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Demand for Precision Agriculture to Boost Applied AI in Agriculture Market Growth

Sep 29, 2023 7:00 PM ET

Demand for Precision Agriculture to Boost Applied AI in Agriculture Market Growth

Market Analysis:

The global applied AI in agriculture market will touch USD 1, 9881.1 billion at a 29.3% CAGR by 2032, as per the recent Market Research Future report.

The term “Applied AI,” sometimes known as “Applied Artificial Intelligence,” describes the usage of artificial intelligence technology and techniques in real-world settings to solve issues, automate processes, enhance various applications, and improve industries. It entails using the theoretical AI principles and algorithms in particular contexts to produce useful outcomes.

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Key Players:

Eminent industry players profiled in the applied AI in agriculture market report include,

  • Microsoft
  • IBM
  • Google
  • com, Inc.
  • Deere & Company.
  • TechTarget
  • Vision Robotics Corporation
  • DroneDeploy
  • PrecisionHawk
  • AGCO Corporation

 

The creation and use of autonomous cars both heavily rely on applied artificial intelligence (AI). AI technologies are used by autonomous vehicles, often known as self-driving cars, to sense their surroundings, make judgments, and travel safely. Various sensors, including LiDAR, radar, cameras, & ultrasonic sensors, are included in autonomous cars. Data from various sensors is combined using AI algorithms to get a thorough knowledge of the environment around the vehicle. Passengers may engage with the autonomous car to get orders, information, and entertainment thanks to speech recognition and AI-powered interfaces. Artificial intelligence is used to identify and address cybersecurity risks that might jeopardize the reliability and efficiency of autonomous cars.

The use of applied AI is essential for improving cybersecurity initiatives. AI technology may assist organizations in more efficiently detecting, preventing, and responding to security events as cyber threats grow more complex. AI algorithms are able to examine network activity and user behavior to spot odd trends that could point to a cyberattack, including erroneous login attempts or the data access. By using biometric information like fingerprint, face, or voice recognition, AI may improve user identification. AI can assist in securing Internet of Things devices by spotting flaws and irregularities in their behavior. Blockchain technology may be used with AI to increase the security of both transactions & data storage.

Applying artificial intelligence (AI) to education offers the potential to improve administrative procedures while also boosting personalized learning experiences. AI systems are able to evaluate student performance and modify the curriculum to accommodate different learning styles and velocities. With tools like language translation, speech recognition, and content suggestion, AI may improve online learning settings. AI is capable of producing instructional materials like summaries, tests, and practice questions. Admissions procedures may be streamlined by AI, making them more effective and data-driven. By offering assistive technologies like text-to-speech and speech-to-text, AI can help students with impairments. AI may help instructors by recommending lesson ideas and instructional resources.

By enhancing efficiency, dependability, and sustainability, applied artificial intelligence has the potential to revolutionize the energy utilities industry. In order to estimate energy consumption effectively, AI systems can examine historical data, weather trends, and a variety of other factors. These forecasts can be used by utilities to improve energy production, delivery, and price. By controlling the flow of power, locating and fixing problems, and enhancing overall grid dependability, AI can aid in the effective running of the electric grid. Additionally, it can make grid infrastructure maintenance more proactive. Customers may make educated decisions about their energy use by using real-time data on the energy consumption trends that smart meters with AI capabilities can give.

The use of applied AI in finance has many applications and is changing how financial organizations and professionals work. Compared to conventional techniques, AI models are more accurate in assessing and forecasting financial hazards. They can assess economic indicators, credit ratings, and market data to spot possible hazards and assist financial institutions in making well-informed lending and investing decisions. Machine learning is used by AI systems to quickly identify fraudulent activity. Virtual assistants and chatbots powered by AI are utilized in customer service to deliver prompt, personalized replies to queries, help manage accounts, and even provide financial guidance. By examining transaction patterns and behavior, artificial intelligence (AI) aids in detection & prevention of numerous types of financial crime, such as identity theft, credit card fraud, and money laundering.

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Drivers:

Demand for Precision Agriculture to Boost Market Growth 

Precision agriculture is made possible by AI technology, allowing farmers to make informed decisions regarding planting, irrigation, fertilization, and pest management. Better yields, less resource use, and better profitability follow from this.

