Artificial Intelligence in Agriculture Market is estimated to be USD 1.0 billion in 2020 and is projected to reach USD 4.0 billion by 2026, at a CAGR of 25.5% between 2020 and 2026. The market growth is driven by the increasing implementation of data generation through sensors and aerial images for crops, increasing crop productivity through deep-learning technology, and government support for the adoption of modern agricultural techniques.
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By technology, machine learning segment to lead AI in agriculture market during forecast period
Machine learning-enabled solutions are being significantly adopted by agricultural organizations and farmers worldwide to enhance their farm productivity and gain a competitive edge in business operations. In the coming years, the application of machine learning in various agricultural practices is expected to rise exponentially.
By offering, software segment to hold largest share of AI in agriculture market during forecast period
The market for the software segment is mainly driven by the integration of mobile technologies with farming techniques, the growing use of AI software to improve farm efficiency, and the rising demand for real-time data management systems.
Americas accounted for largest share of AI in agriculture market in 2019
In the Americas, large scale agriculture players are already using AI technology to significantly improve the speed and accuracy of their planting and crop management techniques. Raizen, Brazilâ€™s leading sugar and ethanol producer, recently announced a partnership with Space Time Analytics (Brazil) to use AI to forecast the size of sugarcane harvests.
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International Business Machines Corp. (IBM) (US), Deere & Company (John Deere) (US), Microsoft Corporation (Microsoft) (US), Farmers Edge Inc. (Farmers Edge) (Canada), The Climate Corporation (Climate Corp.) (US), ec2ce (ec2ce) (Spain), Descartes Labs, Inc. (Descartes Labs) (US), AgEagle Aerial Systems (AgEagle) (US), and aWhere Inc. (aWhere) (US) are the prominent players in the AI in agriculture market.