By Neha Mule
Continuously rising population and high-income growth have led to incrasing concerns related to food security across the world. Many agricultural technology companies, start-ups, and innovators are developing sustainable farming systems. Agriculture sector is seen vastly adopting the technologies including precision agriculture and artificial intelligence (AI). It has been witnessed that the increasing acceptance of new farming technologies is helping farmers to boost agricultural production.
Rapid deployment of precision agriculture solutions makes the farmers capable to improve production yield with efficient management of farm enterprises. With innovative farm management techniques, farmers are able to reduce energy consumption from operations. Market research analysts state that the factors such as rising awareness about agriculture technologies and governments’ initiatives for sustainable farming are bolstering the growth of precision agriculture market.
Companies involved in the precision agriculture market are seen performing inorganic growth strategic activities such as mergers & acquisitions, and partnership & collaborations. For instance, Microsoft Corp. and Land O’Lakes Inc. recently announced a multiyear strategic alliance to pioneer new innovations in agriculture. In its press statement, Microsoft’s CEO, Satya Nadella said, “Through our partnership, we will apply the power of Azure and its AI capabilities to help Land O’Lakes solve some of the most pressing challenges facing the industry and bridge the divide between rural and urban communities.” Land O’Lakes, Inc’s President and CEO, Beth Ford added that the data-based, precision agriculture tools that Land O’Lakes is building with Microsoft will provide the edge farmers need. He also stated that in rural areas, unreliable or non-existent high-speed internet keeps these tools out of reach for many farmers and by working on this need, this alliance will help farmers remain profitable and sustainable.
Artificial Intelligence (AI) in agriculture sector has various applications right from computerized water system frameworks, rural automatons, facial acknowledgment, and self-driving tractors. These AI applications are done in a relationship with an alternate sort of sensors, GPS frameworks, radars, and other cutting-edge contraptions dependent on AI. After understanding the scope, AI in agriculture market is succeeded to attract the investors all around.
The increasing utilization and growing necessity of better yield of products are two of the essential factors that are creating the demand for AI in agriculture. However, industry experts opine that the lack of awareness with high tech machine learning (ML) solutions in farms can restrain the growth of AI in the agriculture market. But, increasing use of Unmanned Aerial Vehicles (UAVs) across farms may boost the growth of the market.
Many companies in AI in agriculture market are performing organic growth strategic activities such as launches of innovative products, approvals, and others such as events and patents. In first quarter of 2020, Calyx Cultivation patented a LED grow light with AI. This technology named, ‘Genius Grow’ LED light automatically creates optimal environments for healthy crops, essentially taking the guesswork out of indoor farming.
In the press release of Calyx Cultivation, James Hinton, Owner of Zero Point Organics stated, “As a vertical farming company, we are always looking for innovation in our industry to maximize yields. Calyx AI patented LED grow lights which auto adjusts to the crop is pioneering technology for indoor agriculture.”
Observing the today’s agricultural activities, industry experts predict that the integration of smartphones with the IoT devices & software and rising use of drones in agricultural processes will make agriculture market smarter and sustainable in the coming years.