River Technology, which develops cutting-edge machine vision tools to help farmers scan fields and assess crops. The company also regularly engages in product enhancements, new product launches, and collaborations with leading industry players. Product enhancements and collaborations are expected to help the company offer innovative and improved technology and performance solutions in precision farming applications, leading to its growth in 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. IBM follows organic as well as inorganic growth strategies to improve its position in the AI in agriculture and other emerging AI markets. The company has invested ~USD 100 million to make two acquisitions in the cloud and cognitive businesses over the past couple of years. Partnerships/collaborations with AI solution providers/consumers remain an important aspect of the company’s strategy to enhance its footprint in the AI market. IBM’s Watson Decision Platform caters to the agriculture market. This AI-based solution leverages weather, geospatial, and IoT data to provide farmers with insights into managing farm operations. The company continues to strengthen its position through strategic organic investments and acquisitions in higher-value areas, broadening its industry expertise and integrating AI into more of what the company offers.
Artificial Intelligence in Agriculture Market by Technology (Machine Learning, Computer Vision, and Predictive Analytics), Offering (Software, Hardware, AI-as-a-Service, and Services), Application, and Geography - Global Forecast to 2026
Mr. Sanjay Gupta
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