Business opportunities in Precision Farming: Will big data feed the world in the future?
The rising scale of global population growth, especially in developing countries, goes hand in hand with an inexorable increase in global demand for agricultural products. Limited availability of new productive land, climate change and stricter regulations serve to ratchet up the pressure on efficiency and effectiveness in the agricultural sector even more.
One of the main responses to these challenges comes in the form of precision farming: Modern technologies that enable more efficient management of agricultural land. In this study, Roland Berger experts analyze the global market for precision farming, look at how the technologies are going to develop in the period through 2030, consider their impact on traditional and new market players alike, and present five innovative business opportunities along the agricultural value chain.
"Precision farming brings together many different technological applications in various stages of the agricultural value chain: from automation technology to sensors for geo-mapping to big data analysis that can improve the evaluation of climate and soil data and increase the level of agricultural efficiency," explains Norbert Dressler, Partner at Roland Berger Strategy Consultants. "All of these application areas are going to experience dramatic growth in the coming years and, as such, will attract a new breed of participants into the agriculture business, such as players from the IT and investor sector. If companies want to be fit for the future, they are going to have to adjust their current business models to what is happening in the market to enable them to profit from the enormous future potential offered by this industry."