In previous years, when the word ‘agriculture’ is used in a sentence, people usually think of old men on farms, basic stone age instruments like hoes, and cutlasses, etc. However, recently, with the advancement of technology in the agricultural sector around the world, the agricultural narrative has changed from the use of old and traditional methods to utilization of heavy machineries which has multiplied the output of agricultural productions.
Agritech sums up the idea of agriculture and technology coming together to improve the fundamental needs of humanity. It involves improving yield, efficiency, and profitability through the application of technological products and services. Some of the key elements of agritech include:
- Artificial intelligence
- Precision agriculture
- Satellite photography and sensors
- Phase tracking
- Weather forecasts
- Automated irrigation
Based on this vital importance and impact of agritech, individuals around the globe have continued to invest due to various reasons which include;
Growing world population: As the world population grows, the need for sustainable agriculture gets pronounced and subsequently, there is need for advancement in the methods and practices engaged in the various value chain. As a solution to this, agritech provides means for large scale farming, cultivation and even propagation on vast hectares of land mass. With investments in agricultural technology, production has increased to meet the demands of the growing population. And as the years go by with new innovations being brought into the agricultural sector, there are expanding opportunities for investment.
Increase in farm efficiency: Agritech now allows farmers to make maximum use of their farmlands, by growing numerous crops on the same piece of land. It allows for detailed and precise quantities of fertilizers, seeds and even water supply which will ensure maximum yields for the season.
Growing dependency on Agritech: From the period of 2008 to 2013, agritech output grew by 16%. In recent years, this growth has been tripled and it is obviously going to get to an all time high as most agricultural corporations begin to get surplus demands for their produces. This means that whoever wants to go into agriculture currently should invest massively in digitalizing and mechanizing his/her agricultural business to maximize output and also avoid being pushed out by the big corporations in the business.
Agricultural networking: Agritech has been enabling the agricultural sector to become one global village through digital networking. Industrial and local farmers as well now have access to a wide varieties of materials, new farming implementations and even new species of crops which have now been modified to adapt to the changing climate conditions. With these farmers are now more enlightened on what to grow at a particular period, how to grow it and additional materials that can be used to ensure maximum production as well as transportation of their produce.
With people gradually realizing the importance of agritech in the coming years, it is evident that the agricultural sector would soon get revamped by agritech.