In 2022, the AI in agriculture market was worth USD 1,254.6 million, and it is expected to advance at a compound annual growth rate of 26.7% during 2022–2030, to hit USD 8,308.5 million by 2030, as per a report by P&S Intelligence.
The growth of the industry can be credited to the booming usage of the internet of things in the agriculture industry, mounting concentration on advanced crop management, rising usage of drones for pesticide spraying, and increasing requirement for a high crop yield.
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Furthermore, the low availability of labor and increase in the labor expenses are contributing to the growth of the market. For example, the decline in crop productivity in the U.S. because of the labor shortage costs around $3.1 billion every year. This has encouraged the utilization of robots and drones in the farming sector for numerous purposes.
North America Is Dominating Market
North America is dominating the market for AI-driven agricultural solutions, and it is projected to continue its dominance in the future. This is because of the high acceptance of enhanced technologies in the agriculture industry for yielding the maximum output. Moreover, the key players are providing a range of AI-driven solutions to regional customers by collaborating with other players.
The adoption of advanced technologies, such as ML and IoT, along with computer vision, in the farming space for numerous applications, including greenhouse management, soil management, livestock management, and precision farming, will help the region produce $4 billion revenue for the market by 2030.
The Asia-Pacific region is projected to experience the fastest growth in the years to come. This can be credited to the increasing acceptance of smart agricultural techniques, such as agronomic robots, drone analytics, and precision farming. In the region, China is the key revenue contributor due to the extensive adoption of enhanced techniques in its huge farming sector.
Service Category Is Set Grow with Higher Rate
The service category is predicted to grow the faster in the coming years. This can be ascribed to the snowballing requirement for managed services by growers for tracking the functioning of sensors and managing large data sets associated with crop health.
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The product category is leading the industry due to the surging requirement for software to control and guide the devices fitted in the agronomical atmosphere, for enabling numerous enhanced farming practices.
Key Trend Is Rising Use of Robots
The increasing utilization of robots in farming is a key trend being observed around the globe. With the mounting implementation of advanced technology in cultivation, agricultural practices are gradually becoming more efficient and sophisticated. Additionally, with the increasing populace, automation of the farming sector, and lack of availability of farm workers, the usage of farming robots is rising across the world.
