DUBLIN, Dec. 13, 2019 /PRNewswire/ -- The "Global Artificial Intelligence (AI) in Agriculture Market: Focus on Product Type (Software, Hardware, AI-as-a-Service), Farming Type (Field Farming, Livestock, Indoor), Application (Crop Protection, Weather Forecasting, Automation), Funding - Analysis and Forecast, 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The Global Artificial Intelligence (AI) in Agriculture Market Analysis projects the market to grow at a significant CAGR of 28.38% during the forecast period from 2019 to 2024.
The reported growth in the market is expected to be driven by the increasing need to optimize farm operation planning, growing demand to derive insights from emerging complexities of data-driven farming and rising development of autonomous equipment in agriculture.
Artificial intelligence has emerged to be a strong driving force behind the growth of data-driven farming. Regions and countries where agriculture is the major source of livelihood and sustenance, artificial intelligence technology has led to greater profitability in the farms of those economies.
The reduction in expenditure and resultant positive RoI with AI's integration in farm equipment and operations has even reached above 30% in a few countries. Such favorable advantages associated with the technology have led to extensive investments by all types of stakeholders including government, private investors, corporations, and academic institutions, from across the world.
Artificial intelligence has become the leader of deep technologies in the era of precision agriculture. It has created the widest impact across agricultural sectors including crop and livestock over recent years. Governments of the majority of the leading countries in the agriculture market are working on their respective national AI strategies. This technology has fastened the digital transformation process, even in sluggish agricultural economies. Its capability to enable precision and autonomy in farm operations has especially caught the attention of growers across the world.
Scope of the Report
The global artificial intelligence in agriculture market research provides a detailed perspective regarding the adoption of AI technology in the agriculture industry, its market size in value, its estimation, and forecast, among others. The purpose of this market analysis is to examine the outlook of artificial intelligence technology in the agriculture industry in terms of factors driving the market, trends, developments, and regulatory landscape, among others.
The report further takes into consideration the funding and investment landscape, government initiatives landscape, market dynamics, and the competitive landscape, along with the detailed financial and product contributions of the key players operating in the market. The artificial intelligence in the agriculture market report is a compilation of different segments including market breakdown by product offering, farming type, application, and region.
The global artificial intelligence in the agriculture market (on the basis of product offering) is segmented into software, hardware, AI-as-a-Service, and support services. The software segment dominated the global artificial intelligence in the agriculture market in 2018 and is anticipated to maintain its dominance in market size throughout the forecast period (2019-2024) with hardware and AI-as-a-Service experiencing higher growth rates.
The global artificial intelligence in the agriculture market (on the basis of farming type) is segmented into field farming, livestock farming, indoor farming, and other farming types such as aquaculture. The field farming segment dominated the global artificial intelligence in the agriculture market in 2018 and is anticipated to maintain its dominance throughout the forecast period (2019-2024).
The global artificial intelligence in the agriculture market (on the basis of application) is segmented into crop protection, weather forecasting, precision farming, farm machinery automation, crop growth assessment, and other applications under the category crop, fruit, and vegetable farming. The market is also segmented into animal growth monitoring, animal health monitoring, and other applications under the category livestock and aquaculture farming. The crop protection segment dominated the global artificial intelligence in agriculture market in 2018. Applications such as farm machinery automation and precision farming (across crop and livestock) are anticipated to experience higher growth rates over the forecast period (2019-2024).
The global artificial intelligence in the agriculture market by region is segregated under four major regions, namely North America, Europe, APAC, and Rest-of-the-World. Data for each of these regions has been provided by country. Interesting regional market dynamics have also been provided in the report.
Key Companies in the Global Artificial Intelligence in Agriculture Market
The key market players in the global artificial intelligence in agriculture market include Alibaba Group Holding Limited, AgEagle Aerial Systems Inc., BASF SE, The Climate Corporation (A Bayer AG Company), Deere & Company, IBM Corporation, JD.com Inc., Microsoft Corporation, Robert Bosch GmbH, SAP SE, Connecterra B.V., Descartes Labs, Gamaya SA, Granular Inc., Harvest Croo Robotics, PrecisionHawk, Prospera Technologies Ltd., Root AI Inc., SZ DJI Technology Co. Ltd., Vineview, AGCO Corporation, Capgemini SE, Cargill Inc., CNH Industrial N.V., Iteris Inc., Lindsay Corporation, Abundant Robotics Inc., aWhere Inc., Aquabyte Inc., Ceres Imaging, Delair, ecoRobotix Ltd., Farmers Edge, Taranis, and XAG Co. Ltd., among others.
