The ai in precision farming global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
AI In Precision Farming Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The AI in precision farming market size has grown rapidly in recent years. It will grow from $0.66 billion in 2023 to $0.78 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth in the historic period can be attributed to the evolution of AI algorithms, increased demand for food production, cost reduction, environmental sustainability, and government support and subsidies.
The AI in precision farming market size is expected to see exponential growth in the next few years. It will grow to $1.63 billion in 2028 at a compound annual growth rate (CAGR) of 20.0%. The growth in the forecast period can be attributed to the adoption of IoT devices, rising environmental concerns, increasing demand for sustainable agriculture, a shift towards smart farming systems, and demand for quality and traceability. Major trends in the forecast period include integration with robotics, tools for crop monitoring, adoption of AI for supply chain optimization, technology-driven precision irrigation systems, and the emergence of decision support systems.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
AI In Precision Farming Market Overview
Market Drivers –
The limited availability of arable land is expected to propel the growth of the AI in precision farming market going forward. Arable land refers to land that is suitable for agricultural cultivation, specifically for growing crops. There is limited availability of arable land due to several factors, including urbanization, soil degradation, and climate change pressures. AI in precision farming addresses the challenges of limited arable land by optimizing resource usage and enhancing crop productivity through data-driven decisions and targeted interventions. For instance, in February 2022, according to the United States Department of Agriculture, a US-based federal agency, the United States had an estimated 2,012,050 farms in 2021, reflecting a decrease of 6,950 farms from the previous year. Additionally, the total land in farms amounted to 895,300,000 acres, marking a decline of 1,300,000 acres compared to 2020. Therefore, the limited availability of arable land is driving the growth of the AI in precision farming market.
Market Trends –
Major companies operating in AI in the precision farming market are focused on forming strategic partnerships to gain a competitive edge in the market. These partnerships play a crucial role in advancing AI in precision farming by leveraging the strengths and resources of multiple organizations to develop innovative solutions, scale adoption, and address key challenges in agriculture. For instance, in March 2022, Sway AI, a US-based developer of no-code artificial intelligence applications, partnered with Trilogy Networks, a US-based agriculture technology company, to enable AI technology for precision farming. Through this partnership, Sway AI joined the Rural Cloud Initiative (RCI), a network and edge innovation group dedicated to supporting and accelerating rural America’s digital transformation. This collaboration will result in a comprehensive AI-enabled precision agriculture solution for farmers. To address the rising industry issue of data fragmentation, Sway AI and Trilogy Networks formed a collaboration to combine information and improve decision-making throughout the whole production process.
The ai in precision farming market covered in this report is segmented –
1) By Type: Machine Learning, Computer Vision, Other Types
2) By Offering: Hardware, Software, AI-as-a-Service, Service
3) By Application: Experimental Study, Farm Management, Private Planting, Other Applications
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Regional Insights –
North America was the largest region in the AI in precision farming market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in precision farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the AI in precision farming market report are Microsoft Corporation; Robert Bosch GmbH; Intel Corporation; International Business Machines Corporation; Bayer AG; Deere & Company; SAP SE; Yara International ASA; DTN LLC; FarmWise Labs Inc.; Taranis Visual Ltd.; Blue River Technology Inc.; Agworld Inc.; Ceres Imaging Inc.; PrecisionHawk Inc.; FarmLogs Inc.; Prospera Technologies Ltd.; Arable Labs Inc.; Agribotix LLC; Resson Aerospace Corporation
Table of Contents
1. Executive Summary
2. AI In Precision Farming Market Report Structure
3. AI In Precision Farming Market Trends And Strategies
4. AI In Precision Farming Market – Macro Economic Scenario
5. AI In Precision Farming Market Size And Growth
…..
27. AI In Precision Farming Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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