India AI in Agriculture Market to Grow at 24% through 2028
Published | 24 May 2022
India AI in agriculture market is growing at a high CAGR because of the adoption of advanced data-generating technologies, such as sensors and machine learning to boost crop output and aid in the detection of disease and inadequate nutrition in plants and farms…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India AI in agriculture market is estimated to grow at a CAGR of 24% during the forecast period 2022-2028. India AI in agriculture market market is growing at a rapid pace as more advanced data-generating technologies, such as sensors and machine learning, are being adopted to boost crop output and aid in the detection of disease and inadequate nutrition in plants and farms. However, lack of awareness and funding for AI among Indian farmers and high installation costs may act as a huge restraining factor for India AI in agriculture market growth.
Increasing Adoption of Advanced Technologies is Driving India AI in Agriculture Market
The increased usage of IoT and other modern technologies such as machine learning, cloud computing, and so on is another important reason propelling AI in India's agriculture business. With the increased usage of mobile devices and cloud computing, India's IoT business is developing. IoT's various benefits, such as the capacity to manage vast volumes of structured and unstructured data formats, are driving IoT demand in the agriculture industry.
Expanding Infrastructure and Technology Infrastructure in India is Propelling AI In Agriculture Market
The AI in agriculture will require cloud computing to record and share data among various systems. India is significantly emerging as a leading cloud service provider globally with an increasing number of cloud data centers in different parts of the world. The cloud computing companies and startups are offering SaaS (Software-as-a-Service) as well as PaaS (Platform-as-a-Service) along with private, public as well as hybrid deployment modes. This is anticipated to boost the adoption of AI in agriculture in India.
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India AI in Agriculture Market - By Agriculture
Based on agriculture, the India AI in agriculture market is segmented into precision farming, livestock monitoring, drone analytics, agriculture robots, labor management, and others. Precision farming holds the largest share in the market owing to the rising focus towards yielding the benefits of this type of agricultural practice. Precision farming helps in improving agricultural productivity through the use of sensors and data along with prompts the reduction of chemical use and efficient management of water resources.
India AI in Agriculture Market - Regional Insights
Geographically, the India AI in agriculture market is segmented into North India, South India, East India, and West India. Because agriculture is the primary source of income for the majority of people in this region, North India has the greatest share of AI in the agricultural market. The governments of states in these regions, such as Uttar Pradesh, Haryana, Punjab, and others, are adopting different measures and providing subsidies to encourage the use of new technologies like AI, hence boosting the overall market growth.
Impact of COVID-19 on India AI in Agriculture Market
The unprecedented COVID-19 epidemic hindered India's AI in agricultural sector expansion. Due to the overwhelming number of COVID-19 cases, the Indian government was forced to implement a nationwide lockdown, which also interrupted agricultural activity. Due to a disruption in the distribution and supply chain, there was a scarcity of sensors and other AI components, which had a detrimental influence on the market. In addition, production constraints and a lack of semiconductor chips caused significant obstacles for India AI in agriculture industry.
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.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India AI in agriculture market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of India AI in agriculture market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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