Investments in agricultural technology reached a record $25 billion globally last year, despite a softer global agriculture economy.
A new report released this week by the Boston Consulting Group and AgFunder expects the to figure grow again this year as well.
The two firms say real-time data analytics, sensors and robots are raising the prospect of the “next green revolution” and are spurring start-ups focusing on new agricultural technology.
Boston Consulting Group’s Decker Walker says the investments in total were “impressive” at a time when farm income is declining.
Early-stage funding from venture capital firms reached $3 billion globally, up from $900 million in 2013 and $400 million in 2010, according to the report.
Goldman Sachs estimates the market for new agriculture technology products could be worth $240 billion by 2050.
