At 22.1% CAGR, Europe Artificial Intelligence in Agriculture Market is Projected to be Worth US$ 2,289.39 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Europe artificial intelligence in agriculture market was valued at US$ 462.41 million in 2022 and is expected to reach US$ 2,289.39 million by 2030, registering a CAGR of 22.1% from 2022 to 2030. Increasing smart farming and robotics and automation in agriculture are among the critical factors attributed to drive the Europe artificial intelligence in agriculture market growth.

Smart farming is done using equipment that is integrated with advanced sensors and cameras. Smart farming is a management concept that aims to provide the agricultural business with the infrastructure it needs using advanced technologies, such as the cloud, big data, and the IoT, to track, automate, monitor, and analyze activities. It is often known as precision agriculture and is controlled by software and monitored by sensors. Precision agriculture is becoming increasingly important along with the growing global population, and the demand for higher crop yields is increasing along with it. Further the need to use natural resources more efficiently, the increasing use and complexity of information and communication technology, and the rising need for climate-smart agriculture propelling smart farming. The goal of smart farming is to maximize resource efficiency and reduce environmental effects while increasing production quantity and quality through the application of new technologies that have emerged in the fields of agriculture and cattle production with the advent of the Fourth Industrial Revolution.

Various entities are using smart farming to increase their production. For example, in February 2021, AKVA Group entered into a five-year agreement with Trollvika Drift AS for the installation of 45 SmartEye Precision HD cameras with AKVAconnect 4 camera system controls at various locations across Norway. Thus, the increasing use of smart farming is forcing the use of new technologies such as IoT and AI. Thus, the increasing smart farming creates opportunities for AI in the farming market.

On the flip side, shortage of technically skilled labor hampers the growth of Europe artificial intelligence in agriculture market.

Based on component, the Europe artificial intelligence in agriculture market is categorized into hardware, software, and services. The software segment held 63.5% market share in 2022, amassing US$ 293.45 million. It is projected to garner US$ 1,501.48 million by 2030 to register 22.6% CAGR during 2022-2030.

In terms of application, the Europe artificial intelligence in agriculture market is segmented into precision farming, drone analytics, agriculture robots, livestock monitoring, and others. The precision farming segment held 39.8% share of Europe artificial intelligence in agriculture market in 2022, amassing US$ 184.21 million. It is anticipated to garner US$ 886.53 million by 2030 to expand at 21.7% CAGR during 2022-2030.

Based on country, the Europe artificial intelligence in agriculture market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 28.1% share of Europe artificial intelligence in agriculture market in 2022. It was assessed at US$ 129.84 million in 2022 and is likely to hit US$ 636.12 million by 2030, registering a CAGR of 22.0% during 2022-2030.

Key players operating in the Europe artificial intelligence in agriculture market are Deere & Co, International Business Machines Corp, Microsoft Corp, Easytosee Agtech SL, Climate LLC, Gamaya SA, Prospera Technologies Ltd, and Taranis among others.

• In November 2022, Microsoft's research wing, in collaboration with Oxford University, Artificial Technology and Climate Change, Atal incubation center, and Agricultural Development Trust, has launched Microsoft Farmvibes.ai. It will focus on sustainable and cost-effective agricultural practices, utilizing precise scientific techniques and data-driven production.
  
  
• In March 2023, Microsoft is aiming to build tools that help farmers grow more sustainably by leveraging data and AI. Affordable internet-connected sensors, powered by cloud technology, AI, and machine learning, enable farmers to capture and track operational data from soil, equipment, and livestock. This data can be used to improve yields while conserving resources, such as water. AI technology, like Project FarmVibes.AI, can predict and plot fertilizer and herbicide amounts based on soil nutrients, forecast temperatures and wind speeds, determine seed and irrigation depth, and guide crop practices to sequester carbon in the soil. These digital tools help farmers make informed decisions about their farms, optimizing harvests with minimal resources. By monitoring greenhouse gas emissions, water use, and pollution, the agricultural sector can help Europe achieve sustainable food systems and reduce the EU's greenhouse gas emissions. Azure Data Manager for Agriculture automates environmental data capture, storage, and analysis, reducing manual data collection and enabling more accurate and detailed reporting.
  
  

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com