Global Artificial Intelligence in Agriculture Market Expected to Grow in Value Over the Coming Years, with a CAGR of 38.3% - ResearchAndMarkets.com
Summary
According to a report by the publisher, the global AI in agriculture market generated revenue of $584.0 million in 2018 and is predicted to witness a CAGR of 38.3% in the coming years. This demand is primarily rising in countries including India, China, Brazil, and the U.S. because of the rapid urbanization, changing consumption habits of the populace, and increasing disposable income. This is because of the rising popularity of precision farming among the agrarian community, as there is a surging need for optimum yield using the limited available resources, which will eventually result in a reduction in the cost of crop production. Moreover, drones are increasingly being used in the agricultural sector for assisting in irrigation schedules, estimating yield data, scanning soil health, and applying fertilizers. Due to these factors, manufacturers in the robotics niche are coming up with offerings, which are equipped with AI, for operating in the dynamic and unstructured agricultural environment.