Changing weather conditions and rising global temperature can affect farmers who are highly dependent on weather conditions and timely rains for their crop cultivation. Hence leveraging the artificial intelligence (AI) and cloud services and solutions to predict advisories regarding weather conditions, sowing time, pest control and pest attacks, and pricing, can aid farmers towards producing higher crop yield and generate higher revenues.
Increasing adoption of internet of things (IoT) devices and connected devices in agriculture sector is a key factor driving growth of the global artificial intelligence (AI) in agriculture market. In addition, increasing adoption of modern and smart agriculture techniques is another factor driving growth of the target market. A major factor hampering growth of the global artificial intelligence (AI) in agriculture is high associated cost of artificial intelligence technology.
Government initiatives to support digital agriculture in various developing countries is further fueling growth of the target market. For instance, farmers in villages of states in India including Maharashtra, Madhya Pradesh, and Telangana receive voice calls related to risks of pest attack to their crops, based on crop stages and weather conditions in that particular region. Additionally, State Government of Karnataka has deployed solutions that can receive price forecast for basic commodities with the help of predictive analytics.
The global artificial intelligence (AI) in agriculture market is segmented on the basis of component, technology, application, and region. Among application segment, the precision farming segment accounts for highest share in the global market and is expected to maintain its dominance over the forecast period, owing to increasing smart agriculture practices in various countries across the globe.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market is North America accounts for highest revenue share, whereas the market in Asia Pacific is expected to witness highest growth during the forecast period.
Key players in the global market are International Business Machines Corporation, Deere & Company, Microsoft Corporation, Agribotix LLC, The Climate Corporation, Mavrx Inc., PrecisionHawk, Granular Inc., Gamaya, aWhere Inc., and other prominent and domestic players.