The smart agriculture market is projected to reach USD 25.4 billion by 2028 from an estimated USD 16.2 billion in 2023, at a CAGR of 9.4% from 2023 to 2028. The goal of the government's expanding endeavors to implement modern technologies like IoT and AI in aquaculture farms is to increase farm yield. One of the main elements driving the market growth is farmer knowledge of the advantages of smart agriculture practices.

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Through services, farmers can learn more about the intended use and its results. It also contributes to the hardware's long-term durability. Furthermore, there is a growing need for managed services, system integration, and consulting services due to the increased deployment of smart agriculture hardware solutions worldwide. As a result, during the course of the forecast period, the services segment of the smart agriculture market is anticipated to develop at the greatest CAGR.

Driving Forces:

Precision Agriculture:

A key component of smart agriculture is precision farming, which maximizes farming techniques by utilizing sensors, GPS, and data analytics. With accurate monitoring and management of field variability, farmers may ensure resource efficiency, minimize waste, and increase overall crop yields. Precision agricultural solutions are in high demand as farmers look for more economical and sustainable methods to run their businesses.

IoT and Connectivity:

Thanks to its ability to connect equipment, sensors, and devices all across a farm, the Internet of Things (IoT) is becoming an essential component of Smart Agriculture. Real-time monitoring of crop conditions, soil health, and machinery performance is made possible by this connectivity. Smart sensors and drones are two examples of IoT applications that give farmers actionable insights and help them make more educated decisions for increased productivity.

Data-Driven Farming:

Farming operations have been changed by the introduction of big data analytics. Large-scale data sets are used in smart agriculture to uncover information on crop health, weather patterns, and market trends. With the use of data, farmers can apply precision agriculture techniques, allocate resources more efficiently, and make well-informed decisions that eventually result in increased yields and less environmental impact.

Automation and Robotics:

Agriculture is incorporating automation and robotics more and more to improve efficiency and streamline labor-intensive tasks. Drones, robotic harvesters, and autonomous tractors are all becoming essential components of contemporary farming operations. These technologies lower labor expenses while also facilitating more accurate and productive farming techniques.

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The smart agriculture companies players have implemented various types of organic as well as inorganic growth strategies, such as new product launches, contracts, agreements, alliances, collaborations, joint ventures, partnerships, expansions, investments, and acquisitions to strengthen their offerings in the market. Some of the key players in the smart agriculture companies are Deere & Company (US), Trimble Deere & Company (US), Trimble Inc. (US), AGCO Corporation (US), Topcon Positioning Systems (US), DeLaval (Sweden), AKVA Group (Norway), Allflex Livestock Intelligence (US), Innovasea Systems Inc. (US), Afimilk Ltd. (Israel), and Heliospectra AB (Sweden).