Smart Agricultural Technologies

Smart Agricultural Technologies

Photo by UNDP Serbia, Vladimir Zivojinovic

Smart Agricultural Technologies
SectorMost major industry classification systems use sources of revenue as their basis for classifying companies into specific sectors, subsectors and industries. In order to group like companies based on their sustainability-related risks and opportunities, SASB created the Sustainable Industry Classification System® (SICS®) and the classification of sectors, subsectors and industries in the SDG Investor Platform is based on SICS.
Technology and Communications
Business Model Description

Develop and deliver high-tech solutions to help farmers increase yields, reduce costs, and manage their operations more effectively. Such smart agricultural technologies that are used to improve the efficiency and productivity of farming operations include precision farming (using data and analytics to optimize farming operations), vertical farming (growing crops in vertically stacked layers using controlled environmental conditions, such as temperature, light, and nutrients, to optimize yields and minimize resource usage), livestock monitoring (using sensors and data analytics to monitor the health and wellbeing of livestock), and crop genetics (using genetic engineering to develop crops that are more resilient to pests and diseases, have improved yields, and can grow in challenging environmental conditions). The service can be marketed both in the domestic and export markets.

Expected Impact

Improve crop yields and sustainability, create jobs, enhance resource efficiency and inclusive access to technology.

Indicative ReturnDescribes the rate of growth an investment is expected to generate within the IOA. The indicative return is identified for the IOA by establishing its Internal Rate of Return (IRR), Return of Investment (ROI) or Gross Profit Margin (GPM).
10% - 15% (in ROI)
Investment TimeframeDescribes the time period in which the IOA will pay-back the invested resources. The estimate is based on asset expected lifetime as the IOA will start generating accumulated positive cash-flows.
Medium Term (5–10 years)
Market SizeDescribes the value of potential addressable market of the IOA. The market size is identified for the IOA by establishing the value in USD, identifying the Compound Annual Growth Rate (CAGR) or providing a numeric unit critical to the IOA.
10% - 15% (CAGR)
Average Ticket Size (USD)Describes the USD amount for a typical investment required in the IOA.
USD 500,000 - USD 1 million
Direct ImpactDescribes the primary SDG(s) the IOA addresses.
Zero Hunger (SDG 2) Life on Land (SDG 15) Industry, Innovation and Infrastructure (SDG 9)
Indirect ImpactDescribes the secondary SDG(s) the IOA addresses.
Decent Work and Economic Growth (SDG 8) Responsible Consumption and Production (SDG 12)
Sector Sources
  • 1) International Trade Administration |, Serbia - information and communications technology market, 2022. 2) Official Gazette of RS, Strategy of scientific and technological development of the Republic of Serbia for the period from 2021 to 2025 "Power of Knowledge", 2021. 3) International Bank for Reconstruction and Development, Project Appraisal Document on a Proposed Loan, 2019. 4) The World Bank, Breaking the blackout cycle of Roma Exclusion in the Western Balkans, 2019. 5), More women should be included in the ICT sector in Serbia, 2020. 6) Official Gazette of rs, Strategy for the development of electronic communications in RS from 2010 to 2020, 2009. 7) FAO, EBRD and WBIF support Serbia to expand broadband to rural areas, 2021. 8) The Borgen Project, What Serbia's technology industry can do for its economic situation, 2021. 9) N1 Serbia, Serbia will continue to invest in the development of technologies for a better future, 2022. 10), Low wages in Serbia and the development of technologies - lessons from developed countries, 2021. 11) PC Press, Technology ignores the elderly and the poor, 2021. 12) MESTD of RS, Smart specialization strategy in the Republic of Serbia for the period 2020-2027, 2020. 13), More than $135 million in investments for Serbian startups in 2021, 2022.
IOA Sources
  • 21) Agromedia, International Women’s Day-The role of women in agriculture, 2022. 22) The Economist Newspaper. (2023). Global Food Security Index 2022. The economist. 23) Land Portal, Proportion of land that is degraded over total land area (%), 2015. 24) Data Visualization for Community Indicators and the Sustainable Development Goals, Tracking Progress, 2020. 25) AGRIVI, Increasing farm yield through AgTech Solutions, 2022. 26) Klima 101. How do climate changes affect agriculture in Serbia? 2020. 27) Official Gazette of RS, Strategy of development of artificial intelligence in the Republic of Serbia for the period 2020-2025, 2019. 28) MESTD of RS, Smart specialization strategy in the Republic of Serbia for the period 2020-2027, 2020. 29) The Ministry of Agriculture, Forestry and Water Economy of RS, Strategy of agricultural and rural development in the Republic of Serbia for the period 2014-2025, 2014. 30) Chamber of Commerce and Industry of Serbia, Incentives for the sector of agriculture,2021. 31) Official Gazette of RS, Law on Agriculture And Rural Development, 2021. 32) Official Gazette of RS, Law on Innovation Activity, 2021. 33) Official Gazette of RS, Law on Innovation Activity, 129/2021. 34), Open call for participation in the third edition of BioSens Accelerator, 2022. 35) AGIVI, Case Study Nestle, 2021. 36) BioSens Institute, Economy, n.d. 37) PC Press, Digitization of agriculture in our country, 2019. 38), Lending to Serbian farmers: What do farmers need?, 2022. 39) Agency for Business Registers, n.d. 40) Law on investments. 2023. 41) Peterhof Consulting consultations with the President's Office, 1 February 2023. 42) Statistical Oce of the Republic of Serbia. Statistical yearbook, 2022.