A new WEF report stresses the importance of Fourth Industrial Revolution technologies to bring about change in the agriculture sector and calls for inclusive technology transformation
A new World Economic Forum report released highlights the emerging technological solutions and strategies that will shape the global agriculture system and contribute to food security.
Agritech: Shaping Agriculture in Emerging Economies, Today and Tomorrow, published in collaboration with PwC India, gives a macro-level view of the integration of Fourth Industrial Revolution technologies needed to deliver systemic change in the agriculture sector. It also calls for governments and the private sector to scale solutions and ensure that technology transformation is inclusive.
Scaling agritech requires emerging economies to create a shared vision for an agritech ecosystem that all the stakeholders share. While the ecosystem develops, the industry must address gaps in the demand and supply side, such as unit economics, for farmers to adopt tech or create trust through a mix of physical and digital channels.
Technologies – such as augmented reality, artificial intelligence for weather prediction, traceability, intelligent logistics solutions and the Internet of things – are promising solutions that can reduce information gaps and better equip farmers to manage the challenges. These emerging technologies are critical to transforming the agriculture sector to grow an additional 70% of food for 9.1 billion people by 2050. However, they have yet to achieve last-mile adoption, especially by smallholders and women farmers in Asia, Africa and Latin America
Globally, challenges such as the impact of climate change, increased frequency of natural disasters, and soil degradation are not just posing significant threats but urgent threats to food production. Addressing these challenges necessitates that every stakeholder in the agriculture sector becomes not just more knowledgeable but actively involved to facilitate informed decision-making.
Building on a 2021 World Economic Forum Artificial Intelligence for Agriculture Innovation (AI4AI) Community Paper, the report highlights a four-point strategy that looks to solve the unit economics of tech adoption for smallholders, acknowledging their crucial role, focus on gender-inclusive agritech solutions, recognise the significant contribution of women in farming; harness the power of public-private partnerships, emphasising the importance of collaboration; and link digital and physical channels, ensuring accessibility for all stakeholders.