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AI in agriculture and livestock monitoring
The global AI in agriculture market is expected to register substantial growth in the near future. By making use of AI, farmers can monitor their live-stock in real-time. AI solutions including, image classification with body condition score and feeding patterns and facial recognition for livestock, dairy farms can now individually monitor the behavioral aspects of animals. In addition to this, farmers are using machine vision, which aids them in recognizing facial features and hide patterns.
Farmers are also able to monitor water and food intake of livestock and record their body temperature and behavior. It is because of such advantages of AI that its demand in the agricultural sector is increasing at a rapid pace. According to a research conducted, the global AI in agriculture market is predicted to generate a revenue of $8,379.5, increasing from $852.2 million, and is expected to witness a 24.8% CAGR during the forecast period (2020–2030).
On the basis of type, the market is divided into services and product, between which, the product division accounted for the major share of the market in 2019, owing to the growing use of AI-based software. The division is further categorized into software and hardware, between which, the hardware category held the larger share of the market in the past. The demand for data storage devices, sensing systems, and automation & control systems is increasing for farm operations.
The service division is predicted to register the faster growth during the forecast period, because of the increasing adoption of AI solutions in the agricultural sector, which is creating high demand for proper maintenance, installation, and training services among industry stakeholders and farmers. The division is further categorized into professional and managed, between which, the professional category is projected to progress at a faster pace during the forecast period. This is due to the rising need for training, support, and maintenance services by farmers.
North America emerged as the largest AI in agriculture market during the forecast period (2014–2019) and is further expected to hold the largest share of the market during the forecast period as well. The early adoption of advanced technologies, including computer vision and machine learning, for different agricultural applications, such as livestock management, precision farming, soil management, and greenhouse management. Furthermore, the growing adoption of IoT is also leading to the growth of the regional market.
Hence, the market is being driven by the need for increasing productivity on agricultural fields and rising need for real-time monitoring of livestock.