AI In Agriculture Market Estimated to Cross USD 2,075 Million Globally By 2024: ZMR Report
Sarasota, FL -- (SBWIRE) -- 01/11/2019 -- 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.
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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 to open 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. Regional segmentation of the AI in agriculture market includes Asia Pacific, North America, the Middle East, and Africa, Europe, and Latin America.
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 AgricultureMarket: TechnologySegment Analysis
AI in AgricultureMarket: ComponentSegment Analysis
AI in AgricultureMarket: ApplicationSegment Analysis
Crop Health Monitoring
Automated Irrigation Systems
AI in AgricultureMarket: Regional Segment Analysis
The Middle East and Africa
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