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Artificial Intelligence Market in Agriculture Size, Share, Development, Growth and Demand Forecast to 2023

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According to a report by the United Nations (UN), the global population is expected to reach nearly nine billion people by 2050. This indicates a significant increase in agricultural production to meet the growing demand for food, globally. Also, it has led to development of new technologies, such as artificial intelligence, in agriculture. Agriculture industry demands new and innovative technologies to face and overcome the growing challenge of meet the increasing demand for food. Artificial intelligence is one of the promising technologies of recent times, which is capable of catering to the ongoing food demand from the agriculture sector through increased production.

Through the adoption of artificial intelligence in agriculture, the new digital technologies are capable of enhancing food production, while adding significant value to the entire farm to consumer supply chain. The combination of internet of things and advanced analytics through artificial intelligence further allow farmers to analyze real time data of weather conditions, temperature, moisture and crop prices in the market. Remote sensors, satellites, and unmanned aerial vehicles (UAVs) can gather information 24 hours a day over an entire field. The amount of data collected through these sensors can generate significant insights, providing useful information on how to reduce cost and optimize production.

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The most significant factor driving the demand for artificial intelligence in agriculture sector is the continuous surge in demand for agriculture robots, globally. This growth in demand is attributed to relative reduction in the average available agricultural workforce. Agriculture robots are expected to replace human labor and help overcome the scarcity of physical labor in near future. The trend toward digital agriculture and new farming technologies has opened up new growth opportunities.

The growing demand for remote sensors which enables algorithms to interpret a field’s environment as statistical data to be understood and used by farmers for decision-making is driving the artificial intelligence market in agriculture. The hardware in artificial intelligence include sensors and agriculture drones that collect data from farmlands, or fields or while transportation. The data collected further enables the farmers and other agriculture stakeholders with information regarding soil health, seeds, crops, livestock, farm equipment or the use of water and fertilizer.  Artificial intelligence expert system for livestock is another factor driving the global artificial intelligence market in agriculture. The system providing information about dairy cattle improvement, medications, health and welfare of livestock has gained interest of cattle owners in the recent past.

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Automated irrigation system is another factor driving the market growth. Automated irrigation mechanism through artificial intelligence enables farmers to reduce the production cost, thereby making the agriculture industry more competitive and sustainable. Crop health monitoring creates huge growth opportunity for artificial intelligence market in agriculture. Remote sensing techniques can play a vital role in surveying the quality and crop producing ability of an agricultural land. Since conventional methods are often time consuming, artificial intelligence technologies, trained use of hyperspectral imaging, 3D mapping, and spectroscopy would allow for a substantial increase in the number of field observation than conventional methods.

Advancement in computer hardware and software over the past few years, and the number of providers offering data-driven solutions has increased. This has resulted in the relative success of artificial intelligence-based technology in fields such as healthcare, finance and manufacturing and has also grabbed the attention of agriculture industry.

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