Opportunities:

Technological Advances to offer Robust Opportunities 

Various technological advances will offer robust opportunities for the market over the forecast period. AI solutions are becoming more available and affordable for farmers & agribusinesses as a result of developments in machine learning, sensor, and AI technology.

Restraints and Challenges:

High Initial Costs to act as Market Restraint 

The high initial cost, lack of technical expertise, security concerns and data privacy, interoperability issues, and environmental concerns may act as market restraints over the forecast period.

Market Segmentation:

The global applied AI in agriculture market is bifurcated based on application, technology, and component.

Based on component, software will lead the market over the forecast period.

By technology, machine learning will domineer the market over the forecast period.

By application, drone analytics will spearhead the market over the forecast period.

COVID-19 Analysis 

Precision agricultural technology has drawn more attention as a result of the necessity to reduce labor-intensive jobs and ensure that food production continued unabated during the epidemic. Animal health and behavior are tracked using AI-powered sensors and cameras. During the epidemic, this technique proved especially crucial for ensuring animal welfare and maintaining a steady supply of meat & dairy products. The epidemic made the value of regional food production clear, increasing the relevance of indoor farming. Using AI to track items along the supply chain can improve food safety. Consumers’ awareness of food safety increased during the epidemic, and AI-driven traceability solutions can contribute to greater consumer confidence in the agriculture sector. The necessity for robust and technologically advanced farm systems was highlighted by the COVID-19 pandemic. AI has been important in assisting the agriculture sector in overcoming the problems posed by the epidemic, from maintaining the continuity of food production to enhancing supply chain effectiveness and food safety. As a result, it is anticipated that the use of AI in the agriculture would increase in the post-pandemic age, resulting in a more robust and sustainable agricultural industry.

Regional Analysis:

North America to Head Applied AI in Agriculture Market 

The demand for real-time data in agriculture business is driving significant expansion in the North American market. They can now obtain vital information on crops, livestock, and the environment thanks to technology. Farmers may gather information on things like insect infestations, soil moisture, and temperature by using artificial intelligence-driven drones, powered sensors, & other monitoring instruments. Having the capacity to collect and analyze real-time data enables farmers to make wise decisions. For instance, AI can forecast disease outbreaks, enabling farmers in taking preventive action before the issue gets worse. Farmers may foresee problems and take prompt action by using predictive analytics driven by artificial intelligence, which helps them minimize crop losses and maximize yields. Furthermore, artificial intelligence-driven systems may regulate irrigation, crop health, and fertilizer application, resulting in resource efficiency and sustainable agricultural practices. The market for AI in agriculture in the North American area is expanding as the agricultural industry adopts AI capabilities.

Europe to Have Admirable Growth in Applied AI in Agriculture Market 

With regard to farm robotics in particular, the market for applied AI in agriculture in Europe is expanding significantly. The combination of AI and robots is changing the face of agriculture by enabling cutting-edge solutions to survive difficulties. AI-integrated robotics in agriculture offer a wide range of uses, including automated planting, precise spraying, animal monitoring, and harvesting. Labor shortages in the agricultural sector are a significant factor in the development in the use of robotics. Robots powered by artificial intelligence can significantly reduce the need for physical labor for demanding and time-consuming tasks. These robots can continue to operate despite challenging circumstances or weather, which helps to increase production and efficiency. Robots can now function independently and make judgments in real time based on information from cameras, sensors, & other sources thanks to artificial intelligence. This degree of information enables precise and focused response, minimizing resource waste and environmental effect. Robotics and AI integration also improves data collection and analysis, providing information that farmers may utilize to optimize their operations and increase agricultural yields. The market in this area is expanding significantly since robotics is increasingly being used in agriculture in Europe.

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Industry Updates:

August 2023– In the rural Hillsborough County community of Wimauma, the University of Florida Institute of Food & Agricultural Sciences is getting ready to build a new Centre for Applied Artificial Intelligence. The initiative, which will probably cost roughly $20 million, intends to improve agriculture’s use of artificial intelligence. The centre will have a cutting-edge research facility outfitted with the tools and machinery required for the creation of robotic agricultural technology. With specific conference rooms, offices, and open-plan workplaces, it will also act as a focal point for training in robotic and artificial intelligence technology.

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