WEF – Agritech, 2024

The global agrifood sector supports over 1.23 billion people and faces the challenge of needing to produce 70% more food by 2050 with limited resources. Agritech services are seen as key to increasing production efficiency. The use of Fourth Industrial Revolution technology in agriculture, such as AI, AR, IoT, and blockchain, is highlighted in various areas like crop planning, smart farming, farm-to-fork supply chains, and data management. Despite potential benefits, smallholders and women farmers face challenges in adopting agritech due to socioeconomic barriers and unclear return on investment. Collaboration between governments, private sector, academia, and civil society is essential to promote the adoption of agritech, especially in emerging economies. Encouraging public-private partnerships and providing incentives for investment in agritech can help drive innovation in the sector and improve food security for millions of people. Local community involvement and trust are crucial for successful adoption of agritech solutions. A multistakeholder approach is recommended for scaling inclusive agritech practices in the agriculture sector.