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8 Jun 2017
Agtech: not just another buzzword
Head of Australian Agribusiness, ANZ
Digital change is reshaping the global economy and agriculture – on the front line in an earlier industrial revolution – is there again. Australian agriculture has not been immune and there’s an exciting buzz surrounding agtech and its implications for the already booming agriculture industry.
In 2016, global investment in agtech was $A3.2 billion and there was a 10 per cent increase in global venture capital deals, according to AgFunder’s AgTech Investing Report 2016.
Agtech uptake in Australia is growing at about 2.5 per cent a year. It’s therefore no surprise ANZ’s latest agri delegation to Japan and China included 20 Australian farmers eager to debate the merits of emerging technologies.
“There’s now extensive buzz surrounding AgTech and its implications for our already booming agriculture industry.” – Mark Bennett
Australian agriculture has long been influenced by technology. In fact, 62 per cent of the sector’s productivity growth since 1995-96 is a result of technological advancements.
Now, increasingly refined on-farm technologies such as robotics, sensors, genetic technology and the growing use and adoption of precision farming, are all likely to play a role in helping Australian farmers access higher levels of productivity – and profit