CropLife 100 Ag Retailers Are Expecting More from Ag Tech in 2024
Let’s face it – ag tech is hot right now. If you visited any summer or fall trade show this year, chances are there were plenty of examples of new and improved ag technology to check out, writes Eric Sfiligoj at CropLife.
According to the data from the 2023 CropLife 100 survey, ag technology was also a growing sector of the ag retail business during the year. In fact, respondents on the 2023 survey reported that their revenues in this area grew a respectable 2%, from $796.2 million in 2022 to $815.1 million this year.
Furthermore, the outlook for the ag tech sector among CropLife 100 ag retailers is extremely bright. In particular, ag retailers have high hopes that artificial intelligence (AI) and autonomous vehicles will revolutionize the ag equipment sector between now and the end of the decade.
However, most expect the implementation of autonomous vehicles and AI systems into ag equipment to take some time yet. In fact, when asked what role AI might play in the upcoming growing season, half of the respondents (50%) said it was still too early to tell. Another 35% thought AI’s place in the industry would be “small” in 2024. Only 15% foresee such systems playing a “big role” in the nation’s crop fields next year.
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In terms of what AI and improved ag technological systems will offer to the industry, the majority of respondents (67%) thought improving the decision-making process would be the biggest benefit, for both ag retailers and growers. Another 30% indicated using technology would help alleviate the ag industry’s persistent labor crisis. The remaining 3% said offering input cost savings would be what attracted the ag business to adopting such systems.
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