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(CityRegions.Com, October 01, 2024 ) According to the latest research by InsightAce Analytic, the Global AI in Precision Agriculture Market is valued at US$ 7.2 Bn in 2023, and it is expected to reach US$ 20.9 Bn by 2031, with a CAGR of 14.7% during the forecast period of 2024-2031.
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AI in precision agriculture is fundamentally a comprehensive farming strategy that leverages advanced technologies to optimize various facets of crop production. Precision agriculture transform farming with AI and data analysis to enhance crop productivity conserves resources and address environmental concerns. In precision agriculture, precision agriculture technologies such as AI, GPS, and data-driven insights are integrated for efficient farming. This approach improves the crop production through real-time information on soil conditions, climate, and crop health, empowering farmers to make accurate decisions. The result is enhanced productivity, reduced costs, and improved sustainability for the future of agriculture. Today, the agriculture industry is at the cusp of technological advancements wherein, the smart machines and intelligent robots, slowly but steadily, are making their way into agriculture. They are powered by artificial intelligence (AI) algorithms, deep learning (DL), machine learning (ML) systems and data analytics that may provide us with a solution and steer us towards a possible second green revolution, which hopefully, will keep humans fed on an ongoing basis. Attenuating to the fact that the planet earth has gone unpredictable, but we now have technologies such as AI and Big Data Analytics that seem to raise hope, upholding the promise of revolutionizing agriculture for the betterment of human lives in a big way.
List of Prominent Players in the AI in Precision Agriculture Market:
• IBM Corporation
• Microsoft Corporation
• John Deere
• Monsanto Company
• Syngenta AG
• Trimble Inc.
• Deere & Company
• AGCO Corporation
• Climate Corporation
• Descartes Labs
• Granular Inc.
• Prospera Technologies Ltd.
• Taranis
• Blue River Technology
• PrecisionHawk
• Farmwise
• Gamaya
• The Climate Corporation
• Ceres Imaging
• Awhere Inc.
• Tule Technologies
• AgEagle Aerial Systems Inc.
• Harvest Croo Robotics
• CNH Industrial N.V.
• Others
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Market Dynamics:
Drivers:
The increasing need for maximizing crop yield and optimizing resource use amidst growing global food demand is significant. AI-driven technologies like machine learning and predictive analytics enhance decision-making, enabling precise irrigation, fertilization, and pest management. Advancements in IoT devices and sensors facilitate real-time data collection and monitoring, improving overall farm management. Supportive government initiatives and subsidies promoting smart farming practices encourage adoption. Additionally, the rising awareness of sustainable farming methods and the environmental benefits of precision agriculture drive market growth. Finally, decreasing costs of AI technologies and increased investment in agricultural tech startups further propel the AI in precision agriculture market.
Challenges:
The AI in precision agriculture market faces several challenges. High initial costs and complex integration processes deter small and medium-sized farms from adopting AI technologies. Data privacy and security concerns, especially with the extensive data collection involved, pose significant risks. Additionally, there's a lack of standardized protocols and interoperability between various AI systems and agricultural equipment. Limited technical expertise among farmers further hampers effective implementation and utilization of AI tools. Variability in internet connectivity in rural areas also restricts the consistent deployment of AI solutions. Moreover, regulatory and compliance issues related to data usage and technology standards create additional hurdles for widespread adoption.
Regional Trends:
The North America AI in precision agriculture market is expected to register major market share in terms of revenue and projected to grow at a high CAGR in the near future. The region's advanced technological infrastructure, coupled with increasing adoption of AI-driven solutions for enhancing crop productivity and efficiency, drives this growth. Additionally, the market is projected to register a high CAGR in the near future, driven by investments in smart farming technologies and supportive government initiatives. Besides, Europe had a substantial share in the market due to the region's advanced agricultural infrastructure, significant investments in AI technologies, and supportive government policies. The integration of AI-driven tools for crop monitoring, yield prediction, and soil management has enhanced agricultural productivity and sustainability.
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Recent Developments:
• In May 2022, Alliance for a Green Revolution in Africa (AGRA) and Microsoft announced the expansion of their partnership to advance digital agriculture transformation in Africa to improve food security. The partnership of AGRA with Microsoft will support governments, farmers, and small and medium-sized enterprises (SMEs) to build food systems in the region by using digital tools provided by Microsoft.
• In February 2022, Farmers Edge and Deere & Company (US), a manufacturer of agriculture machinery and heavy equipment, entered into an agreement allowing users of Farm Command to integrate their data with the John Deer Operations Center account. This will give users the insights to make decisions that drive yields and profits.
Segmentation of AI in Precision Agriculture Market
AI in Precision Agriculture Market- By Type
• Machine Learning
• Computer Vision
• Natural Language Processing
• Predictive Analytics
• Remote Sensing
AI in Precision Agriculture Market- By Application
• Crop Monitoring Yield Prediction Soil Analysis
• Irrigation Management
• Pest and Disease Detection
• Livestock Monitoring
AI in Precision Agriculture Market- By Component
• Hardware
• Software
• Services
AI in Precision Agriculture Market- By End User
• Farmers/Growers
• Agricultural Cooperatives
• Agricultural Consultants
• Research and Educational Institutes
• Government Bodies
AI in Precision Agriculture Market- By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Insight Ace Analytics
Diana D’souza
+917972967118
diana.dsouza@insightaceanalytics.com
Source: EmailWire.Com 
Source: EmailWire.com
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