Artificial Intelligence (AI) in Agriculture Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Technology, by Application : Global Opportunity Analysis and Industry Forecast, 2024-2032

Key Takeaways 

• The AI in agriculture market size study covers 20 countries. The research includes a segment analysis of each country in terms of value for the projected period. 

• More than 1,500 product literatures, industry releases, annual reports, and other such documents of major AI in agriculture industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights. 

• The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global artificial intelligence in agriculture market size and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives. 

Technology Innovation and Development in Global AI in Agriculture Market 

In 2021, a survey of 81 international experts in plant breeding identified the importance of different enabling analytics for data-driven agriculture.  Software-based decision support systems, sensors (which collect information on the operation of equipment and agricultural resources) , and digital communications tools were among the top cross-cutting technologies. Field-based technologies such as geographic information and geo-locating systems that collect real-time data are also recognized as crucial.  

Industry Trends: 

• In March 2024, UCF researchers are leading the project to develop AI-driven technologies for the agriculture industry. From sensors that can monitor soil and water to autonomous robots that can harvest crops, AI is making farming more efficient, sustainable, and cost effective. 

• In March 2024, the Japanese government promoted the demonstration of smart agriculture in fields and development and improvement of smart agriculture technologies.   

• In November 2023, Protein Industries Canada opened an expanded call for projects under the Pan-Canadian Artificial Intelligence Strategy. This call is expected to consider projects that span the entire agriculture and food value chain, from seed genetics to on-farm production through to ingredient manufacturing, food processing and logistics.  

Key market dynamics 

The artificial intelligence In agriculture market share is growing due to several factors such as advancements in AI and data analytics, government support and initiatives, and increase in adoption of digital farming solutions. However, the high cost of initial development restrains the development of the AI in agriculture market. In addition, surge in demand for precision farming solutions is expected to provide ample opportunities for the artificial intelligence in agriculture market growth during the forecast period. 

Advancements in AI algorithms enable more sophisticated decision-making in agriculture. Machine learning models can analyze vast amounts of data, including historical crop yields, soil conditions, weather patterns, and pest outbreaks, to provide actionable insights and recommendations to farmers. These insights help optimize planting schedules, crop rotations, irrigation strategies, and pest management practices, ultimately improving productivity and profitability. Moreover, precision farming, also known as precision agriculture, involves the use of advanced technologies such as AI, IoT, GPS, and data analytics to optimize various aspects of farming practices.  

Market Segmentation 

The global artificial intelligence in agriculture market size is segmented into component, technology, application, and region. On the basis of component, the market is divided into solution and services. As per technology, the market is segregated into machine learning, computer vision and predictive analysis. On the basis of application, the market is segmented into crop and soil monitoring, livestock health monitoring, intelligent spraying, drone analytics and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. 

Regional/Country Market Outlook 

The artificial intelligence in agriculture market trends in the U.S. and Canada is experiencing significant growth, driven by rise in adoption of advanced technologies to improve productivity, efficiency, and sustainability in farming. The U.S. is one of the leading countries in adopting AI in agriculture due to its advanced technological infrastructure, large-scale farming operations, and significant investments in research and development. Moreover, Europe places a strong emphasis on sustainable farming practices. AI helps in reducing the environmental impact by optimizing the use of resources such as water, fertilizers, and pesticides, thereby promoting eco-friendly farming. These mentioned factors are expected to propel the AI in agriculture market size. 

• In October 2023, UK Research and Innovation (UKRI) raised over $117 million in 12 UKRI Centres for Doctoral Training (CDTs), to seize the potential of AI technology. 

• In July 2021, the U.S. Department of Agriculture’s National Institute of Food and Agriculture (USDA-NIFA) and the U.S. National Science Foundation (NSF) raised a $220 million investment in 11 new NSF-led Artificial Intelligence Research Institutes. USDA-NIFA and other agencies and organizations partnered with NSF to pursue transformational advances in a range of economic sectors and science and engineering fields, from food system security to next-generation edge networks. 

Competitive Landscape 

The major players operating in the artificial intelligence in agriculture market forecast Microsoft Corporation, IBM Corporation, Gamaya, Taranis, PrecisionHawk, Corteva, ec2ce, Prospera Technologies, Ltd., Valmont Industries, and Climate LLC. 

Recent Key Strategies and Developments 

• In March 2024, Bayer launched the pilot of an expert GenAI system to benefit farmers and up-level agronomists in their daily work. It has been using proprietary agronomic data to train a large language model (LLM) with years of internal data, insights from thousands of trials within its vast testing network, and centuries of aggregated experience from Bayer agronomists globally. 

• In November 2023, GrubMarket launched the Farm-GPT, a groundbreaking new generative artificial intelligence (AI) product designed to empower American farmers and growers with valuable data-driven insights for maximizing profits and optimizing crop selection. Farm-GPT harnesses the power of advanced AI and leverages the latest available pricing data from both the USDA and proprietary sources to assist farmers in making informed decisions about which commodities to cultivate based on market demand and revenue potential. 

Key Sources Referred 

1. ICAR-Indian Institute of Soil Science 

2. World Economic Forum 

3. NITI Aayog 

4. Food and Agriculture Organization of the United Nations 

5. ITRI Ltd. 

6. American Farm Bureau Federation 

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the artificial intelligence (ai) in agriculture market analysis from 2023 to 2032 to identify the prevailing artificial intelligence (ai) in agriculture market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the artificial intelligence in agriculture market forecast segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the Global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the artificial intelligence in agriculture market analysis of the regional as well as global AI in agriculture industry trends, key players, market segments, application areas, and market growth strategies.