(Food-Beverage-News.Com, October 02, 2024 ) According to the latest research by InsightAce Analytic, the Global AI in Sustainable Fisheries and Aquaculture Market is valued at US$ 573.3 Bn in 2023, and it is expected to reach US$ 1,462.8 Bn by 2031, with a CAGR of 12.7% during the forecast period of 2024-2031.
AI in sustainable fisheries and aquaculture refers to integrating AI tools and methodologies into industrial processes and systems to boost automation, instantaneous decision-making and inclusive operational effectiveness. Due to growing concerns over the rapid decline of seafood, the adoption of AI in sustainable fisheries and aquaculture is expected to increase in the coming years. Fast usage of deep learning, computer vision, machine learning, and natural processing language applications in various industries are among the other factors expected to boost the growth of global AI in sustainable fisheries and aquaculture market. Moreover, shifting consumer preference towards sustainable fisheries and aquaculture products, coupled with growing urbanization and high disposable income, are expected to create potential revenue opportunities for players operating in the global AI in sustainable fisheries and aquaculture market. High investments by major players and new advancements for developing various end-use products have created lucrative revenue opportunities for major manufacturers and suppliers of AI in sustainable fisheries and aquaculture. Favourable government initiatives to promote the use of AI in sustainable fisheries and aquaculture, owing to the rising adoption of AI and other environmental concerns, are expected to support the growth of the target market. List of Prominent Players in the AI in Sustainable Fisheries and Aquaculture Market: • IBM Corporation • Intel Corporation • Microsoft Corporation • XpertSea Solutions Inc. • Aquabyte • Antai Technology • AquacultureTalent • ImpactVision • Aquaculture Analytics • Eruvaka Technologies • AquaByte AI • Deep Trekker Inc. • OptoScale AI • VAKI Aquaculture Systems Ltd. • Fishtek Marine • Scanmar AS • Bluegrove Ltd. • AKVA Group • BioSort AS • Kongsberg Gruppen • InnovaSea Systems, Inc. • Aquabyte AI • Osmo Systems • Umitron • Manolin • Others
Market Dynamics: Drivers: The growing production of fishies to meet the food supply and cost efficiency are key factors expected to drive the growth of the target market. Increasing demand for AI in sustainable fisheries and aquaculture in producing seafood products is another factor expected to contribute significantly to the revenue share of global AI in sustainable fisheries and the aquaculture market. Additionally, the rising demand for AI in sustainable fisheries and aquaculture to increase the demand for sustainable and nutritious food sources and others is expected to augment the growth of the global AI in Sustainable Fisheries and Aquaculture market.
Challenges: The prime challenge is the need for more awareness and regulatory challenges in developing countries, which are predicted to reduce the growth of AI in sustainable fisheries and aquaculture markets. However, the high cost of AI in sustainable fisheries and aquaculture and the rising demand for quality products are factors expected to hamper the overall growth of AI in Sustainable Fisheries and Aquaculture market over the coming years. Owing to the COVID-19 pandemic, the number of cases has been increasing, which led to a global or partial shutdown to maintain social distancing. According to a recent update, the industries are facing unprecedented economic losses due to disruptions in global supply chains for key players operating in the global AI in Sustainable Fisheries and Aquaculture market. Distributors, suppliers, and retailers have inventory but can't sell, and manufacturers must stop production to deal with the shutdown.
Regional Trends: The North America AI in Sustainable Fisheries and Aquaculture market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. Growing adoption of AI, rapid urbanization, and increasing industrialization, coupled with increasing R&D activities by prominent players, are factors expected to increase the growth of AI in Sustainable Fisheries and Aquaculture market in the region. Besides, Europe had a substantial share in the market due to its developed economy and growing adoption of advanced technologies such as computer vision systems, machine learning algorithms, and robotics. This is due to the adoption of new strategies by the major players in the AI in Sustainable Fisheries and Aquaculture market. Moreover, the presence of key market players and increasing collaboration among major players for market penetration in the region provides the opportunity for growth of the global AI in Sustainable Fisheries and Aquaculture market.
Recent Developments: • In 2023, XpertSea revealed its XpertSense system, a sensor-based AI platform that supports shrimp farmers to observe and manage their farms.
Segmentation of AI in Sustainable Fisheries and Aquaculture Market AI in Sustainable Fisheries and Aquaculture Market- By Species • Finfish • Shellfish • Crustaceans AI in Sustainable Fisheries and Aquaculture Market- By Application • Aquaculture Monitoring and Control • Fish Health Monitoring and Disease Detection • Feed Management and Optimization • Water Quality Monitoring • Stock Management and Yield Prediction AI in Sustainable Fisheries and Aquaculture Market- By Technology • Machine Learning Algorithms • Computer Vision Systems • Natural Language Processing • Robotics and Automation • Data Analytics and Predictive Modeling AI in Sustainable Fisheries and Aquaculture Market- By End-User • Fish Farms and Hatcheries • Seafood Processing Companies • Research Institutions and Universities • Government Agencies and Regulatory Bodies • Technology Providers and AI Solution Developers) AI in Sustainable Fisheries and Aquaculture Market- By Region North America- • The US • Canada • Mexico Europe- • Germany • The UK • France • Italy • Spain • Rest of Europe Asia-Pacific- • China • Japan • India • South Korea • South East Asia • Rest of Asia Pacific Latin America- • Brazil • Argentina • Rest of Latin America Middle East & Africa- • GCC Countries • South Africa • Rest of Middle East and Africa
About Us: InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
