Agritech businesses to accelerate adoption of IoT, Inmarsat finds
According to a recent study, 62% of large agritech firms have already deployed IoT solutions
The internet of things (IoT) will play a key role in helping the agriculture sector become more efficient and productive, according to a recent report commissioned by global mobile satellite firm Inmarsat.
U.K.-based market research specialist Vanson Bourne interviewed respondents from 100 large agritech companies across the globe for Inmarsat’s report, and found that the sector is rapidly taking to IoT technologies. The report revealed that 62% of respondents had already fully or partially deployed IoT-based solutions, far outweighing the adoption levels seen in the mining, transport and energy sectors, and a further 27% had plans to implement IoT technology within the next six months.
The study also reported that about 5% of agritech businesses’ IT budgets are spent on the IoT; a figure that is expected to more than double to around 12% by 2022.
“With the planet estimated to reach a population of 10 billion people by 2050, humanity will face challenges with sustainable water sources, food production, and the best use of land to get the maximum yield from crops. Additionally, using the most efficient method to deliver the resources will increasingly feature on the global agenda. In short, farmers, with the help of the agritech sector, need to get smarter, leaner and faster from field to fork,” Ayan Jobse-Alkemade, director of sector development agriculture, Inmarsat Enterprise, said.
“The only way to really do this is with the clever application of new technologies like IoT, and our research demonstrates how quickly agritech businesses are embracing this technology.”
Inmarsat is currently working with a number of partners to deliver IoT solutions for the agritech sector. These solutions combine critical connectivity with LoRaWAN technology and data analytics platforms, the company said.