Published on 11 Sep 2023 on Insider Monkey via Yahoo Finance
Top 20 AI and Robotics Companies Transforming the Agriculture Sector
In this article, we will look at the top 20 AI and robotics companies transforming the agriculture sector. If you want to skip our detailed industry analysis, head straight to the Top 5 AI and Robotics Companies Transforming the Agriculture Sector.
The global agriculture market, as of 2023, has witnessed huge growth, with a market size increasing from $12.25 trillion in 2022 to $13.40 trillion in 2023 and marked a 9.4% compound annual growth rate (CAGR), as noted by Research and Markets. This expansion can be attributed to several factors, like the increasing global population, which is projected to reach 10 billion by 2050 and has led a to heightened food demand. Crop production, a major component of agriculture, has seen considerable growth, with global cereal production expected to increase by 13% by 2027.
Agribusiness companies are also actively acquiring arable land to boost crop production and meet the rising demands. It is also worth highlighting that owing to the rising demand of labor in agriculture, farming has emerged as one of the most respected professions in the world.