AI is making significant inroads in agriculture, expected to reach $10 billion by 2032.
As major industries race to embrace artificial intelligence (AI), experts predict that agriculture will be the next frontier for machine learning technology as adoption surges.
AI’s agricultural market share is expected to grow from less than $2 billion today to $10.1 billion by 2032. The predicted astronomical growth may result directly from several essential factors specific to agriculture.
The report cites labor shortages plaguing farms around the world and the need for sustainable agricultural practices as reasons for the growing adoption of AI in this area. Other factors supporting the research hypotheses include the need for increased efficiency and cost savings benefits.
Segment analysis shows that AI software is at the forefront of AI adoption in agriculture by deploying a variety of products. Farms are turning to AI-based software solutions for crop monitoring, pest detection, and irrigation systems to make informed decisions.
A closely followed software use case is AI-based hardware applications for agricultural processes. AI-powered planters and harvesters have already debuted with impressive results on farms in the US, Europe and Japan, while drones and sensors have now become a mainstay in the sector.
However, the report predicts that with rapid innovation in the space, hardware may surpass the market share dominated by software.
AI-as-a-Service has also gained significant momentum in recent months as companies turn to this service due to its low barriers to entry and flexibility. The report points to a burgeoning services sector, highlighted by training and consultation, with a cross-sectional look at the prospects for integration with other emerging technologies.
“The future of AI in agriculture looks promising, with continued innovation and adoption expected,” the report said. “AI technologies will play a pivotal role in solving the challenge of feeding the world’s growing population while minimizing environmental impact.”
North America is leading
A closer look at IMARC’s report shows that North America is a clear leader in terms of AI adoption in agriculture. The report points to the presence of AI solution providers in the region and its traditional positive stance on the uptake of innovative products.
Europe comes in second place, while Asia Pacific and Latin America appear eager to join the leading group with a variety of government-backed initiatives.
The Japanese company tested the waters with its AI-powered cucumber harvester in late 2023, but is still targeting the global market with a new tomato harvester designed for European farms.
“The region is focused on sustainable agricultural practices and environmental conservation, making AI a valuable tool for optimizing resource utilization and minimizing ecological impacts,” the report said.
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