For enhanced agricultural production, farmers are increasingly adopting tools that help them monitor their livestock and as a result, according to a new report from P&S Intelligence, the global AI in agriculture market size is expected to register an “explosive” 24.8% CAGR between 2020 and 2030.
Findings reveal that a combination of a growing population, surging disposable income and increased demand for milk, wool, eggs and meat, will result in the value of the market rising from US$852.2 million in 2019 to US$8.4 billion in 2030.
“This is helping in the advance of the AI in agriculture market, as farmers are now using numerous AI-driven livestock facial recognition, image classification, and feeding pattern tracking solutions,” authors of the report note.
“By monitoring the animals' facial features, hide patterns, food and water intake, as well as behavior and temperature, with the help of AI, dairy farmers are able to keep track of their livestock's health and look for diseases before severe symptoms appear.”
In the coming years, the highest CAGR in the AI agriculture market is projected to be witnessed in the drone analytics classification, the report notes.
“The demand for better-quality food crops is rising, which is resulting in a rising funding for the adoption of drones in agricultural fields,” P&S Intelligence said. “The growing agricultural sector of Latin America (LATAM) and Asia-Pacific (APAC) is predicted to propel the demand for AI-driven drone analytics solutions for agriculture.
North America currently generates the highest revenue for the AI in agriculture market, due to “the early integration of new technologies, such as computer vision and machine learning, for livestock management, precision farming, soil management, greenhouse management, and other agricultural purposes.
Additionally, the agrarian community is combining the computer vision technology with the internet of things (IoT), thereby driving the regional industry.
However, in future years, the fastest growth in the AI in agriculture market will take place in Asia-Pacific, “owing to the rising adoption of agricultural robots and drone analytics and precision farming technologies, primarily in China, India, Thailand, and Indonesia.
“In addition, the increasing awareness of these advanced technologies and government support for their adoption would further increase the uptake of artificial intelligence solutions in the regional agricultural sector.”