India’s AI in Agriculture Market Set to Grow by 24% till 2028
The burgeoning AI adoption in India’s agricultural sector is witnessing a substantial Compound Annual Growth Rate (CAGR) of 24%, driven by the integration of cutting-edge data-generating technologies such as sensors and machine learning. These technologies aim to enhance crop output, detect diseases, and address inadequate nutrition in plants and farms.
A recent study conducted by the strategic consulting and market research firm, Report Ocean, forecasts India’s AI in agriculture market to expand at a robust CAGR of 24% during the 2022-2028 forecast period. This growth trajectory is fueled by the increased adoption of advanced data-generating technologies like sensors and machine learning, aimed at improving crop yield, detecting diseases, and rectifying nutrition deficiencies in plants and farms. However, challenges such as limited awareness and funding among Indian farmers, coupled with high installation costs, may impede market growth.
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Drivers of Market Expansion
The upsurge in IoT and other modern technologies such as machine learning and cloud computing significantly contribute to India’s AI in agriculture. IoT usage, particularly in managing diverse data formats, is on the rise due to increased mobile device utilization and cloud computing.
Expanding Infrastructure Boosts AI Adoption
Cloud computing plays a pivotal role in recording and sharing data across different systems in the AI in agriculture domain. India is emerging as a significant global cloud service provider with a growing number of cloud data centers worldwide. Companies and startups in cloud computing offer various services, including SaaS, PaaS, and hybrid deployment modes, fueling the adoption of AI in Indian agriculture.
Segmentation and Regional Insights
The India AI in agriculture market is categorized into precision farming, livestock monitoring, drone analytics, agriculture robots, labor management, and others. Precision farming holds the largest market share due to its focus on improving agricultural productivity via sensors, data utilization, and judicious chemical use for efficient water resource management.
Regional segmentation includes North India, South India, East India, and West India. North India leads the AI in agriculture market due to agriculture being the primary income source for many. State governments in this region, such as Uttar Pradesh, Haryana, and Punjab, are incentivizing the adoption of AI technologies, further driving market growth.
Impact of COVID-19
The COVID-19 pandemic disrupted India’s AI in agriculture sector by halting agricultural activities during nationwide lockdowns. Supply chain interruptions resulted in shortages of AI components like sensors. Constraints in production and semiconductor chip shortages further hindered market growth.
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Market OverviewMarket Size & Forecast by Value, 2018-2028By Value (USD Million)Market Share & Forecast
By TechnologyMachine LearningPredictive AnalyticsComputer Vision
By OfferingHardwareSoftwareAI-As-A-Service
By ApplicationPrecision FarmingLivestock MonitoringOthers
By RegionNorthern IndiaSouthern IndiaEastern IndiaWestern India
Competitive Landscape
The leading market players of the India AI in agriculture market are IBM Corporation, Intello Labs, John Deere India Private Ltd, Intel Corp, CropIn Technology Solutions, Microsoft Corporation, Gobasco, SatSure Analytics India Pvt. Ltd., Aibono, Fasal, and other prominent players.
The India AI in agriculture market is highly fragmented with the presence of several multinational corporations as well as local startups. The companies constantly launch edge technologies and solutions as well as significantly invest in research and development activities to expand their market presence. Furthermore, they also prominently adopt competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc.
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Seizing Business Opportunities
To navigate this evolving landscape, businesses need effective insights to make strategic decisions. India’s AI in agriculture market offers substantial prospects for growth. Consulting analysts for crucial insights can facilitate business growth by leveraging market potential, emerging trends, and statistical data for informed decision-making.
Table of Contents:
Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix
Key Reasons to Purchase this Report:
Strategic Direction
Comprehensive Analysis
Growth Opportunities
Competitive Landscape
Detailed Company Profiles
Future Market Outlook
Industry Analysis
Value Chain Insights
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