Scientists have claimed that by the year 2050, the earth's population will reach a projected number of 9.8 billion. Although overpopulation is no longer looked at as a concern, this brings a significant challenge to the agricultural market, mainly to produce enough food for the world.
In developing countries like Asia Pacific, Africa, SAARC, etc., farmers are continuously burdened with producing more food in smaller landholdings to increase productivity while overcoming problems such as extreme weather, climate change, market fluctuations, etc.
These problems have led to the development of technology, such as the internet of things, AI, ML, Robotics, etc., in the agricultural market, for managing all the controlling factors. It provides farmers with productive tools to optimize every farming task and is highly focused on increasing crop yields and profitability while lowering the level of natural inputs such as water, fertilizers, insecticides, etc.
For example – Tractors implemented with GPS help farmers in planting crops more efficiently and also optimizes their travel, which leads to saving time and fuel. Artificial Intelligence has also helped determine pest behavior, which results in better planning of pest control, and has found a solution to confine weedicide by considering relevant data points that distinguish a weed from the crop.
There have been more than 500 AgriTech start-ups in India's country working to better efficiency, yield, agricultural finance, and other vital parts of producing a crop. Companies like CropMetricshave emerged. It is a precision-based irrigation company founded by farmers to effectively manage their crops by identifying field variability using metrics such as soil type, texture, topography, slope, and yield.
Aeris and Hello tractor have partnered to tackle the demand and supply problem in farm equipment and heavy machinery by creating a ‘Tractor – as – a – Service which helps farmer receive services on a ‘pay as you go model’ so that they would have the availability of equipment as per their requirement.
Playing a hand in this market, STMicro and YTO have recently collaborated in China to set up a lab for agricultural equipment in order to focus on R&D of electronic solutions for engine, vehicle, and agricultural controls in tractors so as to address both the government’s concern and farmers’ requirements. They are set to provide Smart Power ICs as motor-control, power supply, general-purpose high and low side actuation driver, and SPC5x 32 – bit microcontroller.
Productivity in agriculture is an essential problem that concerns the whole of mankind, and this emerging Global Smart Agricultural Market shows a trend of merging technology with old, established practices in order to come up with solutions for this ongoing problem that will only augment with time.
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