Riyadh [Saudi Arabia], April 28 : A report released by World Economic Forum highlights the emerging technological solutions and strategies that will shape the global agriculture system and contribute to food security.
The report "Agritech: Shaping Agriculture in Emerging Economies, Today and Tomorrow" provides insights into the integration of Fourth Industrial Revolution technologies in the agriculture sector.
The report 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 common vision for an agritech ecosystem that is shared by all the stakeholders," said Sebastian Buckup, Head of Network and Partnership, World Economic Forum.
He further added that "While the ecosystem develops, it is critical for the industry to address gaps in demand and supply side such as unit economics for farmers to adopt tech, or creating trust through a mix of physical and digital channels."
The report states that the technologies - such as augmented reality, artificial intelligence (AI) for weather prediction, traceability, smart logistics solutions and the internet of things - are promising solutions that can reduce information gaps and better equip farmers to manage the challenges.
These technologies are highlighted as 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.
The report also highlights that challenges such as the impact of climate change, increased frequency of natural disasters and soil degradation are posing significant threats to food production globally. Addressing these challenges necessitates that every stakeholder in the agriculture sector becomes more knowledgeable to facilitate informed decision-making.
"In the agriculture sector, emerging economies are encountering common hurdles. Agritech has transformative capabilities to empower farmers to better navigate climate shifts and alleviate pressure on precious natural resources like water and soil," said Srinivasan Krishnan, Chairperson of PwC India.
He added "The key lies in fostering public-private partnerships that are not only scalable but also adaptable to the unique context of each country, ensuring widespread success and sustainable impact."
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