Increasing Need for Real-Time Analytics in Agriculture to Fuel Artificial Intelligence (AI) in Agriculture Market Growth During Forecast Period
Real-time data from agricultural farms enables timely decision-making for preventative measures. AI provides real-time data and insights on soil moisture, crop growth, and weather conditions, which helps farmers make informed decisions about planting, irrigation, and fertilization. For instance, using computer vision to monitor crop growth can help farmers identify issues such as disease and pest infestation early, allowing them to take action before any significant damage. Farmers in North America, South America, and Europe employ sensors, drones, and soil samples in their farms to collect data related to soil moisture and nutrient levels. Farmers and producers in the US, Canada, Brazil, and Western Europe use high-tech instruments for data collection and analysis. The collection of the right data provides appropriate calculations and optimization of several operations, allowing more precise agriculture and faster decisions. The artificial intelligence (AI) in agriculture market forecast can help stakeholders plan their growth strategies.
For carrying out several agricultural operations, such as spraying pest-control chemicals or other compounds, the collection of real-time data is necessary. The fluctuation in weather conditions has also surged the need for real-time analytics. Real-time weather monitoring assists in precise irrigation, reducing water wastage, and maximizing crop yield. It aids in effective pest control by monitoring weather conditions that favor pests, reducing the need for broad-spectrum pesticides. Thus, the increasing need for real-time analytics in agriculture drives the artificial intelligence (AI) in agriculture market growth.
Artificial Intelligence (AI) in Agriculture Market: Industry Overview
The artificial intelligence (AI) in agriculture market report emphasizes the key factors driving the market and showcases the developments of prominent players. The market has been segmented on the basis of component, application, and geography. Based on component, the market is segmented into hardware, software, and services. Based on application, the market is divided into precision farming, drone analytics, agriculture robots, livestock monitoring, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
The UK held the largest artificial intelligence (AI) in agriculture market share in Europe. The UK boasts world-class technology and research capabilities and is the global leader in the development of AI-enabled solutions. Moreover, UK researchers are using AI to revolutionize traditional industries such as farming. As per January 2024 data, researchers at Harper Adams University are trying to make farming more sustainable and productive with AI. The UK government has also announced US$ 39.82 million in funding to support the development of artificial intelligence projects across diverse sectors such as farming, fashion, and emergency services. An additional US$ 5.38 million has been awarded to feasibility studies for 100 projects from small businesses, fostering innovative AI ideas to boost productivity across various sectors. Thus, such government support is projected to propel the growth of artificial intelligence (AI) in agriculture market.
France accounted for the significant artificial intelligence (AI) in agriculture market share in 2022. The French government is focusing on agriculture and innovation with the launch of several technologies. In September 2021, the French government launched AgriTech to support the development, maturation, and export of know-how in the AgriTech and FoodTech sectors. Further, players across France are indulging in revolutionizing the agriculture sector. For example, in September 2023, ATV partnered with UrbanMatrix to revolutionize agriculture in France with advanced drone technology. This partnership aims to address the frost problem by harnessing cutting-edge UAV solutions, marking a significant step toward smart farming. Artificial intelligence (AI) in agriculture market trends, such as the adoption of UAVs, is anticipated to boost market growth.
Italy is adopting IoT and AI to transform its agriculture sector. Various smart greenhouses across Germany use sensors and machine learning algorithms to create an optimal controlled environment for plant growth. In November 2023, Ploovium, a project, was exhibited at Maker Faire Rome 2023. It is an advanced preventive irrigation planning solution. The software knows when to rinse, and the smart, precise app learns the water behavior of the soil and communicates five days in advance when to irrigate and how much water to give to each field. Ploovium combines the use of data analytics, AI, sensors, big data, and mechanical actuators. Thus, the launch of such projects in the region is propelling the use of AI in agriculture.
Artificial Intelligence (AI) in Agriculture Market: Competitive Landscape and Key Developments
The artificial intelligence (AI) in agriculture market analysis is carried out by identifying and evaluating key players in the market across different regions. Tule Technologies Inc, Precisionhawk Inc, Easytosee Agtech Sl, Deere & Co, Climate LLC, Gamaya Sa, International Business Machines Corp, Microsoft Corp, Prospera Technologies Ltd, and Taranis are among the prominent players profiled in the artificial intelligence (AI) in agriculture market report. Several other players have also been studied and analyzed during the study to get a holistic view of the market and its ecosystem. As per company press releases, below are a few key developments:
- In 2023, DeepAgro, an Argentine company, unveiled their artificial intelligence-based crop selective weeder technology, SprAI, at the Global Consumer Electronics Show (CES) in Las Vegas, US. SprAI, a selective herbicide, can be used to save excessive waste in crop areas. When compared to conventional spraying, SprAI technology can reduce pesticide use by 70% and environmental contamination by 45%.
- In 2022, DJI Agriculture introduced the Mavic 3 Multispectral. This includes a multispectral imaging system that quickly captures crop growth information to achieve more effective crop production for a wide range of application scenarios in precision agriculture and environmental monitoring. The deployment of this system will assist farmers in improving the quality and efficiency of their production, lowering costs, and increasing income.
- In 2023, Microsoft is aiming to build tools that help farmers grow more sustainably by leveraging data and AI. Affordable internet-connected sensors powered by cloud technology, AI, and machine learning enable farmers to capture and track operational data from soil, equipment, and livestock. This data can be used to improve yields while conserving resources, such as water. AI technology, such as Project FarmVibes.AI, can predict and plot fertilizer and herbicide amounts based on soil nutrients, forecast temperatures, and wind speeds, determine seed and irrigation depth, and guide crop practices to sequester carbon in the soil. These digital tools help farmers make informed decisions about their farms, optimizing harvests with minimal resources. By monitoring greenhouse gas emissions, water use, and pollution, the agricultural sector can help Europe achieve sustainable food systems and reduce the EU’s greenhouse gas emissions. Azure Data Manager for Agriculture automates environmental data capture, storage, and analysis, reducing manual data collection and enabling more accurate and detailed reporting.