AI in Precision Farming Global Market Report 2024

The AI in precision farming market size has grown rapidly in recent years. It will grow from $0.66 billion in 2023 to $0.78 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The rise during the historical period can be credited to the advancement of AI algorithms, heightened requirements for food production, cost-saving measures, environmental sustainability efforts, and governmental backing and subsidies.

The AI in precision farming market size is expected to see exponential growth in the next few years. It will grow to $1.63 billion in 2028 at a compound annual growth rate (CAGR) of 20%. The increase projected for the upcoming period can be credited to the uptake of IoT devices, growing environmental worries, rising interest in sustainable agriculture, a transition to smart farming systems, and a call for quality and traceability. Key developments anticipated during this period encompass the merging with robotics, advancements in crop monitoring tools, the embracing of AI for enhancing supply chains, technology-led precision irrigation methods, and the rise of decision support systems.

Limited availability of arable land is projected to drive the expansion of the AI in precision farming sector. Arable land, essential for agricultural cultivation, faces constraints due to factors such as urbanization, soil degradation, and climate change. AI in precision farming addresses these challenges by optimizing resource utilization and enhancing crop productivity through data-driven decisions and targeted interventions. For example, as reported by the United States Department of Agriculture in February 2022, the US witnessed a decrease in the number of farms and total land in farms in 2021 compared to the previous year. This decline underscores the pressure on arable land, which in turn fuels the growth of the AI in precision farming market.

Key players in the AI in precision farming sector are actively forging strategic partnerships to gain a competitive advantage. These collaborations are pivotal in advancing AI in precision farming by leveraging the strengths and resources of multiple organizations to develop innovative solutions, drive adoption, and tackle agriculture's key challenges. For instance, in March 2022, Sway AI, a US-based developer of no-code artificial intelligence applications, partnered with Trilogy Networks, a US-based agriculture technology company, to integrate AI technology into precision farming. This collaboration, within the Rural Cloud Initiative (RCI), aims to support and accelerate rural America's digital transformation. By addressing the issue of data fragmentation, Sway AI and Trilogy Networks aim to enhance decision-making across the entire production process through combined information.

In March 2024, GEA Group AG, a Germany-based industrial machinery company, acquired CattleEye Ltd. to bolster its portfolio with CattleEye's advanced AI solution for early detection of lameness in dairy cows. This acquisition underscores GEA's commitment to enhancing animal health and welfare as part of its Next Generation Farming strategy. CattleEye Ltd., based in the UK, specializes in developing AI solutions for precision farming, particularly for the dairy farming sector.

Major companies operating in the AI in precision farming market are Microsoft Corporation, Robert Bosch GmbH, Intel Corporation, International Business Machines Corporation, Bayer AG, Deere & Company, SAP SE, Yara International ASA, DTN LLC, FarmWise Labs Inc., Taranis Visual Ltd., Blue River Technology Inc., Agworld Inc., Ceres Imaging Inc., PrecisionHawk Inc., FarmLogs Inc., Prospera Technologies Ltd., Arable Labs Inc., Agribotix LLC, Resson Aerospace Corporation.

North America was the largest region in the AI in precision farming market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in precision farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the AI in precision farming market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Precision farming integrates artificial intelligence (AI) technologies into agricultural processes to optimize crop yield, minimize resource usage, and enhance overall farm efficiency. Its purpose is to empower farmers with data-driven insights to boost productivity, sustainability, and profitability.

The primary AI techniques in precision farming include machine learning, computer vision, and others. Machine learning, a subset of AI, enables systems to learn and improve autonomously by analyzing data and recognizing patterns to make predictions or decisions without explicit programming. It is available in different forms such as hardware, software, AI-as-a-service, and services, catering to various applications like research, farm management, customized cultivation, and more.

The AI in precision farming market research report is one of a series of new reports that provides AI in precision farming market statistics, including AI in precision farming industry global market size, regional shares, competitors with AI in precision farming market share, detailed AI in precision farming market segments, market trends, and opportunities, and any further data you may need to thrive in the AI in precision farming industry. This AI in precision farming market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The AI in precision farming market consists of revenues earned by entities by providing services such as data analytics services, integration services, and telematics services. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI in precision farming market also includes sales of sensors, drones with imaging systems, satellite imaging systems, automated farming equipment, and IoT devices used to increase agriculture productivity. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.