Internet of Things (IoT) Penetration to Drive Artificial Intelligence (AI) Market in Agriculture
The increasing penetration of internet of things (IoT) in the agriculture industry, popularity of cattle facial recognition software, and decreasing price of sensors are instrumental in driving the artificial intelligence (AI) market in agriculture forward. In 2016, the market generated a revenue of $110.3 million and is projected to grow at a CAGR of 23.2% during the forecast period (2017–2023). The substitution of human intelligence and manual efforts by computer-aided technology in gardening and farming applications is referred to as AI in agriculture.
The AI market in agriculture is witnessing the trend of robotics in agricultural practices. Farming has become modernized with the growing research and development activities in the field of robotics. This is being done by agriculture stakeholders, who are focusing on reducing the carbon footprint and maximizing the output productivity. Market players in the robotics market are providing products that can perform in unstructured and dynamic agricultural environments.
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The AI market in agriculture is segmented by region, solution, and type. Based on solution, the categories are crop monitoring, robotics, AI-guided drone, and automated irrigation. In 2016, accounting for more than 35.0% global revenue, crop monitoring was the largest category. However, AI-guided drone is projected to be the fastest growing category during the forecast period. This is because such drones can go beyond the reach of global positioning systems to monitor the field and crops.
On the basis of region, in 2016, North America was the largest market for AI in agriculture, with the U.S. accounting for over 30.0% of the total revenue. It is also expected to be the market leader during the forecast period. Companies operating in the U.S. are focusing on application areas, such as animal face recognition, speech recognition, and natural language processing, which use the AI technology. Adding to the growth of the North American region is the rising number of start-ups, bringing advanced AI-based technologies in the agriculture sector.
Therefore, the market for AI in agriculture is projected to prosper during the forecast period owing to the amalgamation of technology and farming practices.
