AgroTech Trends in 2024

The AgroTech market is gaining momentum every year. It is projected to more than double from $15 billion to $33 billion from 2022 to 2027. This is not surprising, as smart farming increases farm productivity and solves a number of problems. This is also evidenced by the fact that global funding for agricultural technologies more than tripled between 2017 and 2021, exceeding $53 billion. The UK, France, and Germany invested the most in agri-food technologies among European countries.

Top 5 AgroTech Trends in 2024

We have collected the top 5 AgroTech trends you should be aware of in 2024.

RTK for accurate field operations

According to a report by IDTechEx, Real-Time Kinematics is among the top technology trends that will significantly impact the agricultural sector in the next 10 years. This is not surprising because if farmers want to effectively engage in precision agriculture, traditional GPS systems will no longer be enough.

RTK signal is needed to better determine the coordinates of agricultural machinery in real time. This is the basis for precision farming, which allows you to perform field work with centimeter accuracy.

IoT (Internet of Things) for data collection

The number of things connected to the network is growing rapidly—so fast that in 2010, the number of gadgets connected to the World Wide Web exceeded the number of people connected to it. This has affected all sectors, from industry to agriculture. Today, farmers cannot imagine their work without IoT (Internet of Things). In 2023, this trend gained momentum and will intensify in 2024.

IoT tools collect and transmit data in real time via mobile applications. Thanks to this, farmers can monitor climate change, assess the status of crop stocks and product shelf life, monitor the condition of agricultural equipment, etc.

The Internet of Things improves the accuracy and efficiency of farming. Therefore, the growth of the IoT solutions market in the agriculture business is natural. A Data Bridge study shows that in 2022, it was estimated at $13.7 billion. In 2023, it reached more than $15 billion. By 2030, it will reach almost $30 billion with an annual growth rate of 10%.

If you have an idea for implementing IoT in your project, OS-System team has IoT expertise.

AI for data analysis and forecasts

Collecting information is useless if it is not analyzed correctly. That is why the trend of using artificial intelligence to process data obtained from IoT devices is gaining momentum in the agriculture business. AI processes data, responds to indicator changes, and uses machine learning to make recommendations to improve agricultural processes. The market size of AI solutions in agriculture is expected to grow from $1.7 billion in 2023 to $4.7 billion in 2028, with an average annual growth of 22.5%.

Drones and autonomous equipment

Drones for agricultural use account for 11% of the global drone market. In 2024, drones will continue their expansion into the agricultural sector. First, their number on the fields will increase. Secondly, their functionality will expand.

They have become a top-rated tool in agricultural technology, helping farmers inspect crops, take photos, and collect data. They are also used to analyze plant conditions, map, ensure farm security, and apply fertilizer. The market value of all smart crop monitoring applications is expected to grow by 2027. Automation and robotics are projected to exceed $1.1 billion.

Back in 2016, Australia, the United States, and New Zealand allowed drones to process seedlings. China even subsidized the purchase of drone sprayers for farmers. In 2019, Switzerland allowed drones to protect plants from pests. France finalized the process of adapting its legislation.

Autonomous equipment is used for spraying plants, harvesting, and planting. The market for autonomous harvesting equipment is expected to reach about $7.7 billion worldwide by 2027. However, spraying holds the largest market share and is projected to grow by about 240% between 2021 and 2027.

Agricultural robots in the fields

European agriculture is facing a labor shortage, and robots are coming to the rescue. For decades, they have been successfully planting plants and hunting down weeds, reducing the need for labor and the amount of drugs, fertilizers, and water used. In recent years, robots have also appeared that can pick oranges or nuts without any human assistance. But until recently, robots could not handle delicate tomatoes, peaches, or strawberries.

In the UK in 2020, Dogtooth appeared on the market. Thanks to computer vision, it can find ripe strawberries and pick and pack them. One machine can harvest half of what a human can.

But this year, more robotic sprayers will enter the market. Unlike drones, they move on the ground, recognize plant diseases or weeds, and neutralize them. For example, in 2023, Bosch and BASF presented a project to create a Smart Spraying irrigation system. So this year will also be remembered for the launch of breakthrough technical innovations.

Conclusion

The agricultural sector is a rather conservative industry, and its managers still do not consider economic effects. In our opinion, only a quarter of companies in the agricultural sector are ready to discuss and test new technologies. But we see that there are fewer and fewer closed enterprises every year.

The problem is not only in companies’ conservatism. Inventors lack product thinking. People generate cool ideas and developments but do not know how to apply them to achieve a business effect. Young specialists must learn how to transform a technological idea into a business.

The need for development and new personnel is increasingly becoming evident in the agriculture business sector. There has always been and will always be a demand for food, especially as the population grows. The transformation of conservative companies in the agriculture sector means gigantic volumes of development orders, opportunities for startups, and young specialists of various specialties. Now is the best time to start.

Want to innovate your agriculture business? Contact us!