Agriculture has always been the riskiest industry as it depends on several dynamic parameters. The modern world food demands keep changing, and the pressure on the agriculture sector to meet these demands and trends is increasing gradually. Various studies and experts claim that the latest technology in agriculture is the solution to reduce this pressure. Different farming concepts based on agritech are coming up like smart farming, precision farming, vertical farming and greenhouse. The IPCC report states that precision farming will be trending in agriculture by 2030.
Agritech tools and techniques that work today may not be applicable in the future, and thus, the latest technology in agriculture should be developed based on future predictions and trends. The precision agriculture approach has been widely accepted and has resulted in significant profitable returns. Financial investors understand the promising future of investments in agritech and companies implementing precision farming if predictions come true. It has resulted in numerous investments worldwide, such as $203 million by the Investment Corporation of Dubai with $200 million by the Japan-based SoftBank in agritech. In the past few years, the average agribusiness and food companies have gained higher returns than other lucrative industries that are attracting investors.
The latest technology in agriculture enables users to capitalise on the data to make informed decisions and get better results, returns in fewer resources. The development of agritech should be emphasised for increasing input use efficiencies. It is essential because natural resources are declining, non-renewable resources are getting costlier yearly. New approaches to farming such as conservation farming, reduced fertiliser consumption, integrated pest management, and optimised irrigation water will reshape the agriculture in future. Agritech solutions are designed to provide insights and decisions on reduced fuel, chemicals like nitrogen, water and pesticide usage in agriculture.
The latest technology in agriculture will help achieve conservation farming by improving productivity by providing more remarkable stand-alone ability and resilience against extreme weather events. A knowledge-intensive and location-specific agritech will make agriculture more precise and accurate. Fertiliser consumption management will include on-farm use of the supply of nitrogen to make efficient usage of fertilisers. The integrated plant nutrition management systems and precision agriculture tools will guide farmers in achieving the efficiency and effectiveness of resources.
Integrated pest management will reduce the number of pesticides utilised by farmers by providing other pest control methods. It includes continuous monitoring and controlling pest attacks at the earlier stage to limit further spread. The action only on damaged crops increases production by lowering financial, human health and environmental costs. Water scarcity is a rising concern globally, and about 1.2 billion people stay in water-scarce areas as per the FAO. Irrigation management helps in overall annual yield growth.