The AI in agriculture market generated a revenue of $852.2 million in 2019. Moreover, the market is predicted to attain a valuation of $8,379.5 million by 2030 and exhibit a CAGR of 24.8% between 2020 and 2030. The surging adoption of the internet of things (IoT) in agriculture processes, the burgeoning requirement for high crop yield, and the mushrooming usage of drones for pesticide spraying are the main market growth drivers.
With the rising urbanization rate, the changing dietary habits and surging disposable income of people, and the booming population levels, the demand for higher agricultural produce is growing explosively, especially in countries such as India, China, Brazil, and the U.S. This is propelling the adoption of AI-driven technologies in farming processes, as these technologies help farmers attain higher crop yield and agricultural productivity.
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Moreover, the growing requirement for livestock monitoring is massively boosting the demand for AI in agriculture processes. The adoption of advanced AI technologies such as image classification and facial recognition for livestock integrated with feeding patterns and body condition score allows dairy farmers to individually track and monitor the various behavioral aspects of the livestock.
Furthermore, many farmers are increasingly employing the use of machine vision for recognizing facial features and hide patterns, monitoring food and water intake of livestock, and recording the body temperature and behavior of the animals. Apart from the aforementioned factors, the ballooning usage of drones in agricultural operations is also fueling the expansion of the AI in agriculture market.
Farmers in many countries are increasingly using drones for monitoring the growth and health of crops, assisting in crop irrigation schedules, applying fertilizers, estimating yield data, and scanning soil health. Moreover, the enactment of government initiatives in several countries regarding the usage of drones for modernizing agricultural processes is further boosting the market advancement.
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