As per BIS Research, the global artificial intelligence in agriculture industry is expected to reach $6,655.1 million by 2026, with a CAGR of 30.56% during the forecast period 2021-2026. The growth rate in the market is because of the increased awareness of artificial intelligence-based solutions in some regions of the world.
The global agriculture industry is witnessing a rapid change of rising urbanization and modernization in the present decade. As the global population is growing and international trade policies are changing rapidly, the pricing and supply chain of agricultural products are adversely affected.
Artificial intelligence technology brings the concept of cognitive computing to agriculture, where the farm equipment intelligence is modeled on human intelligence. The capabilities enabled by this technology allow the farm equipment and solutions to interpret, acquire, and react to unpredictable farm situations with enhanced efficiency. Artificial intelligence technologies help farmers in optimizing their planning to generate profitable crop yields using predictable analytics for agri-input choices and farm process planning.
Although artificial intelligence technology has led to excitement in the whole industry, for agricultural AI players to quickly adopt the same and survive in the market, understanding the driving and restraint factors of the market is crucial.
Impact of COVID-19 on Artificial intelligence in agriculture industry:
The supply chain for the majority of the industries across the globe got impacted due to the COVID-19 pandemic, including the artificial intelligence in agriculture industry. During the COVID-19 outbreak, the supply chain of the agriculture industry was disrupted. During the COVID-19 pandemic, agricultural production was hindered for farmers, which led to a decrease in their revenue generation. This has left the farmers in no position to invest in modern agricultural equipment.
Software as a Product Offering Maximizes the Growth of AI in Agriculture:
Originally, artificial intelligence in the agriculture industry had been offered as a software platform. However, in the past three years, a new pricing model and mode of product offering have emerged where the solution providers are billing the customers on the amount of artificial intelligence capability used, including AI-based hardware and software. This pricing and business model are popularly termed as AI-as-a-Service (AIaaS). Presently, AI companies in agriculture also offer support services as product offerings.
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North America Leading the Global Artificial intelligence in agriculture industry:
The governing trends of artificial intelligence in agriculture industry vary across different regions. Artificial intelligence in agriculture industry holds a prominent share in various countries of North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW), including the U.K. and China.
Key Companies in the Digital Agriculture Marketplace Market:
Some of the key players operating in the market include Agrivi, Alibaba Group Holding Limited, Ceres Imaging, CNH Industrial N.V., Granular Inc., Harvest Crop Robotics, LLC, IBM Corporation, Microsoft Corporation, Prospera Technologies, Robert Bosch GmbH, The Climate Corporation., among others.
Key Questions Answered in the Report
• What is the estimated global artificial intelligence in agriculture industry size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
• What are the key trends, market drivers, and opportunities in the market pertaining to artificial intelligence in agriculture?
• What are the major restraints inhibiting the growth of global artificial intelligence in agriculture industry?
• What kinds of new strategies are being adopted by the existing market players to strengthen their market position in the industry?
• What is the competitive strength of the key players in the artificial intelligence in agriculture industry based on an analysis of their recent developments, product offerings, and regional presence?
• How is the competitive benchmarking of the key artificial intelligence in agriculture companies in the agriculture market based on the analysis of their market coverage and market potential?
• How much revenue is each segment expected to record during the forecast period, along with the growth percentage?
• What is the type of players and stakeholders operating in the market ecosystem of artificial intelligence in agriculture, and what is their significance in the global market?
About BIS Research:
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