IoT, big data analytics offer solutions to global food crisis
The economic growth of a country depends on its agricultural practices. The worldwide population has been rapidly increasing along with the demand for food and it’s consumption.
But the production rate of food is slow compared to the pace of growing population. Meeting the needs of the people is getting even more challenging with passing years.
This demand has given rise to the concept of smart agriculture in different countries in order to encourage high crop yielding. Brand new agricultural technologies are entering the market with tremendous potential. The implementation of advanced agricultural products, techniques, gadgets such as big data analytics, cloud based platforms and IoT (Internet of Things).
The integration of IoT in Agriculture market is at it’s initial stage, but the rising availability of wireless communications systems is leading the demand of IoT in smart agriculture. A lot of startups have crashed into the market with IoT in Agriculture and are raising a lot of funds and revenues. The lack of food resources is a global concern, especially in developing countries like India, where the proportion between food production and the population rise does not match.
Agricultural problems are being given attention by devising solutions through technological advancements in this industry. The most successful companies in this market are intensively investing in acquisitions and expansion of farm network business, which will be the driving factor of smart agriculture in the world.
This industry’s motive is to promote the usage of innovative products and provide a digital platform to farmers and boost the overall agricultural productivity.
The global IoT in agriculture market valued $4.40 billion in 2015 and is projected to grow at CAGR of 28.30% during the forecast period.