Although still considered early in its overall industrial development, AI is nevertheless described as presenting as significant a technological shift for industry as did electricity and the internet. That’s per economists Ajay Agrawal, Joshua Gans and Avi Goldfarb in their recent text, Power and Prediction (11/2022), a follow-up text to Prediction Machines (4/2018).
Such tectonic shifts are already affecting technology for agriculture, and AI’s influences here will continue to grow exponentially. The global agriculture industry’s estimated worth stood at $2 Trillion at the end of 2022, with North America remaining its largest industrial region while Asia Pacific is forecast to be the fastest growing through 2030. The global AI presence in the agriculture market was, in turn, valued at $1.25 Billion in 2022, yet is projected to reach $7.43 Billion by 2030, growing at a Compound Annual Growth Rate of 24.90% over the forecast period.
