Digital agriculture in the next five years will have exponential growth: Reports study

ABACO Group, Europe's leading player in software solutions for land resource management and control with a primary focus on precision agriculture and environmental sustainability, partnered with MarketsandMarkets™, a revenue impact and advisory firm, to better understand and expand its geographic reach across Europe and Latin America. The demand and importance for precision agriculture is growing significantly in EU countries. MarketsandMarkets™ leveraged its Market Intelligence Cloud, KnowledgeStore, to help ABACO assess the adoption rate and market potential for their agricultural technologies in the target countries.

As per the findings –

• Europe holds 27% of the global precision agriculture market i.e., $2.1 billion currently and is predicted to be valued at $4.2 billion by 2026, growing at a CAGR of 14%

• The crop monitoring market in Europe is expected to hold 29% of the total market share by 2026, reaching a value of $1.5 billion and estimated to grow at 16.4% CAGR over the next five years

• The GIS market in Europe is currently valued at $2.6 billion and is projected to reach $4.7 billion by 2026, growing at a CAGR of 12.6% by 2026. MarketsandMarkets™ expert analysts helped ABACO with the competitive benchmarking

• The regional and country market sizing and forecast for technologies like GIS, AI & Machine Learning, API, and Agriculture IoT were also studied. The IoT in Agriculture market in Europe is projected to be valued at $5.7 billion by 2026, growing at a CAGR of 9.1%

Antonio Samaritani, CEO, ABACO Group said, "It is very important for us to have a constantly updated view of what is happening globally in the industry. The technological landscape is evolving very quickly, and it is vital that we understand these changes before they take place so that we can accompany our customers on this evolutionary path and bring our expertise outside of Europe. The growth in the market for precision agriculture has opened new vistas for ABACO, because of which we could partner with MarketsandMarkets™ to fund a worldwide market study on adoption rate and market potential."

Sandeep Sugla, CEO, MarketsandMarkets™ said, "We are pleased to have played an important role in assisting ABACO meet their revenue growth goals from EU & Latin America markets by helping them prioritize countries, crafting go-to-market strategies to win over competitors and suggest innovative solution ideas for accelerated growth."

Market Intelligence provided by MarketsandMarkets™ would help ABACO re-style and re-platform to become a Product Company. The market insights would enable ABACO to move into two directions – technologies like Augmented Reality, Data Visualization, Analytics, and Innovations like AI, Deep IoT integration, Distributed ledgers, and Chatbot.