As the population across the globe has been growing, the demand for agricultural products has been growing as well. Countries including Brazil, India, China, and the U.S. are witnessing high demand for food products, owing to rapid urbanization, increasing disposable income, and changing consumption habits of the growing population. In order to cater to the needs of this increasing population, the agriculture industry has been making use of advanced technologies, including the artificial intelligence (AI), for increasing efficiency and productivity on fields.
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Attributed to this, the global AI in agriculture market is expected to register substantial growth in the near future. By making use of AI, farmers can monitor their live-stock in real-time. AI solutions including, image classification with body condition score and feeding patterns and facial recognition for livestock, dairy farms can now individually monitor the behavioral aspects of animals. In addition to this, farmers are using machine vision, which aids them in recognizing facial features and hide patterns.
Farmers are also able to monitor water and food intake of livestock and record their body temperature and behavior. It is because of such advantages of AI that its demand in the agricultural sector is increasing at a rapid pace. According to a research conducted by P&S Intelligence, the global AI in agriculture market is predicted to generate a revenue of $8,379.5, increasing from $852.2 million, and is expected to witness a 24.8% CAGR during the forecast period (2020–2030).
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The service division is predicted to register the faster growth during the forecast period, because of the increasing adoption of AI solutions in the agricultural sector, which is creating high demand for proper maintenance, installation, and training services among industry stakeholders and farmers. The division is further categorized into professional and managed, between which, the professional category is projected to progress at a faster pace during the forecast period. This is due to the rising need for training, support, and maintenance services by farmers.
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