New York, NY, Nov. 30, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “AI in Agriculture Market by Technology (Machine Learning and Computer Vision), by Component (Hardware, Software, and Services), and by Application(Agriculture Robots, Agricultural Drones, Driverless Tractors, Facial Recognition, Crop Health Monitoring, and Automated Irrigation Systems): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024’’. According to the report, global AI in agriculture market was valued at around USD 545 million in 2017 and is expected to reach approximately USD 2,075 million by 2024, at a CAGR of slightly above 21% between 2018 and 2024.
Availability of numerous equipment and modern day technologies such as intelligent monitoring system, drones, and robots has made agriculture industry a cusp of technological revolution.
Browse through 84 Tables & 28 Figures spread over 144 Pages and in-depth TOC on “Global AI in Agriculture Market 2017: By Technology, Size, Share, Trends, Applications, Analysis and Forecast to 2024”.
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Artificial intelligence has diverse application in agriculture ranging from agricultural drones, facial recognition, automated irrigation systems, and driverless tractors. These applications are carried out in correlation with a different type of sensors, GPS systems, radars, and other high-tech gadgets based on AI. Considering these widespread applications, AI is getting a tremendous response from investors globally. This is elaborative by the fact that, in 2011, 67 deals were finalized with AI-related companies that rose to 400 deals in 2015, and cracked 140 contracts in just the first quarter of 2016. The number of agriculture start-ups successfully placed themselves on the global canvas in a short period owing to their scientific innovations. Prospera, an Israeli start-up, founded in 2014, transformed agriculture by developing a cloud-based solution. It gathers data from the field such as water, soil, aerial images, and integrates with the device to take necessary decisions and use the available resources in an optimum manner.
Increased adoption of artificial intelligence in cattle face recognition and use of IoT sensors for automated irrigation systems &crop health monitoring are few of the factors that are projected to drive the global AI in agriculture market growth in the years ahead. The technology even helps in detecting soil health abnormalities that can be later treated with aerial spraying of pesticides with agricultural drone or robot. Furthermore, the use of AI in spraying pesticides is expected to curtail the spraying cost, amount of pesticides used, and efforts by more than 50%.
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However, more than 60% of small and medium scale businesses are not in favor of implementing AI in agriculture. This can hamper the growth of AI in the agriculture market. Whereas, increasing investments in exploring agriculture problems through AIis anticipated opening new growth avenues for global AI in the agriculture market.
AI in the agriculture market is segmented on the basis of technology, component, application, and region. Technology segment is divided into machine learning and computer vision. Computer vision sub-segment is anticipated to witness strong growth during the forecast period. Applications of AI in agriculture include agriculture robots, agricultural drones, driverless tractors, crop health monitoring, facial recognition, and automated irrigation systems. Crop health monitoring sub-segment is expected to contribute substantially towards segment share during the forecast period.
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North America is anticipated to hold a significant share in the global AI in agriculture market, owing to a high adoption rate of modern day technologies for yielding maximum productivity. Various global players are offering services to regional consumers by engaging in a partnership with other leading players. In 2017, Climate Corporation, a subsidiary of Monsanto Company, launched Climate FieldView ag data platform in Western Canada for 2018 growing season. The Climate Corp. and Deveron UAS Corp. announced a strategic partnership that will deliver advanced aerial imagery data integrated with powerful analytics through Climate FieldView™ digital agriculture platform of the Climate Corporation.
Asia Pacific AI in agriculture market is predicted to demonstrate a lucrative growth over the coming years. The growth can be attributed to high adoption of AI in agriculture sector by major countries such as China, South Korea, India, Australia, and Japan. Recently, the global e-commerce giant Alibaba got into farming activity in China by deploying artificial intelligence in farming to assist farmers to increase crop yield, while reducing costs. By using Alibaba’s digitally recorded information on their smartphones, the farmers can monitor whether grapes are ready to be plucked or bugs are munching on their apple fields. In order to increase the productivity and yield of agriculture products in Japan, The Kyushu University and Fujitsu Limited agreed to conduct joint research program for a period of next two years commencing from April 2018. To promote technological advancements in agriculture, India has recently unveiled country’s first drone policy which is expected to drive the growth of AI in agriculture in the country. For instance, recently, NITI Aayog partnered with IBM to use AI for developing crop yield prediction model. The main objective of the partnership is to work jointly towards use of AI technology for providing insights to farmers for enhancing crop output, soil yield, and control agriculture inputs along with increasing farmer income. Also, the Maharashtra government in India is planning to use drones in agriculture and the first pilot project will be launched in two districts Yavatmal and Latur in October-November 2018 for rabi crops.
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Europe is expected to show a strong growth during the forecast period, owing to massive automation activities witnessed in agriculture across the countries such as Germany, the UK, Spain, and France. The olive growers in Italy and Spain have signed agreements to use AI techniques in agriculture. For instance, the Ministry of Agriculture, Fisheries and Rural Development of Spain in Spain have launched a pilot project in order to study the evolution of the plague of the olive fly using AI techniques.
The LAMEA region is projected to register a substantial growth across AI in agriculture market. Major countries such as Saudi Arabia, the UAE, Brazil, and Argentina are leading the regional market with a notable adoption rate of AI in the agricultural field along with using of cutting-edge technologies in farming activities. (KAUST) King Abdullah University for Science and Technology in Saudi Arabia is investing significantly and taking an initiative of research on desert agriculture. Thus it is projected that AI will play a vital role in developing ways to tackle water deficiency challenges and prosper desert agriculture in the Middle East countries.
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Major players operating in the global AI in agriculture market are Microsoft Corporation, aWhere, Granular, Agribotix LLC, IBM, Mavrx Inc., Prospera Technologies, Resson, Spensa Technologies Inc., The Climate Corporation, and Precision Hawk. Investing in AI-based start-ups is emerging as the new strategy followed by global players.
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The report segments the global AI in the agriculture market as follows:
AI in Agriculture Market: Technology Segment Analysis
- Machine Learning
- Computer Vision
AI in Agriculture Market: Component Segment Analysis
- Hardware
- Software
- Services
AI in Agriculture Market: Application Segment Analysis
- Agriculture Robots
- Agricultural Drones
- Driverless Tractors
- Facial Recognition
- Crop Health Monitoring
- Automated Irrigation Systems
AI in Agriculture Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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