Artificial Intelligence (AI) holds the key to revolutionising the lives of farmers in India and has been one of the latest technologies that have gained significant recognition in the agricultural sector.
There's no doubt that crop yields, quality, and labour practices are more efficient now than they were 50 years ago. However, there's still a major need and scope for improvements. The global human population is exploding, with an estimated 9.9 billion of us on the planet by 2050 and with food demand projected to leap by 35%-56% in that time. And that's not to mention climatic changes that make resources like water and farmable land scarcer. From leveraging computer vision technology for crop and soil monitoring to disease detection and predictive analytics, the agriculture industry is entering a whole new phase of evolution-thanks to Al.
Not only is there potential, but also rapidly growing interest and investment:
Forbes reports that global spending on "smart" agriculture, including Al and machine learning, is projected to triple to $15.3 billion by 2025.
Research suggests that the market size of Al in agriculture should expect a compound annual growth rate (CAGR) of 20%, reaching $2.5 billion by 2026.
Finance Minister Sitharaman, in her speech during budget 2023-24, also mentioned building a "digital public infrastructure" for agriculture to enable "inclusive, farmer-centric solutions through relevant information services for crop planning and health, improved access to farm inputs, credit and insurance, help for crop estimation, market intelligence, and support for growth of Agri-tech industry and start-ups". In fact, the overall allocation for the sector saw an increase of 4.7 per cent - from Rs 11,02,54.53 crore in the Revised Estimates (RE) of financial year (FY) 2022-23 to Rs 11,55,31.79 crore in 2023-24.
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