5 AgTech Trends to Watch in 2024
Editor’s note: In 2023 the agricultural industry faced challenges from extreme weather to supply chain issues. To address these issues and meet the goal of feeding a growing population, researchers and engineering teams developed smart AgTech tools, improving efficiency and yields. In this article from the Global Ag Tech Initiative, Ron Baruchi, CEO of Agmatix, outlines the key trends anticipated in the agricultural industry over the coming year.
#1: Generative Artificial Intelligence in AgTech
Of all the 2024 trends in digital agriculture, the role played by Gen AI, or generative AI, is likely to be one of the most significant. The potential of Gen AI on the global economy is already being calculated in trillions of dollars. There is a historic opportunity to optimize processes, cut costs, and importantly, fuel innovations through improved modelling to fuel decision-making.
Companies are already using Gen AI through Digital Crop Advisors, allowing agronomists to distill agronomic data into actionable recommendations for farmers. These tools enhance crop management by analyzing big agronomic data, providing AI-supported insights to optimize production practices. This helps farmers understand patterns affecting the performance of crop varieties and production on their specific farms, and tracks climate trends to help farmers become more resilient to the changing climate.
#2: Using Digital Twins to Optimize Field Trials
An interesting 2024 trend is increased integration of digital twins into field tests and field test planning. A digital twin is a digital model or a virtual representation of an actual physical product, system, or process. These allow researchers and designers to experiment as though they were handling its physical counterpart, reducing the need for expensive and time-consuming field trials.
Generating real-world data is a costly and time-consuming process, averaging more than 150 studies and over 11 years to register a new active ingredient. From 2010-14, developing a new crop protection product cost around $286 million, of which, $47 million (approximately 16%) was budgeted for field trials.
Synthetic data can enhance the performance of digital twins. Based on real-world data, synthetic data can supplement data gaps, significantly reducing the time, cost, and effort in bringing new agricultural products to market. These tools provide a competitive edge for agricultural input suppliers seeking regulatory approval, or seed companies that rely heavily on experimentation to improve their seed genetics.
Read more at the Global Ag Tech Initiative.
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