Ag Tech Spending to Increase in 2024
January 10, 2024 Ask anyone in the agricultural community what one topic dominated the later half of 2023 and chances are good they will respond with two words: Ag technology. From the introduction of artificial intelligence (AI) systems into the market to overall improvements being made to existing technologies, developments in this sector of the business were the talk of many trade shows and in-person events throughout last year.
And market watchers can expect this trend to continue, into 2024 and beyond. In fact, according to a new survey of more than 800 agribusiness workers, executive decisionmakers, on-farm managers, agronomists, data scientists, IT specialists, and market professionals by The Yield, an AI-powered precision yield management software entity, ag tech spending among these groups is projected to increase 60% over the next five years. Primary purchasing priorities include precision agriculture tools (66%), farm management software (60%), and data consolidation systems (45%).
Other key findings of the survey include nine out of 10 respondents view AI and data analytics as crucial, transformative forces for their future, anticipating substantial changes in agriculture jobs over the next five years; 92% of respondents find it hard to improve on-farm activities using the current data at their disposal; and more than half of respondents plan to increase investment in on-farm robotics or autonomous systems in the next 24 months in the field (54.8%), for harvesting (60.5%), and for packing (51.3%).
Loading ...“The biggest challenge is leveraging available data effectively,” said The Yield Founder and CEO Ros Harvey in a press release detailing the survey findings. “As the 2023 AgTech Trends research reveals, there exists a palpable need for improving consistency across data collection and interpretation methods, especially as businesses aim for higher yield outcomes at reduced costs.”
Given this information, the future for ag technology looks bright indeed. I encourage readers to keep up with these developments by attending the various ag technology-themed trade shows in 2024, including The VISION Conference in January and Tech Hub LIVE in July, and following CropLife and its sister properties throughout the year.
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