Artificial Intelligence Fuels Unprecedented Growth in Agriculture Market

CIOTechOutlook Team | Wednesday, 18 December 2024, 02:38 IST

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The market for Artificial Intelligence in Agriculture is seeing considerable expansion, fueled by increasing research and development efforts aimed at creating AI-driven solutions. The market, assessed at $1.63 Billion in 2022, is projected to expand at a Compound Annual Growth Rate (CAGR) of 21.9% from 2022 to 2030.

Real-time information from agricultural farms facilitates prompt decision-making for preventative actions. AI delivers immediate data and insights regarding soil moisture, crop development, and weather patterns, aiding farmers in making educated choices about planting, watering, and fertilizing. For example, employing computer vision to track crop development can assist farmers in detecting problems like diseases and pest invasions early, enabling them to respond before serious damage occurs.

Governments in multiple nations are concentrating on agriculture and innovation through the introduction of various technologies. For example, in September 2021, the French government initiated AgriTech to aid the advancement, growth, and exportation of expertise in the AgriTech and FoodTech industries. Furthermore, according to data from January 2024, researchers at Harper Adams University are working to enhance sustainability and productivity in farming using AI. The UK government has revealed a funding allocation of US$ 39.82 million to promote the advancement of artificial intelligence initiatives in various fields, including agriculture, fashion, and emergency services.

Different nations are implementing IoT and AI to revolutionize their agriculture industry. Different intelligent greenhouses employ sensors and machine learning techniques to establish an ideal regulated environment for plant development.

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