Key Topics Covered
1 Market Dynamics
1.2 Impact Analysis
1.3 Market Drivers
1.3.1 Growing Need for Precision and Efficiency in Agricultural Operations
1.3.2 Emerging Complexities in Data-Driven Farming
1.3.3 Rising Demand for Autonomous Equipment
1.4 Market Restraints
1.4.1 Data Privacy Concerns Among Farmers
1.4.2 Lack of Technical Infrastructure in Developing Countries
1.5 Market Opportunities
1.5.1 Favorable Government Initiatives to Support AI in Agriculture
1.5.2 Increase in Implementation of Robots and Drones in Agriculture
1.5.3 Rise in Adoption of SaaS Business Model in Agriculture
2 Competitive Insights
2.1 Key Strategies and Developments
2.1.1 Partnerships, Collaborations, and Joint Ventures
2.1.2 Product Launches and Developments
2.1.3 Business Expansions and Contracts
2.1.4 Mergers and Acquisitions
2.1.5 Others (Awards and Recognition)
2.2 Competitive Benchmarking of Agricultural AI Analytics Companies
3 Industry Analysis
3.1 Artificial Intelligence in Agriculture: Technology Ecosystem
3.1.1 AI Technology Stack
220.127.116.11 AI-Powered Technologies
18.104.22.168.1 Machine Learning
22.214.171.124.2 Computer Vision
126.96.36.199.3 Deep Learning
188.8.131.52.4 Speech Recognition Technology
184.108.40.206.5 Other Technologies
220.127.116.11 AI Technology Classifications
18.104.22.168.1 AI Technology (by Functionality)
22.214.171.124.1.1 Reactive Machines
126.96.36.199.1.2 Limited Memory
188.8.131.52.1.3 Theory of Mind
184.108.40.206.2 AI Technology (by Capability)
220.127.116.11.2.1 Weak AI
18.104.22.168.2.2 General AI
22.214.171.124.2.3 Strong AI
3.1.2 Key AI Use Cases in Agriculture
126.96.36.199 Predictive Analytics
188.8.131.52 Drones / UAVs
184.108.40.206 Autonomous Vehicles
3.2 Key Consortiums and Associations
3.3 Investment and Funding Landscape
3.4 Government Initiatives Landscape
3.4.1 North America
4 Global Artificial Intelligence in Agriculture Market (by Product Offering), $Million
4.1 Assumptions and Limitations for Analysis and Forecast of the Global Artificial Intelligence in Agriculture Market
4.2 Market Overview
4.5 Artificial Intelligence-as-a-Service (AIaaS)
4.6 Support Services
5 Global Artificial Intelligence in Agriculture Market (by Farming Type), $Million
5.1 Market Overview
5.2 Field Farming
5.3 Indoor Farming
5.4 Livestock Farming
6 Global Artificial Intelligence in Agriculture Market (by Application), $Million
6.1 Market Overview
6.2 Crops, Fruits, Vegetables, and Other Plants
6.2.1 Crop Protection
6.2.2 Weather Forecasting
6.2.3 Precision Farming
6.2.4 Farm Machinery Automation
6.2.5 Crop Growth Assessment
6.3 Livestock and Aquaculture
6.3.1 Animal Growth Monitoring
6.3.2 Animal Health Monitoring
7 Global Artificial Intelligence in Agriculture Market (by Region), $Million
7.1 Market Overview
7.2 North America
7.5 Rest-of-the-World (RoW)
8 Company Profiles
Existing Market Players
8.2 Alibaba Group Holding Limited
8.3 AgEagle Aerial Systems Inc.
8.4 BASF SE
8.5 The Climate Corporation (a Bayer AG Company)
8.6 Deere & Company
8.7 IBM Corporation
8.8 JD.com, Inc.
8.9 Microsoft Corporation
8.10 Robert Bosch GmbH
8.11 SAP SE
Emerging Market Players
8.12 AGCO Corporation
8.13 Capgemini SE
8.14 Cargill, Inc.
8.15 CNH Industrial N.V.
8.16 Iteris, Inc.
8.17 Lindsay Corporation
Existing Market Players
8.18 Connecterra B.V.
8.19 Descartes Labs, Inc.
8.20 Gamaya SA
8.21 Granular Inc.
8.22 Harvest Croo Robotics, LLC
8.23 PrecisionHawk Inc.
8.24 Prospera Technologies Ltd.,
8.25 Root AI, Inc.
8.26 SZ DJI Technology Co. Ltd
Emerging Market Players
8.28 Abundant Robotics Inc.
8.29 Aquabyte, Inc.
8.30 aWhere Inc.
8.31 Ceres Imaging Inc.
8.33 ecoRobotix Ltd.
8.34 Farmers Edge
8.35 Taranis Ag
8.36 XAG Co., Ltd.
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