Internet of Things Penetration to Drive Artificial Intelligence Market in Agriculture
The
increasing penetration of internet of things (IoT) in the agriculture industry,
popularity of cattle facial recognition software, and decreasing price of
sensors are instrumental in driving the artificial intelligence (AI) market
in agriculture forward. In 2016, the market generated a revenue of $110.3
million and is projected to grow at a CAGR of 23.2% during the forecast period
(2017–2023). The substitution of human intelligence and manual efforts by
computer-aided technology in gardening and farming applications is referred to
as AI in agriculture.
The
AI market in agriculture is witnessing the trend of robotics in
agricultural practices. Farming has become modernized with the growing research
and development activities in the field of robotics. This is being done by
agriculture stakeholders, who are focusing on reducing the carbon footprint and
maximizing the output productivity. Market players in the robotics market are
providing products that can perform in unstructured and dynamic agricultural environments.
The
key factor driving the AI market in agriculture is the increasing
penetration of IoT in the sector. The integration of technology with
agricultural practices is revolutionizing the way crops are grown. This
provides farmers with information in real time as well as future predictions
regarding crop yield estimation, soil nutrition, rainfall, and pest infestation
for better monitoring of the overall crop production. Besides monitoring the
crops heading toward the harvesting period, these technologies also help
farmers in improving their practices.
A
recent research mentioned that IoT device installations in the agriculture
sector are projected to reach 75 million in 2020 from 30 million in 2015,
attaining a 20.0% CAGR. Presently, the global IoT smart agriculture market is
being led by the U.S., which is producing 7,340 kg of cereal, such as wheat,
maize, rice, and barley, per hectare of farm compared to the global average of
3,851 kg. The major factor driving these installations is the decreasing price
of sensors.
Read Press Relase on Artificial Intelligence Market in Agriculture At @ https://www.psmarketresearch.com/press-release/ai-market-in-agriculture
On
the basis of region, in 2016, North America was the largest market for AI in
agriculture, with the U.S. accounting for over 30.0% of the total revenue. It
is also expected to be the market leader during the forecast period. Companies
operating in the U.S. are focusing on application areas, such as animal face
recognition, speech recognition, and natural language processing, which use the
AI technology. Adding to the growth of the North American region is the rising
number of start-ups, bringing advanced AI-based technologies in the agriculture
sector.
Therefore, the market for AI in agriculture is
projected to prosper during the forecast period owing to the amalgamation of
technology and farming practices.
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