Agri-tech is one of the hottest sectors in India's startup ecosystem. According to Ernst & Young 2020 estimates, the Indian agri-tech sector currently offers startups an opportunity of $24 billion over the next four years. With a penetration rate of just 1.5 per cent, the sector is still in its infancy.
Thanks to India's growing Internet penetration and rural areas as a key engine of this growth, the country is well positioned to.Ability to adapt to changing agricultural practices and move from traditional business models to new and innovative agri-tech driven business models.
Major domestic and international investors have invested new capital in agri-tech. This, in turn, has fuelled a rapid pace of innovation from several startups at various stages of maturity that are developing solutions for specific markets. In terms of investment, innovation, growth and effectiveness, agri-tech is expected to grow significantly in 2023 compared to 2022.
in order toPolicy-driven government support is essential to realise the full growth potential of agriculture and agricultural science and technology,especially at the grass-roots level
Key highlights of the agri-tech industry in 2022:
Agriculture's reliance on data-driven
Outcomes in agriculture are often affected by uncertainty. This is mainly due to changing climatic conditions, lack of resources, etc. Data-driven agriculture is therefore becoming increasingly necessary as it enables farmers to make informed decisions about their farms and businesses.
learn aboutHow, where and what to grow can help improve procedures and increase returns, which are very profitable. To benefit from data-driven agriculture, more and more of the country's agricultural producers are incorporating agri-technology into their agribusinesses each year. 2023 is no exception, with many farmers turning to data-driven agriculture.
Artificial Intelligence Drives Agri-Tech Innovation
The development and adoption of Artificial Intelligence (AI) has improved the accuracy of forecasts and provided farmers with real-time data on weather events, crop classification and plant diseases to aid decision-making. The use of AI algorithms allows for the detection of any crop anomalies or plant diseases for timely diagnosis and corrective action where necessary.
Developments in robotics and automation
Automation of agricultural machinery, harvesting and irrigation has greatly simplified agricultural operations while reducing losses. The increased demand for food and the rapid growth of the world's population, which is expected to reach 9.8 billion people by 2050, can be met by the new levels of efficiency offered by automation. Specialised agricultural robots are revolutionising agriculture by helping farmers perform monotonous tasks such as picking, harvesting, planting, transplanting, spraying, sowing and weeding. Smart agricultural equipment, such as GPS-enabled automatic and semi-automatic harvesting tractors, are being widely used by farmers. Robots provide convenience while increasing overall productivity, preventing human error and reducing reliance on labour.
IoT and optimised crop monitoring
The Internet of Things (IoT) is the most prevalent trend that enables farmers toBetter monitoring of crop requirements. IoT technology eliminates the expensive, labour-intensive monitoring of traditional agricultural crops. It also provides an alternative solution to the severe labour shortages farmers currently face. Internet of Things (IoT) devices have one or more sensors for monitoring temperature and humidity levels, tracking plants and providing accurate information remotely. Irrigation systems that automatically supply water to crops also use IoT sensors.
Efficient Grow Lighting and Sensor Technology
In anticipation of a significant increase in energy costs, farmers and producers are focussing on adopting smart, efficient and environmentally friendly technologies. This is being achieved in a number of ways. For example, switching to LED grow lighting provides growers with more flexible and appropriate lighting options, allowing them to better control heat and light, reducing long-term costs and providing a solution that is tailored to the unique needs of plants in terms of crop type, climate and available growing space.
In addition, growers can control their environment more precisely by using sensor technology to use only the resources they need, such as CO2 and light, at the right time.Indoor farmers use sensors to save water, increase crop productivity, prevent energy waste, reduce prices and adopt greener agricultural practices.
3 Key Agri-Tech Trends to Watch for in 2023
1.Harnessing modern technology for sustainable development——This year will see the agricultural industry harness the power of sustainable agricultural practices. It is clear that sustainable agricultural practices will play a key role in 2023 to meet the needs of an expanding population. Technologies such as Artificial Intelligence will be able to use relevant data to enable low-input agriculture and better decision-making. IoT technologies can be used to optimise the use of agricultural resources and increase crop yields.
2.Empowerment of smallholder farmers——Over the past few years, there has been a strong focus on building farmer-centred solutions for smallholder farmers. We expect this trend to accelerate significantly in 2023 and beyond. Global food system stakeholders have recognised that meaningful and lasting agricultural transformation cannot be achieved unless grass-roots smallholder farmers are trained and able to adopt smarter, more efficient and sustainable farming practices.
3.Map-based pest management and productivity analysis——Pest and disease management is a challenge for farms and agribusinesses around the world. Inadequate pest management practices make it difficult for farmers to protect their crops from pests and diseases. Similarly, agribusinesses may find it very challenging to assess and identify the most productive plots.
With the help of geo-tagging and mapping features, agricultural experts from all over the world can check for pests and provide effective solutions to mitigate them. Maps can also be used to provide information about farms, the exact location of pests, and more. Agribusinesses can also track labour activity, machinery configurations, and outcomes by using geotagging to evaluate the success of each piece of land on the farm.
In order to facilitate the penetration of technology in agricultural markets, the agricultural community looks to infrastructure development investments and supportive policy frameworks. Subsidies and infrastructural support are crucial in order to encourage more entrepreneurial ventures and to bring non-metropolitan areas into the entrepreneurial landscape.Targeted financial considerations will help emerging start-ups expand both domestically and internationally.The outlook for the agro-technology sector in 2023 is not only optimistic, but also transformative, as significant budgetary investments in the sector are expected this year, along with a focus on technology selection.
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