Report : Asia Pacific Artificial Intelligence in Agriculture Market Forecast to 2030 - Regional Analysis - by Component (Hardware, Software, and Services) and Application (Precision Farming, Drone Analytics, Agriculture Robots, Livestock Monitoring, and Others)
At 23.1% CAGR, Asia Pacific Artificial Intelligence in Agriculture Market is Projected to be Worth US$ 1,876.98 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific artificial intelligence in agriculture market was valued at US$ 356.33 million in 2022 and is expected to reach US$ 1,876.98 million by 2030, registering a CAGR of 23.1% from 2022 to 2030. Government support for implementation of ai solution and increasing need for real-time analytics in agriculture are among the critical factors attributed to drive the Asia Pacific artificial intelligence in agriculture market growth.
Governments across the world are transforming the agriculture sector to be more efficient, sustainable, and inclusive to ensure food security. Governments around the world encourage the implementation of Al for agricultural applications in order to provide aid to farmers.
The Indian government is taking several steps to digitalize the agriculture sector. In response to agriculture issues, the World Economic Forum's Artificial Intelligence for Agriculture Innovation (AI4AI) program is being set up to help India's agricultural transformation by promoting the use of artificial intelligence (AI) and related technologies to develop agriculture. One of the most successful AI4AI implementations is the "Saagu Baagu" pilot in July 2021, which was designed in collaboration with the Telangana State Government in the Khammam area. The program was backed by the Bill & Melinda Gates Foundation and implemented by Digital Green. The project has significantly improved the chili value chain for over 7,000 producers. Thus, such growing government support and initiatives are propelling the growth of AI in the agriculture market.
On the flip side, shortage of technically skilled labor hampers the growth of Asia Pacific artificial intelligence in agriculture market.
Based on component, the Asia Pacific artificial intelligence in agriculture market is categorized into hardware, software, and services. The software segment held 61.2% market share in 2022, amassing US$ 218.18 million. It is projected to garner US$ 1,195.28 million by 2030 to register 23.7% CAGR during 2022-2030.
In terms of application, the Asia Pacific artificial intelligence in agriculture market is segmented into precision farming, drone analytics, agriculture robots, livestock monitoring, and others. The precision farming segment held 41.7% share of Asia Pacific artificial intelligence in agriculture market in 2022, amassing US$ 148.72 million. It is anticipated to garner US$ 762.04 million by 2030 to expand at 22.7% CAGR during 2022-2030.
Based on country, the Asia Pacific artificial intelligence in agriculture market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.4% share of Asia Pacific artificial intelligence in agriculture market in 2022. It was assessed at US$ 118.89 million in 2022 and is likely to hit US$ 717.32 million by 2030, registering a CAGR of 25.2% during 2022-2030.
Key players operating in the Asia Pacific artificial intelligence in agriculture market are Tule Technologies Inc, Deere & Co, International Business Machines Corp, and Microsoft Corp., among others.
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