How Is The Global AI In Precision Farming Market Defined?
AI in precision farming refers to the incorporation of artificial intelligence (AI) technologies into agricultural processes in order to maximize crop yield, reduce resource consumption, and increase overall farm efficiency. It is used to enable farmers to make data-driven decisions that enhance productivity, sustainability, and profitability.
AI In Precision Farming Global Market Report 2024 provides data on the global ai in precision farming market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The AI In Precision Farming market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global AI In Precision Farming Market Size And Growth Rates Projected To Evolve?
The AI in precision farming market has witnessed rapid growth, starting from $0.66 billion in 2023 and expected to reach $0.78 billion in 2024 with a CAGR of 19.5% in the historic period. This growth is driven by the evolution of AI algorithms, increasing demand for food production, cost reduction, environmental sustainability efforts, and government support and subsidies. Looking ahead, the market is poised for exponential growth, projected to reach $1.63 billion by 2028 with a CAGR of 20.0%. Factors contributing to this growth include the adoption of IoT devices, rising environmental concerns, demand for sustainable agriculture practices, shift towards smart farming systems, and emphasis on quality and traceability. Major trends expected in the forecast period encompass integration with robotics, tools for crop monitoring, adoption of AI for supply chain optimization, technology-driven precision irrigation systems, and the emergence of decision support systems.
What Are The Essential Drivers Behind The Growth Of The AI In Precision Farming Market?
The limited availability of arable land is expected to drive growth in the AI in precision farming market. Arable land suitable for crop cultivation faces constraints from urbanization, soil degradation, and climate change. AI in precision farming addresses these challenges by optimizing resource use and enhancing crop productivity through data-driven decisions and targeted interventions. For instance, the United States Department of Agriculture reported in February 2022 that the number of farms decreased by 6,950 to 2,012,050 in 2021, with a reduction in total land to 895,300,000 acres. This scarcity of arable land underscores the need for AI-driven precision farming solutions, expected to expand significantly by 2028.
Get Your Free Sample of the Global AI In Precision Farming Market Report
How Is The Global AI In Precision Farming Market Divided Into Key Segments?
The ai in precision farming market covered in this report is segmented –
1) By Type: Machine Learning, Computer Vision, Other Types
2) By Offering: Hardware, Software, AI-as-a-Service, Service
3) By Application: Experimental Study, Farm Management, Private Planting, Other Applications
What Trends Are Reshaping The Future Of The AI In Precision Farming Market?
Major companies operating in AI in the precision farming market are focused on forming strategic partnerships to gain a competitive edge. These partnerships are crucial in advancing AI in precision farming by leveraging the strengths and resources of multiple organizations to develop innovative solutions, scale adoption, and address key challenges in agriculture. For instance, in March 2022, Sway AI, a US-based developer of no-code artificial intelligence applications, partnered with Trilogy Networks, a US-based agriculture technology company, to enable AI technology for precision farming. Through this partnership, Sway AI joined the Rural Cloud Initiative (RCI), a network and edge innovation group dedicated to supporting and accelerating rural America's digital transformation. This collaboration aims to create a comprehensive AI-enabled precision agriculture solution for farmers, addressing the industry issue of data fragmentation by combining information to improve decision-making throughout the production process.
What Is The Fastest Growing Region In The AI In Precision Farming Market?
North America was the largest region in the AI in precision farming market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in precision farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
