CHICAGO, April 28, 2020 /PRNewswire/ -- According to the new market research report "Artificial Intelligence in Agriculture Market by Technology (Machine Learning, Computer Vision, and Predictive Analytics), Offering (Software, Hardware, AI-as-a-Service, and Services), Application, and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the Artificial Intelligence in Agriculture Market is estimated to be USD 1.0 billion in 2020 and is projected to reach USD 4.0 billion by 2026, at a CAGR of 25.5% between 2020 and 2026. The market growth is driven by the increasing implementation of data generation through sensors and aerial images for crops, increasing crop productivity through deep-learning technology, and government support for the adoption of modern agricultural techniques.
By application, drone analytics segment projected to register highest CAGR during forecast period
The market for drone analytics is expected to grow at the highest rate due to its extensive use for diagnosing and mapping to evaluate crop health and to make real-time decisions. Favorable government mandates for the use of drones in agriculture are also expected to fuel the growth of the drone analytics market. Increasing awareness among farm owners regarding the advantages associated with AI technology is expected to further fuel the growth of the AI in agriculture market.
By technology, computer vision segment to register highest CAGR during forecast period
The increasing use of computer vision technology for agriculture applications, such as plant image recognition and continuous plant health monitoring and analysis, is one of the major factors contributing to the growth of the computer vision segment. The other factors include higher adoption of robots and drones in agriculture farms and increasing demand for improved crop yield due to the rising population. Computer vision allows farmers and agribusinesses alike to make better decisions in real-time.
AI in agriculture market in APAC projected to register highest CAGR from 2020 to 2026
The AI in agriculture market in Asia Pacific is expected to witness the highest growth during the forecast period. The wide-scale adoption of AI technologies in agriculture farms is the key factor supporting the growth of the market in this region. AI is increasingly applied in the agriculture sector in developing countries, such as India and China. The increasing adoption of deep learning and computer vision algorithm for agriculture applications is also expected to fuel the growth of the AI in agriculture market in the Asia Pacific region.
International Business Machines Corp. (IBM) (US), Deere & Company (John Deere) (US), Microsoft Corporation (Microsoft) (US), Farmers Edge Inc. (Farmers Edge) (Canada), The Climate Corporation (Climate Corp.) (US), ec2ce (ec2ce) (Spain), Descartes Labs, Inc. (Descartes Labs) (US), AgEagle Aerial Systems (AgEagle) (US), and aWhere Inc. (aWhere) (US) are the prominent players in the AI in agriculture market.
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