Artificial Intelligence in Agriculture Market Size

Artificial Intelligence in Agriculture Market size was over USD 1.94 billion in 2023 and is projected to exceed USD 30.48 billion by 2036, growing at over 23.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of artificial intelligence in agriculture is assessed at USD 2.31 billion. The growth of the market can be primarily attributed to the increasing usage of smart sensors in agricultural fields, and the upsurge in demand for agricultural produce around the globe. According to the World Bank, in 2018, agriculture accounted for 4 percent of the global gross domestic product and in some developing countries it accounted for more than 25 percent of the GDP. Along with these, there is a high demand for real-time livestock monitoring globally, which is giving impetus to the application of advanced AI solutions, such as facial recognition for livestock and image classification with body condition score. This in turn is expected to significantly drive market growth in the near future. Furthermore, growing government initiatives towards the adoption of drones for modernizing agricultural practices is projected to offer ample growth opportunities to the market in the near future.