The global AgTech marketThe leading regions for the AgTech market worldwide are North America and Europe. Precision agriculture and livestock monitoring and management were forecast to lead the smart farming market globally. The United States has invested heavily in the development of smart farming, with the number of investment deals in agriculture technology increasing over the past five years.
In comparison, Australia’s role in the AgTech market is still relatively minor. Challenges such as the lack of connectivity in rural areas and the absence of robust datasets have led to a low rate of technology adoption among producers. Australian farmers may not immediately reap the benefits, and combined with high investment costs, this could lead to hesitation to implement this technology into their farming practices. Regarding the industries in which venture capital deals were made in Australia, agriculture still trailed behind.
Startups and beyondNevertheless, there are many innovative Australian startups in this field. AgriWebb provides farm management software, including data recording, cost management, and sustainability insights. Other startups that have gained investment attention recently include Stacked Farm (automated indoor vertical farming systems) and Loam Bio (developer of microbial seed coating for farming enterprises). The range of technology that can be integrated into farming practices, from robotics, to AI, to the blockchain, are driving industrial digital transformation in Australia.
Technology is not the only factor that affects the agriculture industry; international trade agreements, biosecurity, supply chains, and weather events all play a significant role. However, technology adoption can lead to greater drought resilience, better decision-making, and increased productivity, profitability, and sustainability across Australia’s agriculture industry.