The global population is increasing at a rapid rate; for example, as per the United Nations report, the world population is expected to reach 8.6 billion by 2030, growing from 7.7 billion at the present. This surge in the population is bound to lead to the rising demand for agricultural products in the coming years. In addition to this, the arable land across the globe has decreased on account of swift urbanization and industrialization. It is because of these factors that the demand for enhanced devices and technologies in the agricultural sector is increasing.
According a P&S Intelligence report, in 2019, the global AI in agriculture market attained a value of $671.6 million and is predicted to generate a revenue of $11,200.1 million by 2030, advancing at a 30.5% CAGR during the forecast period (2020–2030). Computer vision, predictive farming, and machine learning are the major AI technologies which are being used in the agricultural sector. Among these, the machine learning technology was the most in demand in the past, as this technology plays an important role in agricultural industry with a combination of data technologies and agronomic sciences, which are increasingly being adopted by farmers and agricultural businesses across the globe.
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Furthermore, the demand for software products is predicted to increase considerably in the near future, which is because of the growing utilization of AI software in several applications in order to perform several innovative agricultural practices efficiently. Computer vision, machine learning, and predictive analysis are the major AI technologies which are being used in the agricultural sector. The demand for machine learning technology has been the highest in the past and the situation is expected to remain the same in the coming years as well. This technology, along with a combination of data technologies and agronomic sciences, plays in important role in the agriculture industry.
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While North America and Europe have been the major users of AI in the agricultural industry in the past, the demand for this technology in the agriculture sector is expected to grow in Asia-Pacific (APAC), making it the fastest growing AI in agriculture market, in the coming years. This is because the rate of adoption of smart agriculture techniques such as precision farming, drone analytics, and agricultural robots is projected to grow at a higher pace in the coming years in APAC.
Some of the major players operating in the market are International Business Machines (IBM) Corporation, Microsoft Corporation, Bayer AG, Deere & Company, A.A.A Taranis Visual Ltd., AgEagle Aerial Systems Inc., AGCO Corporation, Raven Industries Inc., Ag Leader Technology, Trimble Inc., Google LLC, Gamaya SA, Granular Inc.
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