The global population is increasing at a rapid rate; for example, as per the United Nations report, the world population is expected to reach 8.6 billion by 2030, growing from 7.7 billion at the present. This surge in the population is bound to lead to the rising demand for agricultural products in the coming years. In addition to this, the arable land across the globe has decreased on account of swift urbanization and industrialization. It is because of these factors that the demand for enhanced devices and technologies in the agricultural sector is increasing.
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The utilization of artificial intelligence (AI) has increased in the agricultural industry, like it has in many other industries, owing to the fact that this technology can help in increasing the efficiency and productivity of existing farm lands. According to a P&S Intelligence report, the global AI in agriculture market is predicted to reach a value of $11,200.1 million in 2030, increasing from $671.6 million in 2019, progressing at a 30.5% CAGR during the forecast period (2020–2030). Between product, including hardware and software, and services, including managed and professional, the demand for AI products was higher in the past.
Furthermore, the demand for software products is predicted to increase considerably in the near future, which is because of the growing utilization of AI software in several applications in order to perform several innovative agricultural practices efficiently. Computer vision, machine learning, and predictive analysis are the major AI technologies which are being used in the agricultural sector. The demand for machine learning technology has been the highest in the past and the situation is expected to remain the same in the coming years as well. This technology, along with a combination of data technologies and agronomic sciences, plays in important role in the agriculture industry.
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The technology is increasingly being adopted by organizations in the agricultural sector for enhancing crop productivity. The major applications of AI in agriculture industry are drone analytics, precision farming, agricultural robots, and livestock monitoring. AI is being extensively utilized for precision farming, as the technique is growing popular among farmers for generating optimum yield with limited resources. This further decreases the cost of crop production. In addition to this, the rising use of internet of things in the agriculture industry is further leading to the increasing adoption of precision farming.
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